Gamco Investors INC. ET AL increased its position in Boston Scientific Corporation (NYSE:BSX – Free Report) by 39.0% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 155,146 shares of the medical equipment provider’s stock after purchasing an additional 43,507 shares during the quarter. Gamco Investors INC. ET AL’s holdings in Boston Scientific were worth $9,735,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in BSX. FWL Investment Management LLC acquired a new position in Boston Scientific in the 2nd quarter worth $26,000. Swiss RE Ltd. acquired a new position in shares of Boston Scientific in the fourth quarter worth about $26,000. Garton & Associates Financial Advisors LLC acquired a new position in shares of Boston Scientific in the fourth quarter worth about $26,000. Bangor Savings Bank boosted its holdings in Boston Scientific by 94.7% in the fourth quarter. Bangor Savings Bank now owns 292 shares of the medical equipment provider’s stock valued at $28,000 after purchasing an additional 142 shares during the last quarter. Finally, Sfam LLC purchased a new position in Boston Scientific in the fourth quarter valued at about $29,000. Hedge funds and other institutional investors own 89.07% of the company’s stock.
Boston Scientific Price Performance
Shares of BSX opened at $44.26 on Friday. The firm has a market cap of $65.78 billion, a price-to-earnings ratio of 18.52, a PEG ratio of 0.85 and a beta of 0.58. The stock has a 50 day moving average of $47.21 and a 200-day moving average of $64.06. The company has a current ratio of 1.90, a quick ratio of 1.22 and a debt-to-equity ratio of 0.42. Boston Scientific Corporation has a 52 week low of $42.20 and a 52 week high of $109.50.
Boston Scientific declared that its Board of Directors has initiated a share buyback program on Monday, May 18th that allows the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization allows the medical equipment provider to buy up to 6.4% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s leadership believes its stock is undervalued.
Insiders Place Their Bets
In other Boston Scientific news, Director Cheryl Pegus acquired 1,770 shares of the firm’s stock in a transaction on Wednesday, May 20th. The stock was purchased at an average price of $56.49 per share, with a total value of $99,987.30. Following the completion of the acquisition, the director directly owned 1,770 shares in the company, valued at $99,987.30. This trade represents a ∞ increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director David C. Habiger bought 2,250 shares of the stock in a transaction on Wednesday, May 20th. The shares were acquired at an average price of $55.92 per share, with a total value of $125,820.00. Following the purchase, the director owned 13,878 shares of the company’s stock, valued at $776,057.76. The trade was a 19.35% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders acquired a total of 9,800 shares of company stock valued at $554,012 over the last 90 days. 0.34% of the stock is owned by company insiders.
Wall Street Analyst Weigh In
BSX has been the topic of several analyst reports. Leerink Partners dropped their price objective on Boston Scientific from $87.00 to $74.00 and set an “outperform” rating on the stock in a report on Thursday, May 28th. Raymond James Financial reiterated an “outperform” rating and set a $88.00 target price (down from $97.00) on shares of Boston Scientific in a research note on Monday, March 30th. Barclays decreased their price target on shares of Boston Scientific from $96.00 to $89.00 and set an “overweight” rating for the company in a research report on Thursday, May 28th. Royal Bank Of Canada cut their price target on shares of Boston Scientific from $100.00 to $85.00 and set an “outperform” rating on the stock in a report on Monday, July 13th. Finally, Oppenheimer set a $90.00 price objective on shares of Boston Scientific in a report on Thursday, April 23rd. One research 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 issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Boston Scientific presently has a consensus rating of “Moderate Buy” and an average price target of $79.84.
Get Our Latest Stock Analysis on BSX
About Boston Scientific
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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