Hsbc Holdings PLC increased its stake in Boston Scientific Corporation (NYSE:BSX – Free Report) by 3.9% in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 3,533,722 shares of the medical equipment provider’s stock after acquiring an additional 134,019 shares during the quarter. Hsbc Holdings PLC’s holdings in Boston Scientific were worth $150,598,000 at the end of the most recent reporting period.
Other large investors also recently added to or reduced their stakes in the company. Renaissance Group LLC purchased a new stake in shares of Boston Scientific during the fourth quarter worth $28,064,000. Perigon Wealth Management LLC purchased a new position in shares of Boston Scientific in the second quarter worth about $883,000. Y Intercept Hong Kong Ltd boosted its position in Boston Scientific by 148.8% during the second quarter. Y Intercept Hong Kong Ltd now owns 1,120,331 shares of the medical equipment provider’s stock worth $47,816,000 after acquiring an additional 670,060 shares during the last quarter. Wealthfront Advisers LLC acquired a new position in Boston Scientific during the second quarter worth about $3,253,000. Finally, PensionDanmark Pensionsforsikringsaktieselskab grew its stake in Boston Scientific by 9.9% during the 2nd quarter. PensionDanmark Pensionsforsikringsaktieselskab now owns 320,038 shares of the medical equipment provider’s stock valued at $13,659,000 after acquiring an additional 28,961 shares in the last quarter. 89.07% of the stock is currently owned by institutional investors and hedge funds.
Boston Scientific Trading Up 1.7%
Shares of Boston Scientific stock opened at $49.86 on Wednesday. The stock has a 50 day moving average of $46.44 and a 200 day moving average of $57.14. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.74 and a current ratio of 1.24. The firm has a market capitalization of $72.26 billion, a price-to-earnings ratio of 20.19, a PEG ratio of 1.07 and a beta of 0.56. Boston Scientific Corporation has a fifty-two week low of $42.20 and a fifty-two week high of $109.50.
Boston Scientific declared that its Board of Directors has authorized a share repurchase plan on Monday, May 18th that allows the company to repurchase $5.00 billion in shares. This repurchase authorization allows the medical equipment provider to buy up to 6.4% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.
Wall Street Analysts Forecast Growth
BSX has been the topic of a number of research reports. Robert W. Baird set a $56.00 target price on shares of Boston Scientific in a research note on Thursday, July 30th. Wells Fargo & Company cut their price target on Boston Scientific from $55.00 to $50.00 and set an “equal weight” rating for the company in a report on Thursday, July 30th. Argus reissued a “hold” rating on shares of Boston Scientific in a research note on Friday, July 31st. Bank of America dropped their target price on Boston Scientific from $105.00 to $68.00 and set a “buy” rating for the company in a report on Monday, May 18th. Finally, Piper Sandler reiterated an “overweight” rating and set a $65.00 price target on shares of Boston Scientific in a report on Friday, June 12th. Twenty-four equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $71.62.
Get Our Latest Stock Analysis on Boston Scientific
Insider Transactions at Boston Scientific
In other news, Director Edward J. Ludwig purchased 5,000 shares of the firm’s stock in a transaction on Friday, July 31st. The shares were bought at an average cost of $45.48 per share, for a total transaction of $227,400.00. Following the completion of the purchase, the director directly owned 30,359 shares of the company’s stock, valued at approximately $1,380,727.32. This trade represents a 19.72% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director David C. Habiger bought 2,100 shares of the firm’s stock in a transaction that occurred on Wednesday, August 5th. The shares were purchased at an average cost of $47.59 per share, for a total transaction of $99,939.00. Following the purchase, the director owned 17,160 shares in the company, valued at $816,644.40. This represents a 13.94% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. In the last three months, insiders have purchased 194,522 shares of company stock worth $9,385,210. 0.34% of the stock is currently owned by 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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