Boston Scientific (NYSE:BSX) Sets New 52-Week Low After Insider Selling

Boston Scientific Corporation (NYSE:BSXGet Free Report)’s share price reached a new 52-week low on Wednesday after an insider sold shares in the company. The company traded as low as $77.86 and last traded at $75.5250, with a volume of 8794500 shares. The stock had previously closed at $91.62.

Specifically, CEO Michael F. Mahoney sold 160,901 shares of Boston Scientific stock in a transaction dated Monday, February 2nd. The stock was sold at an average price of $93.49, for a total value of $15,042,634.49. Following the transaction, the chief executive officer owned 1,411,735 shares in the company, valued at $131,983,105.15. The trade was a 10.23% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

Analyst Upgrades and Downgrades

BSX has been the subject of a number of recent analyst reports. Oppenheimer cut their price objective on Boston Scientific from $125.00 to $100.00 and set an “outperform” rating for the company in a research report on Friday, January 16th. Barclays cut their target price on shares of Boston Scientific from $136.00 to $124.00 and set an “overweight” rating for the company in a research note on Tuesday. UBS Group reiterated a “buy” rating on shares of Boston Scientific in a report on Wednesday, December 17th. Royal Bank Of Canada increased their target price on Boston Scientific from $125.00 to $130.00 and gave the company an “outperform” rating in a report on Wednesday, December 17th. Finally, Wall Street Zen raised shares of Boston Scientific from a “hold” rating to a “buy” rating in a research note on Saturday, January 17th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, Boston Scientific presently has an average rating of “Moderate Buy” and an average target price of $123.26.

Read Our Latest Stock Analysis on Boston Scientific

Key Stories Impacting Boston Scientific

Here are the key news stories impacting Boston Scientific this week:

Boston Scientific Stock Performance

The company has a market cap of $112.69 billion, a PE ratio of 40.41, a P/E/G ratio of 1.63 and a beta of 0.67. The stock’s 50-day simple moving average is $94.89 and its 200 day simple moving average is $99.29. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.96 and a current ratio of 1.51.

Boston Scientific (NYSE:BSXGet Free Report) last announced its quarterly earnings data on Wednesday, February 4th. The medical equipment provider reported $0.80 EPS for the quarter, beating analysts’ consensus estimates of $0.78 by $0.02. The firm had revenue of $5.29 billion during the quarter, compared to the consensus estimate of $5.29 billion. Boston Scientific had a net margin of 14.43% and a return on equity of 19.46%. The firm’s revenue was up 15.9% compared to the same quarter last year. During the same quarter last year, the firm earned $0.70 earnings per share. As a group, equities analysts anticipate that Boston Scientific Corporation will post 2.85 EPS for the current year.

Hedge Funds Weigh In On Boston Scientific

Several institutional investors and hedge funds have recently made changes to their positions in the business. Steph & Co. acquired a new stake in Boston Scientific in the 3rd quarter valued at approximately $25,000. Financial Consulate Inc. purchased a new stake in shares of Boston Scientific in the third quarter worth approximately $25,000. Murphy & Mullick Capital Management Corp boosted its holdings in shares of Boston Scientific by 200.0% during the third quarter. Murphy & Mullick Capital Management Corp now owns 255 shares of the medical equipment provider’s stock worth $25,000 after purchasing an additional 170 shares during the period. FWL Investment Management LLC purchased a new position in Boston Scientific during the second quarter valued at approximately $26,000. Finally, United Community Bank increased its stake in Boston Scientific by 115.7% in the 3rd quarter. United Community Bank now owns 274 shares of the medical equipment provider’s stock valued at $27,000 after buying an additional 147 shares during the period. 89.07% of the stock is currently owned by hedge funds and other institutional investors.

About Boston Scientific

(Get Free Report)

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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