Ieq Capital LLC acquired a new position in shares of Boston Scientific Corporation (NYSE:BSX – Free Report) in the 2nd quarter, HoldingsChannel reports. The institutional investor acquired 387,250 shares of the medical equipment provider’s stock, valued at approximately $16,528,000.
Other institutional investors and hedge funds have also recently modified their holdings of the company. Callan Family Office LLC acquired a new stake in Boston Scientific in the second quarter valued at $2,251,000. Keebeck Wealth Management acquired a new position in shares of Boston Scientific during the 2nd quarter worth about $356,000. Keating Financial Advisory Services Inc. purchased a new position in shares of Boston Scientific in the 2nd quarter valued at about $47,000. Encore Global Management LP purchased a new position in shares of Boston Scientific in the 2nd quarter valued at about $3,146,000. Finally, B. Metzler seel. Sohn & Co. AG acquired a new stake in shares of Boston Scientific during the 2nd quarter worth about $14,237,000. Institutional investors and hedge funds own 89.07% of the company’s stock.
Boston Scientific Trading Up 2.1%
NYSE:BSX opened at $50.39 on Friday. The stock’s 50 day moving average price is $46.34 and its 200 day moving average price is $57.86. The company has a market capitalization of $73.03 billion, a PE ratio of 20.40, a P/E/G ratio of 1.10 and a beta of 0.56. The company has a quick ratio of 0.74, a current ratio of 1.24 and a debt-to-equity ratio of 0.43. 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 has initiated a share buyback program 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 buy up to 6.4% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.
Insider Activity
In other Boston Scientific news, CEO Michael F. Mahoney purchased 186,240 shares of the firm’s stock in a transaction that occurred on Monday, August 3rd. The stock was purchased at an average price of $48.33 per share, for a total transaction of $9,000,979.20. Following the purchase, the chief executive officer directly owned 1,590,024 shares in the company, valued at approximately $76,845,859.92. This trade represents a 13.27% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director David C. Habiger acquired 2,100 shares of the stock in a transaction on Wednesday, August 5th. The shares were acquired at an average cost of $47.59 per share, for a total transaction of $99,939.00. Following the completion of the transaction, the director directly owned 17,160 shares in the company, valued at $816,644.40. The trade was a 13.94% increase in their position. The SEC filing for this purchase provides additional information. Insiders have acquired 194,522 shares of company stock valued at $9,385,210 in the last ninety days. 0.34% of the stock is currently owned by company insiders.
Analysts Set New Price Targets
Several equities research analysts recently weighed in on BSX shares. Leerink Partners set a $60.00 target price on Boston Scientific in a research note on Thursday, July 30th. Citigroup cut their price objective on shares of Boston Scientific from $70.00 to $61.00 and set a “buy” rating on the stock in a report on Thursday, July 30th. Stifel Nicolaus set a $60.00 price objective on shares of Boston Scientific in a research report on Wednesday, July 29th. TD Cowen lowered their target price on shares of Boston Scientific from $61.00 to $56.00 and set a “buy” rating for the company in a report on Thursday, July 30th. Finally, Raymond James Financial reaffirmed an “outperform” rating and issued a $57.00 target price on shares of Boston Scientific in a research report on Thursday, July 30th. Twenty-four investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $71.62.
Get Our Latest Stock Analysis on Boston Scientific
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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