Boston Scientific (NYSE:BSX) Hits New 1-Year High Following Better-Than-Expected Earnings

Boston Scientific Co. (NYSE:BSX) shares hit a new 52-week high during trading on Wednesday after the company announced better than expected quarterly earnings. The company traded as high as $106.51 and last traded at $105.34, with a volume of 581320 shares trading hands. The stock had previously closed at $103.54.

The medical equipment provider reported $0.70 earnings per share for the quarter, topping analysts’ consensus estimates of $0.65 by $0.05. Boston Scientific had a net margin of 11.26% and a return on equity of 17.23%.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the stock. Stifel Nicolaus increased their price objective on shares of Boston Scientific from $85.00 to $100.00 and gave the company a “buy” rating in a research note on Friday, October 18th. Sanford C. Bernstein increased their price objective on shares of Boston Scientific from $92.00 to $100.00 and gave the company an “outperform” rating in a research note on Thursday, October 24th. Bank of America upped their price target on shares of Boston Scientific from $90.00 to $100.00 and gave the company a “buy” rating in a research report on Tuesday, October 22nd. Mizuho upped their price target on shares of Boston Scientific from $100.00 to $110.00 and gave the company an “outperform” rating in a research report on Thursday, October 24th. Finally, Needham & Company LLC restated a “hold” rating on shares of Boston Scientific in a research report on Wednesday, November 27th. One analyst has rated the stock with a hold rating, twenty-two have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $100.39.

Insider Buying and Selling at Boston Scientific

In related news, EVP Arthur C. Butcher sold 14,010 shares of the firm’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $89.27, for a total transaction of $1,250,672.70. Following the transaction, the executive vice president now directly owns 978 shares of the company’s stock, valued at $87,306.06. This trade represents a 93.47 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Wendy Carruthers sold 6,983 shares of the firm’s stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $90.78, for a total transaction of $633,916.74. Following the transaction, the executive vice president now directly owns 29,308 shares in the company, valued at $2,660,580.24. The trade was a 19.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 47,302 shares of company stock valued at $4,464,725. Corporate insiders own 0.50% of the company’s stock.

Hedge Funds Weigh In On Boston Scientific

Several large investors have recently modified their holdings of the business. TFC Financial Management Inc. lifted its position in Boston Scientific by 308.8% during the fourth quarter. TFC Financial Management Inc. now owns 278 shares of the medical equipment provider’s stock valued at $25,000 after purchasing an additional 210 shares during the last quarter. Values First Advisors Inc. bought a new stake in Boston Scientific during the third quarter valued at approximately $28,000. Dunhill Financial LLC raised its position in Boston Scientific by 86.4% in the 3rd quarter. Dunhill Financial LLC now owns 328 shares of the medical equipment provider’s stock worth $28,000 after purchasing an additional 152 shares during the period. Global Wealth Strategies & Associates lifted its stake in Boston Scientific by 423.7% in the fourth quarter. Global Wealth Strategies & Associates now owns 309 shares of the medical equipment provider’s stock worth $28,000 after purchasing an additional 250 shares during the last quarter. Finally, West Oak Capital LLC bought a new stake in Boston Scientific in the fourth quarter worth $29,000. Hedge funds and other institutional investors own 89.07% of the company’s stock.

Boston Scientific Price Performance

The company has a debt-to-equity ratio of 0.44, a current ratio of 1.48 and a quick ratio of 1.02. The firm has a market capitalization of $155.97 billion, a P/E ratio of 87.06, a P/E/G ratio of 2.68 and a beta of 0.80. The firm’s 50 day simple moving average is $94.01 and its two-hundred day simple moving average is $86.71.

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.