Cullen Frost Bankers Inc. Sells 3,475 Shares of Boston Scientific Corporation (NYSE:BSX)

Cullen Frost Bankers Inc. reduced its holdings in Boston Scientific Corporation (NYSE:BSX) by 1.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 360,799 shares of the medical equipment provider’s stock after selling 3,475 shares during the quarter. Cullen Frost Bankers Inc.’s holdings in Boston Scientific were worth $36,397,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Colonial Trust Co SC boosted its holdings in shares of Boston Scientific by 1,625.0% in the 4th quarter. Colonial Trust Co SC now owns 276 shares of the medical equipment provider’s stock worth $25,000 after acquiring an additional 260 shares in the last quarter. Investment Management Corp VA ADV acquired a new position in Boston Scientific during the 4th quarter worth $25,000. Sunbeam Capital Management LLC acquired a new position in Boston Scientific during the 4th quarter worth $26,000. Ameriflex Group Inc. acquired a new position in Boston Scientific during the 4th quarter worth $31,000. Finally, Fourth Dimension Wealth LLC acquired a new position in Boston Scientific during the 4th quarter worth $36,000. 89.07% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Boston Scientific

In related news, EVP John Bradley Sorenson sold 4,572 shares of the firm’s stock in a transaction dated Monday, May 5th. The shares were sold at an average price of $104.54, for a total value of $477,956.88. Following the completion of the sale, the executive vice president directly owned 18,705 shares in the company, valued at approximately $1,955,420.70. This trade represents a 19.64% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, SVP Vance R. Brown sold 4,826 shares of the firm’s stock in a transaction dated Monday, April 21st. The shares were sold at an average price of $95.09, for a total transaction of $458,904.34. Following the completion of the sale, the senior vice president owned 36,193 shares of the company’s stock, valued at $3,441,592.37. This trade represents a 11.77% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 461,970 shares of company stock worth $47,755,193. Corporate insiders own 0.50% of the company’s stock.

Analyst Ratings Changes

Several research analysts have issued reports on BSX shares. Evercore ISI upped their price objective on Boston Scientific from $110.00 to $112.00 and gave the stock an “outperform” rating in a report on Thursday, April 24th. Needham & Company LLC reaffirmed a “buy” rating and set a $115.00 price objective on shares of Boston Scientific in a report on Wednesday, May 28th. Royal Bank Of Canada upped their price objective on Boston Scientific from $116.00 to $120.00 and gave the stock an “outperform” rating in a report on Thursday, April 24th. Citigroup reiterated a “buy” rating and set a $125.00 target price (up previously from $119.00) on shares of Boston Scientific in a research report on Thursday, May 22nd. Finally, BTIG Research reiterated a “buy” rating and set a $124.00 target price on shares of Boston Scientific in a research report on Wednesday, April 23rd. Twenty-two investment analysts have rated the stock with a buy rating and three have issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $116.09.

Boston Scientific Price Performance

BSX stock opened at $103.43 on Wednesday. The stock has a 50-day moving average price of $103.41 and a two-hundred day moving average price of $100.78. The stock has a market cap of $153.02 billion, a PE ratio of 75.50, a price-to-earnings-growth ratio of 2.71 and a beta of 0.68. The company has a current ratio of 1.45, a quick ratio of 0.88 and a debt-to-equity ratio of 0.47. Boston Scientific Corporation has a 1 year low of $71.88 and a 1 year high of $107.53.

Boston Scientific (NYSE:BSX) last released its earnings results on Wednesday, April 23rd. The medical equipment provider reported $0.75 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.67 by $0.08. Boston Scientific had a return on equity of 18.67% and a net margin of 11.58%. The firm had revenue of $4.66 billion during the quarter, compared to analysts’ expectations of $4.57 billion. During the same quarter in the prior year, the company earned $0.56 EPS. The company’s revenue was up 20.9% on a year-over-year basis. Equities analysts forecast that Boston Scientific Corporation will post 2.85 EPS for the current fiscal year.

Boston Scientific Company Profile

Boston Scientific Corporation develops, manufactures, and markets medical devices for use in various interventional medical specialties worldwide. It operates through two segments, MedSurg and Cardiovascular. The company offers devices to diagnose and treat gastrointestinal and pulmonary conditions, such as resolution clips, biliary stent systems, stents and electrocautery enhanced delivery systems, direct visualization systems, digital catheters, and single-use duodenoscopes; devices to treat urological conditions, including ureteral stents, catheters, baskets, guidewires, sheaths, balloons, single-use digital flexible ureteroscopes, holmium laser systems, artificial urinary sphincter, laser system, fiber, and hydrogel systems; and devices to treat neurological movement disorders and manage chronic pain, such as spinal cord stimulator system, proprietary programming software, radiofrequency generator, indirect decompression systems, practice optimization tools, and deep brain stimulation system.