Boston Scientific (NYSE:BSX) Stock Rating Upgraded by Wall Street Zen

Boston Scientific (NYSE:BSX) was upgraded by research analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a research note issued to investors on Saturday.

Other equities analysts have also recently issued research reports about the stock. Zacks Research cut shares of Boston Scientific from a “hold” rating to a “strong sell” rating in a research report on Friday, June 5th. Robert W. Baird set a $70.00 price target on Boston Scientific in a report on Thursday, May 28th. Truist Financial reduced their price objective on Boston Scientific from $64.00 to $62.00 and set a “buy” rating for the company in a research note on Thursday, July 16th. Needham & Company LLC decreased their price objective on Boston Scientific from $77.00 to $57.00 and set a “buy” rating for the company in a report on Wednesday, July 8th. Finally, Barclays lowered their target price on Boston Scientific from $96.00 to $89.00 and set an “overweight” rating on the stock in a research report on Thursday, May 28th. One investment analyst has rated the stock with a Strong Buy rating, twenty-three have given a Buy rating, four have issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $79.84.

Boston Scientific Stock Up 0.0%

Boston Scientific stock opened at $44.26 on Friday. The company has a quick ratio of 1.22, a current ratio of 1.90 and a debt-to-equity ratio of 0.42. Boston Scientific has a 12-month low of $42.20 and a 12-month high of $109.50. The firm’s fifty day moving average is $47.21 and its 200 day moving average is $63.84. The company has a market capitalization of $65.78 billion, a PE ratio of 18.52, a PEG ratio of 0.85 and a beta of 0.58.

Boston Scientific declared that its board has initiated a share buyback program 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 repurchase up to 6.4% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

Insider Transactions at Boston Scientific

In other news, Director Edward J. Ludwig bought 3,580 shares of Boston Scientific stock in a transaction dated Wednesday, May 20th. The stock was purchased at an average price of $56.68 per share, for a total transaction of $202,914.40. Following the purchase, the director directly owned 25,359 shares in the company, valued at $1,437,348.12. The trade was a 16.44% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Cheryl Pegus acquired 1,770 shares of Boston Scientific stock in a transaction on Wednesday, May 20th. The stock was purchased at an average cost of $56.49 per share, with a total value of $99,987.30. Following the completion of the transaction, the director directly owned 1,770 shares in the company, valued at $99,987.30. This represents a ∞ increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders bought a total of 9,800 shares of company stock worth $554,012 in the last quarter. 0.34% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Boston Scientific

A number of hedge funds and other institutional investors have recently made changes to their positions in BSX. Renaissance Group LLC purchased a new position in shares of Boston Scientific in the fourth quarter worth about $28,064,000. Rathbones Group PLC raised its position in shares of Boston Scientific by 20.9% in the fourth quarter. Rathbones Group PLC now owns 2,759,657 shares of the medical equipment provider’s stock valued at $263,133,000 after purchasing an additional 477,680 shares during the period. Waycross Partners LLC purchased a new stake in shares of Boston Scientific during the 4th quarter valued at approximately $2,384,000. Meiji Yasuda America Inc purchased a new stake in shares of Boston Scientific during the 4th quarter valued at approximately $4,708,000. Finally, Allspring Global Investments Holdings LLC boosted its holdings in Boston Scientific by 6.8% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 2,173,399 shares of the medical equipment provider’s stock worth $205,843,000 after buying an additional 139,004 shares during the period. 89.07% of the stock is owned by hedge funds and other institutional investors.

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.