Vega Investment Solutions purchased a new position in Boston Scientific Corporation (NYSE:BSX – Free Report) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 11,186 shares of the medical equipment provider’s stock, valued at approximately $477,000.
A number of other hedge funds also recently bought and sold shares of the business. Cetera Trust Company N.A acquired a new position in shares of Boston Scientific during the 2nd quarter worth approximately $32,000. Aberdeen Wealth Management LLC acquired a new stake in Boston Scientific in the 2nd quarter valued at $329,000. Ally Financial Inc. purchased a new stake in Boston Scientific in the 2nd quarter worth $2,817,000. Cibc World Market Inc. acquired a new position in Boston Scientific during the second quarter worth $6,510,000. Finally, Castlefield Investment Partners LLP acquired a new position in Boston Scientific during the second quarter worth $2,429,000. Hedge funds and other institutional investors own 89.07% of the company’s stock.
Boston Scientific Trading Down 2.8%
Shares of BSX stock opened at $48.98 on Tuesday. The company has a current ratio of 1.24, a quick ratio of 0.74 and a debt-to-equity ratio of 0.43. Boston Scientific Corporation has a twelve month low of $42.20 and a twelve month high of $109.50. The company’s 50-day moving average price is $46.38 and its 200-day moving average price is $57.32. The stock has a market cap of $70.99 billion, a price-to-earnings ratio of 19.83, a PEG ratio of 1.10 and a beta of 0.56.
Boston Scientific declared that its board has authorized a share repurchase program on Monday, May 18th that allows the company to buyback $5.00 billion in shares. This buyback authorization allows the medical equipment provider to purchase up to 6.4% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s management believes its stock is undervalued.
Analysts Set New Price Targets
Several brokerages have recently issued reports on BSX. TD Cowen dropped their target price on shares of Boston Scientific from $61.00 to $56.00 and set a “buy” rating on the stock in a research report on Thursday, July 30th. Royal Bank Of Canada reduced their price target on shares of Boston Scientific from $85.00 to $70.00 and set an “outperform” rating for the company in a research report on Thursday, July 30th. Wells Fargo & Company decreased their price target on shares of Boston Scientific from $55.00 to $50.00 and set an “equal weight” rating on the stock in a research note on Thursday, July 30th. Mizuho lowered their price objective on Boston Scientific from $90.00 to $70.00 and set an “outperform” rating on the stock in a report on Wednesday, July 15th. Finally, Wall Street Zen lowered Boston Scientific from a “buy” rating to a “hold” rating in a research note on Sunday, August 2nd. Twenty-four investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $71.62.
Insider Transactions at Boston Scientific
In other Boston Scientific news, CEO Michael F. Mahoney acquired 186,240 shares of the stock in a transaction that occurred on Monday, August 3rd. The stock was bought at an average cost of $48.33 per share, for a total transaction of $9,000,979.20. Following the completion of the transaction, the chief executive officer owned 1,590,024 shares of the company’s stock, valued at approximately $76,845,859.92. The trade was a 13.27% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Edward J. Ludwig acquired 5,000 shares of the stock in a transaction that occurred on Friday, July 31st. The stock was acquired at an average price of $45.48 per share, with a total value of $227,400.00. Following the completion of the transaction, the director directly owned 30,359 shares of the company’s stock, valued at $1,380,727.32. This trade represents a 19.72% increase in their position. The SEC filing for this purchase provides additional information. Insiders bought 194,522 shares of company stock worth $9,385,210 in the last 90 days. Insiders own 0.34% of the company’s stock.
Boston Scientific Company 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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