Clough Capital Partners L P trimmed its stake in Boston Scientific Corporation (NYSE:BSX – Free Report) by 89.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 14,350 shares of the medical equipment provider’s stock after selling 124,090 shares during the period. Clough Capital Partners L P’s holdings in Boston Scientific were worth $900,000 as of its most recent SEC filing.
Other large investors have also recently modified their holdings of the company. Vanguard Group Inc. boosted its position in Boston Scientific by 1.0% during the 4th quarter. Vanguard Group Inc. now owns 139,685,997 shares of the medical equipment provider’s stock valued at $13,319,060,000 after acquiring an additional 1,436,550 shares in the last quarter. State Street Corp raised its position in shares of Boston Scientific by 1.4% in the 4th quarter. State Street Corp now owns 65,846,059 shares of the medical equipment provider’s stock worth $6,278,422,000 after acquiring an additional 920,495 shares in the last quarter. Capital World Investors raised its position in shares of Boston Scientific by 1.9% in the 4th quarter. Capital World Investors now owns 27,151,575 shares of the medical equipment provider’s stock worth $2,588,953,000 after acquiring an additional 502,627 shares in the last quarter. Norges Bank purchased a new position in shares of Boston Scientific in the 4th quarter valued at approximately $2,199,395,000. Finally, Morgan Stanley lifted its stake in shares of Boston Scientific by 10.8% in the 4th quarter. Morgan Stanley now owns 22,960,556 shares of the medical equipment provider’s stock valued at $2,189,289,000 after purchasing an additional 2,246,308 shares during the period. Institutional investors own 89.07% of the company’s stock.
Analysts Set New Price Targets
Several brokerages recently weighed in on BSX. Evercore set a $65.00 price target on Boston Scientific in a research note on Monday, July 6th. Robert W. Baird set a $70.00 price objective on Boston Scientific in a research report on Thursday, May 28th. Daiwa Securities Group cut shares of Boston Scientific from a “strong-buy” rating to a “hold” rating in a report on Wednesday, April 29th. Needham & Company LLC reduced their target price on shares of Boston Scientific from $77.00 to $57.00 and set a “buy” rating on the stock in a research report on Wednesday, July 8th. Finally, Wolfe Research lowered shares of Boston Scientific from an “outperform” rating to a “peer perform” rating in a research note on Friday, May 29th. One 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 stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $79.84.
Boston Scientific Stock Up 0.0%
Shares of NYSE:BSX opened at $44.26 on Monday. The company has a current ratio of 1.90, a quick ratio of 1.22 and a debt-to-equity ratio of 0.42. The stock has a fifty day simple moving average of $47.21 and a two-hundred day simple moving average of $63.84. Boston Scientific Corporation has a 12-month low of $42.20 and a 12-month high of $109.50. The stock has a market capitalization of $65.78 billion, a price-to-earnings ratio of 18.52, a PEG ratio of 0.85 and a beta of 0.58.
Boston Scientific announced that its board has approved a share buyback plan on Monday, May 18th that permits the company to buyback $5.00 billion in outstanding shares. This buyback authorization permits the medical equipment provider to reacquire 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 stock is undervalued.
Insider Activity
In related news, Director Edward J. Ludwig purchased 3,580 shares of the stock in a transaction dated Wednesday, May 20th. The stock was purchased at an average price of $56.68 per share, with a total value of $202,914.40. Following the transaction, the director directly owned 25,359 shares in the company, valued at $1,437,348.12. This trade represents a 16.44% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director David C. Habiger purchased 2,250 shares of the company’s stock in a transaction that occurred on Wednesday, May 20th. The stock was purchased at an average price of $55.92 per share, for a total transaction of $125,820.00. Following the purchase, the director owned 13,878 shares in the company, valued at $776,057.76. This represents a 19.35% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders purchased 9,800 shares of company stock worth $554,012 over the last three months. 0.34% of the stock is currently owned by corporate insiders.
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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