First American Bank Lowers Stock Position in Boston Scientific Corporation (NYSE:BSX)

First American Bank decreased its position in shares of Boston Scientific Corporation (NYSE:BSX) by 2.5% in the first quarter, HoldingsChannel reports. The fund owned 126,838 shares of the medical equipment provider’s stock after selling 3,295 shares during the quarter. First American Bank’s holdings in Boston Scientific were worth $12,795,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Investment Management Corp VA ADV purchased a new stake in Boston Scientific during the fourth quarter valued at approximately $25,000. Colonial Trust Co SC raised its holdings in shares of Boston Scientific by 1,625.0% in the fourth quarter. Colonial Trust Co SC now owns 276 shares of the medical equipment provider’s stock worth $25,000 after buying an additional 260 shares during the last quarter. Sunbeam Capital Management LLC purchased a new position in shares of Boston Scientific in the fourth quarter worth $26,000. Ameriflex Group Inc. purchased a new position in shares of Boston Scientific in the fourth quarter worth $31,000. Finally, Fairway Wealth LLC purchased a new position in shares of Boston Scientific in the fourth quarter worth $36,000. Hedge funds and other institutional investors own 89.07% of the company’s stock.

Boston Scientific Trading Down 0.0%

Shares of Boston Scientific stock opened at $101.35 on Friday. The stock has a market cap of $149.95 billion, a P/E ratio of 73.98, a P/E/G ratio of 2.62 and a beta of 0.68. The stock’s 50 day simple moving average is $101.77 and its 200-day simple moving average is $99.06. Boston Scientific Corporation has a 1-year low of $71.88 and a 1-year high of $107.17. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.45 and a quick ratio of 0.88.

Boston Scientific (NYSE:BSX) last released its quarterly earnings data on Wednesday, April 23rd. The medical equipment provider reported $0.75 EPS for the quarter, beating 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 for the quarter, compared to analysts’ expectations of $4.57 billion. During the same period in the prior year, the firm posted $0.56 earnings per share. The firm’s quarterly revenue was up 20.9% on a year-over-year basis. Analysts predict that Boston Scientific Corporation will post 2.85 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on BSX shares. Evercore ISI increased their price objective on shares of Boston Scientific from $110.00 to $112.00 and gave the stock an “outperform” rating in a research note on Thursday, April 24th. Royal Bank Of Canada boosted their price objective on Boston Scientific from $116.00 to $120.00 and gave the company an “outperform” rating in a report on Thursday, April 24th. Citigroup reissued a “buy” rating and issued a $125.00 price objective (up previously from $119.00) on shares of Boston Scientific in a report on Thursday, May 22nd. Wall Street Zen raised Boston Scientific from a “hold” rating to a “buy” rating in a report on Tuesday, April 29th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $115.00 price objective on shares of Boston Scientific in a report on Wednesday, May 28th. Twenty-two equities research analysts have rated the stock with a buy rating and three have issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $116.09.

Insiders Place Their Bets

In other Boston Scientific news, EVP Joseph Michael Fitzgerald sold 56,372 shares of the company’s stock in a transaction on Wednesday, June 4th. The shares were sold at an average price of $102.88, for a total value of $5,799,551.36. Following the completion of the transaction, the executive vice president now owns 178,342 shares in the company, valued at $18,347,824.96. This represents a 24.02% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP John Bradley Sorenson sold 4,572 shares of the company’s stock in a transaction on Monday, May 5th. The shares were sold at an average price of $104.54, for a total transaction of $477,956.88. Following the completion of the transaction, the executive vice president now owns 18,705 shares of the company’s stock, valued at $1,955,420.70. This represents a 19.64% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 411,970 shares of company stock worth $42,406,693 over the last ninety days. Corporate insiders own 0.50% of the company’s stock.

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.