MAI Capital Management Sells 20,753 Shares of Boston Scientific Co. (NYSE:BSX)

MAI Capital Management cut its stake in shares of Boston Scientific Co. (NYSE:BSX) by 10.1% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 185,200 shares of the medical equipment provider’s stock after selling 20,753 shares during the quarter. MAI Capital Management’s holdings in Boston Scientific were worth $15,520,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Capital World Investors raised its holdings in Boston Scientific by 69.9% during the first quarter. Capital World Investors now owns 16,008,085 shares of the medical equipment provider’s stock valued at $1,096,394,000 after acquiring an additional 6,588,256 shares during the period. Marshall Wace LLP raised its stake in Boston Scientific by 115.9% during the 2nd quarter. Marshall Wace LLP now owns 6,720,480 shares of the medical equipment provider’s stock valued at $517,544,000 after purchasing an additional 3,608,158 shares during the period. Capital Research Global Investors purchased a new position in Boston Scientific in the 1st quarter worth approximately $182,897,000. AustralianSuper Pty Ltd boosted its stake in Boston Scientific by 4,292.3% in the 3rd quarter. AustralianSuper Pty Ltd now owns 2,676,847 shares of the medical equipment provider’s stock worth $224,320,000 after purchasing an additional 2,615,903 shares during the period. Finally, Ameriprise Financial Inc. grew its holdings in Boston Scientific by 30.0% during the 2nd quarter. Ameriprise Financial Inc. now owns 7,899,610 shares of the medical equipment provider’s stock valued at $608,349,000 after buying an additional 1,824,405 shares in the last quarter. 89.07% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Boston Scientific

In other Boston Scientific news, EVP Joseph Michael Fitzgerald sold 132,527 shares of Boston Scientific stock in a transaction dated Monday, October 7th. The stock was sold at an average price of $85.00, for a total transaction of $11,264,795.00. Following the completion of the sale, the executive vice president now owns 160,467 shares of the company’s stock, valued at approximately $13,639,695. The trade was a 45.23 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Wendy Carruthers sold 6,983 shares of Boston Scientific stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $81.70, for a total transaction of $570,511.10. Following the sale, the executive vice president now owns 37,468 shares of the company’s stock, valued at approximately $3,061,135.60. The trade was a 15.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 309,270 shares of company stock valued at $26,196,718 in the last ninety days. Corporate insiders own 0.50% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently commented on BSX shares. Raymond James boosted their target price on shares of Boston Scientific from $91.00 to $94.00 and gave the stock a “strong-buy” rating in a report on Wednesday, September 4th. Citigroup increased their price objective on shares of Boston Scientific from $92.00 to $98.00 and gave the company a “buy” rating in a report on Thursday, October 24th. StockNews.com cut Boston Scientific from a “buy” rating to a “hold” rating in a report on Monday, November 4th. JPMorgan Chase & Co. increased their price target on Boston Scientific from $82.00 to $85.00 and gave the company an “overweight” rating in a research note on Thursday, July 25th. Finally, Canaccord Genuity Group lifted their price objective on Boston Scientific from $88.00 to $98.00 and gave the stock a “buy” rating in a research note on Monday, October 21st. Four investment analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $93.39.

Boston Scientific Price Performance

Shares of BSX stock opened at $90.45 on Tuesday. The stock has a market capitalization of $133.31 billion, a price-to-earnings ratio of 74.75, a P/E/G ratio of 2.56 and a beta of 0.79. The company has a current ratio of 1.48, a quick ratio of 1.02 and a debt-to-equity ratio of 0.44. Boston Scientific Co. has a twelve month low of $53.93 and a twelve month high of $91.08. The stock has a fifty day simple moving average of $85.42 and a two-hundred day simple moving average of $79.72.

Boston Scientific (NYSE:BSX) last posted its earnings results on Wednesday, October 23rd. The medical equipment provider reported $0.63 EPS for the quarter, beating analysts’ consensus estimates of $0.59 by $0.04. Boston Scientific had a net margin of 11.26% and a return on equity of 17.23%. The business had revenue of $4.21 billion for the quarter, compared to the consensus estimate of $4.04 billion. During the same quarter last year, the firm posted $0.50 EPS. The company’s revenue for the quarter was up 19.3% on a year-over-year basis. On average, analysts predict that Boston Scientific Co. will post 2.46 EPS for the current fiscal year.

About Boston Scientific

Boston Scientific Corporation develops, manufactures, and markets medical devices for use in various interventional medical specialties worldwide. It operates through two segments, MedSurg and Cardiovascular. The company offers devices to diagnose and treat gastrointestinal and pulmonary conditions, such as resolution clips, biliary stent systems, stents and electrocautery enhanced delivery systems, direct visualization systems, digital catheters, and single-use duodenoscopes; devices to treat urological conditions, including ureteral stents, catheters, baskets, guidewires, sheaths, balloons, single-use digital flexible ureteroscopes, holmium laser systems, artificial urinary sphincter, laser system, fiber, and hydrogel systems; and devices to treat neurological movement disorders and manage chronic pain, such as spinal cord stimulator system, proprietary programming software, radiofrequency generator, indirect decompression systems, practice optimization tools, and deep brain stimulation system.