Needham & Company LLC Increases Boston Scientific (NYSE:BSX) Price Target to $82.00

Boston Scientific (NYSE:BSX) had its target price increased by analysts at Needham & Company LLC from $71.00 to $82.00 in a report issued on Wednesday, Benzinga reports. The brokerage currently has a “buy” rating on the medical equipment provider’s stock. Needham & Company LLC’s target price indicates a potential upside of 12.47% from the company’s previous close.

Several other equities research analysts have also recently commented on the stock. StockNews.com cut shares of Boston Scientific from a “buy” rating to a “hold” rating in a research report on Saturday, March 16th. Evercore ISI boosted their price target on shares of Boston Scientific from $68.00 to $72.00 and gave the stock an “outperform” rating in a research report on Thursday, April 4th. Wells Fargo & Company boosted their price objective on shares of Boston Scientific from $70.00 to $72.00 and gave the stock an “overweight” rating in a research note on Thursday, February 1st. TD Cowen boosted their price objective on shares of Boston Scientific from $65.00 to $77.00 and gave the stock an “outperform” rating in a research note on Thursday, March 7th. Finally, Argus upped their price target on shares of Boston Scientific from $69.00 to $80.00 and gave the company a “buy” rating in a research note on Wednesday, April 3rd. Two equities research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $69.00.

Boston Scientific Trading Up 5.7 %

BSX traded up $3.92 during trading on Wednesday, reaching $72.91. 14,206,418 shares of the company’s stock were exchanged, compared to its average volume of 6,540,234. The company’s fifty day moving average price is $67.39 and its 200-day moving average price is $60.19. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.82 and a current ratio of 1.32. Boston Scientific has a fifty-two week low of $48.35 and a fifty-two week high of $74.39. The firm has a market capitalization of $106.97 billion, a PE ratio of 68.14, a P/E/G ratio of 2.38 and a beta of 0.78.

Boston Scientific (NYSE:BSX) last released its earnings results on Wednesday, January 31st. The medical equipment provider reported $0.55 EPS for the quarter, topping analysts’ consensus estimates of $0.51 by $0.04. The firm had revenue of $3.73 billion during the quarter, compared to analyst estimates of $3.59 billion. Boston Scientific had a net margin of 11.19% and a return on equity of 15.99%. During the same quarter in the previous year, the business earned $0.45 EPS. As a group, equities analysts forecast that Boston Scientific will post 2.25 EPS for the current year.

Insider Buying and Selling at Boston Scientific

In related news, EVP John Bradley Sorenson sold 16,351 shares of Boston Scientific stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $69.30, for a total value of $1,133,124.30. Following the transaction, the executive vice president now directly owns 50,638 shares of the company’s stock, valued at $3,509,213.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, EVP Wendy Carruthers sold 6,983 shares of Boston Scientific stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $66.35, for a total value of $463,322.05. Following the transaction, the executive vice president now directly owns 53,788 shares of the company’s stock, valued at $3,568,833.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP John Bradley Sorenson sold 16,351 shares of Boston Scientific stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $69.30, for a total transaction of $1,133,124.30. Following the completion of the transaction, the executive vice president now directly owns 50,638 shares in the company, valued at $3,509,213.40. The disclosure for this sale can be found here. Insiders sold 50,979 shares of company stock valued at $3,418,529 in the last quarter. Company insiders own 0.50% of the company’s stock.

Institutional Trading of Boston Scientific

A number of hedge funds have recently added to or reduced their stakes in BSX. Bruce G. Allen Investments LLC acquired a new stake in Boston Scientific in the fourth quarter valued at approximately $28,000. Northwest Investment Counselors LLC acquired a new position in shares of Boston Scientific during the first quarter worth $31,000. Sachetta LLC acquired a new position in Boston Scientific in the fourth quarter valued at $32,000. Frazier Financial Advisors LLC acquired a new position in Boston Scientific in the fourth quarter valued at $32,000. Finally, Jones Financial Companies Lllp lifted its holdings in Boston Scientific by 53.0% in the fourth quarter. Jones Financial Companies Lllp now owns 557 shares of the medical equipment provider’s stock valued at $32,000 after buying an additional 193 shares during the period. Institutional investors and hedge funds own 89.07% of the company’s stock.

About Boston Scientific

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.