Boston Scientific (NYSE:BSX) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Tuesday.
According to Zacks, “Despite back-to-back hurricances, Boston Scientific managed to registered solid third-quarter show. An improving foreign exchange scenario has also started to contribute to the company’s overall top line performance. The raised guidance is indicative of this bullish trend to continue through the rest of 2017. The company is leaving no stone unturned to strengthen its core business and invest more in global markets. Among the recent developments, worth mentioning is the acquisition of Apama Medical, in the field of atrial fibrillation. On the flip side, Boston Scientific's unimpressive pacemaker performance within the core CRM continues remains a drag. This apart, based on the recent announcement, we believe further delay in relaunch of the earlier-recalled Lotus range of heart devices is expected to hamper sales in 2018 too. In the past three months, Boston Scientific has been trading below the broader industry.”
Other research analysts also recently issued reports about the company. Canaccord Genuity initiated coverage on Boston Scientific in a report on Tuesday, October 24th. They set a “buy” rating and a $36.00 price target on the stock. BMO Capital Markets reaffirmed a “buy” rating and set a $30.00 price target on shares of Boston Scientific in a report on Friday, October 13th. Needham & Company LLC reaffirmed a “buy” rating and set a $32.00 price target on shares of Boston Scientific in a report on Tuesday, October 3rd. SunTrust Banks reissued a “buy” rating and issued a $34.00 target price on shares of Boston Scientific in a report on Monday, October 2nd. Finally, Stifel Nicolaus reissued a “buy” rating and issued a $32.00 target price on shares of Boston Scientific in a report on Monday, September 25th. Two analysts have rated the stock with a sell rating, four have issued a hold rating, twelve have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. The company has an average rating of “Buy” and an average price target of $31.00.
Shares of Boston Scientific (NYSE:BSX) traded up $0.03 during trading hours on Tuesday, hitting $27.46. The stock had a trading volume of 8,678,200 shares, compared to its average volume of 11,320,000. The company has a market capitalization of $37,710.00, a P/E ratio of 45.02, a P/E/G ratio of 1.82 and a beta of 0.96. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.50 and a current ratio of 0.72. Boston Scientific has a 1 year low of $23.03 and a 1 year high of $29.93.
Boston Scientific (NYSE:BSX) last announced its quarterly earnings results on Thursday, October 26th. The medical equipment provider reported $0.31 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.31. The firm had revenue of $2.22 billion for the quarter, compared to the consensus estimate of $2.21 billion. Boston Scientific had a return on equity of 23.60% and a net margin of 9.55%. The company’s quarterly revenue was up 5.6% on a year-over-year basis. During the same period in the prior year, the company posted $0.27 earnings per share. sell-side analysts expect that Boston Scientific will post 1.25 EPS for the current year.
In other Boston Scientific news, EVP Michael P. Phalen sold 15,500 shares of the company’s stock in a transaction dated Monday, October 30th. The stock was sold at an average price of $28.42, for a total value of $440,510.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP David A. Pierce sold 5,152 shares of the company’s stock in a transaction dated Tuesday, January 9th. The stock was sold at an average price of $27.00, for a total value of $139,104.00. Following the completion of the sale, the senior vice president now owns 38,116 shares of the company’s stock, valued at approximately $1,029,132. The disclosure for this sale can be found here. In the last three months, insiders sold 96,585 shares of company stock worth $2,578,197. 0.74% of the stock is owned by corporate insiders.
A number of institutional investors and hedge funds have recently modified their holdings of the business. DnB Asset Management AS increased its position in Boston Scientific by 13.1% in the fourth quarter. DnB Asset Management AS now owns 151,150 shares of the medical equipment provider’s stock worth $3,747,000 after buying an additional 17,500 shares in the last quarter. QUANTRES ASSET MANAGEMENT Ltd purchased a new stake in Boston Scientific in the fourth quarter worth about $647,000. Prudential Financial Inc. increased its position in Boston Scientific by 149.1% in the third quarter. Prudential Financial Inc. now owns 4,762,674 shares of the medical equipment provider’s stock worth $138,928,000 after buying an additional 2,850,630 shares in the last quarter. Parametric Portfolio Associates LLC increased its position in Boston Scientific by 12.0% in the third quarter. Parametric Portfolio Associates LLC now owns 2,947,432 shares of the medical equipment provider’s stock worth $85,977,000 after buying an additional 314,917 shares in the last quarter. Finally, Steward Partners Investment Advisory LLC purchased a new stake in Boston Scientific in the third quarter worth about $139,000. Institutional investors and hedge funds own 90.36% of the company’s stock.
About Boston Scientific
Boston Scientific Corporation is a developer, manufacturer and marketer of medical devices that are used in a range of interventional medical specialties. The Company offers its products by seven businesses: Interventional Cardiology, Cardiac Rhythm Management, Endoscopy, Peripheral Interventions, Urology and Pelvic Health, Neuromodulation, and Electrophysiology.
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