Waverly Advisors LLC raised its position in shares of Boston Scientific Corporation (NYSE:BSX – Free Report) by 8.5% during the 1st quarter, HoldingsChannel reports. The institutional investor owned 162,989 shares of the medical equipment provider’s stock after purchasing an additional 12,801 shares during the quarter. Waverly Advisors LLC’s holdings in Boston Scientific were worth $10,228,000 as of its most recent SEC filing.
A number of other large investors also recently bought and sold shares of the company. Norges Bank acquired a new position in shares of Boston Scientific in the 4th quarter worth approximately $2,199,395,000. Assenagon Asset Management S.A. raised its position in shares of Boston Scientific by 133.6% during the 1st quarter. Assenagon Asset Management S.A. now owns 10,057,936 shares of the medical equipment provider’s stock valued at $631,135,000 after acquiring an additional 5,751,760 shares in the last quarter. Maverick Capital Ltd. bought a new position in Boston Scientific during the fourth quarter worth $280,735,000. Arrowstreet Capital Limited Partnership boosted its holdings in Boston Scientific by 25.9% in the first quarter. Arrowstreet Capital Limited Partnership now owns 13,891,668 shares of the medical equipment provider’s stock worth $871,702,000 after purchasing an additional 2,856,040 shares during the period. Finally, Farallon Capital Management LLC increased its stake in Boston Scientific by 56.7% during the fourth quarter. Farallon Capital Management LLC now owns 7,439,564 shares of the medical equipment provider’s stock valued at $709,362,000 after purchasing an additional 2,693,007 shares during the last quarter. Institutional investors own 89.07% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of research firms have recently issued reports on BSX. Wall Street Zen upgraded shares of Boston Scientific from a “hold” rating to a “buy” rating in a research report on Saturday. Robert W. Baird set a $70.00 price objective on shares of Boston Scientific in a research note on Thursday, May 28th. Canaccord Genuity Group cut their target price on shares of Boston Scientific from $71.00 to $70.00 and set a “buy” rating on the stock in a report on Monday, June 1st. Wolfe Research lowered Boston Scientific from an “outperform” rating to a “peer perform” rating in a report on Friday, May 29th. Finally, Piper Sandler reiterated an “overweight” rating and set a $65.00 price target on shares of Boston Scientific in a research report on Friday, June 12th. One investment analyst has rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating, four have issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $79.64.
Insider Buying and Selling at Boston Scientific
In other Boston Scientific news, Director Edward J. Ludwig acquired 3,580 shares of Boston Scientific stock in a transaction dated Wednesday, May 20th. The stock was acquired at an average cost of $56.68 per share, for a total transaction of $202,914.40. Following the completion of the transaction, the director owned 25,359 shares in the company, valued at approximately $1,437,348.12. This represents a 16.44% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director David C. Habiger acquired 2,250 shares of the firm’s stock in a transaction that occurred on Wednesday, May 20th. The stock was acquired at an average cost of $55.92 per share, with a total value of $125,820.00. Following the completion of the acquisition, the director directly owned 13,878 shares in the company, valued at approximately $776,057.76. This represents a 19.35% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Over the last 90 days, insiders have bought 9,800 shares of company stock worth $554,012. 0.34% of the stock is owned by company insiders.
Boston Scientific Trading Up 3.0%
Shares of NYSE:BSX opened at $45.56 on Tuesday. The company has a market cap of $67.72 billion, a PE ratio of 19.06, a P/E/G ratio of 0.85 and a beta of 0.58. The company’s 50-day moving average price is $47.00 and its 200 day moving average price is $63.47. Boston Scientific Corporation has a fifty-two week low of $42.20 and a fifty-two week high of $109.50. The company has a quick ratio of 1.22, a current ratio of 1.90 and a debt-to-equity ratio of 0.42.
Boston Scientific announced that its Board of Directors has authorized a share repurchase plan on Monday, May 18th that authorizes the company to buyback $5.00 billion in outstanding shares. This buyback authorization authorizes the medical equipment provider to purchase up to 6.4% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.
Boston Scientific Profile
Boston Scientific Corporation (NYSE: BSX) is a global medical device company that develops, manufactures and markets a broad portfolio of products used in less-invasive medical procedures. Founded in 1979 by John Abele and Peter Nicholas, the company is headquartered in Marlborough, Massachusetts, and focuses on technologies that enable physicians to treat a wide range of cardiovascular, digestive, urologic, pulmonary and chronic pain conditions without open surgery.
Boston Scientific’s activities span product development, clinical research, regulatory affairs and commercial sales.
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