Needham & Company LLC Reiterates “Buy” Rating for Boston Scientific (BSX)
Boston Scientific (NYSE:BSX)‘s stock had its “buy” rating reiterated by Needham & Company LLC in a note issued to investors on Tuesday. They currently have a $32.00 target price on the medical equipment provider’s stock. Needham & Company LLC’s price objective points to a potential upside of 18.17% from the stock’s previous close.
A number of other research firms have also commented on BSX. Canaccord Genuity assumed coverage on Boston Scientific in a report on Tuesday, October 24th. They issued a “buy” rating and a $36.00 price target for the company. Zacks Investment Research raised Boston Scientific from a “sell” rating to a “buy” rating and set a $33.00 price target for the company in a report on Friday, October 20th. BMO Capital Markets reaffirmed a “buy” rating and issued a $30.00 price target on shares of Boston Scientific in a report on Friday, October 13th. SunTrust Banks reissued a “buy” rating and set a $34.00 price objective on shares of Boston Scientific in a research note on Monday, October 2nd. Finally, Stifel Nicolaus reissued a “buy” rating and set a $32.00 price objective on shares of Boston Scientific in a research note on Monday, September 25th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. The stock currently has an average rating of “Buy” and a consensus target price of $31.00.
Boston Scientific (NYSE:BSX) traded down $0.38 during trading on Tuesday, hitting $27.08. The stock had a trading volume of 4,430,000 shares, compared to its average volume of 10,750,000. Boston Scientific has a 52-week low of $23.29 and a 52-week high of $29.93. The company has a quick ratio of 0.50, a current ratio of 0.72 and a debt-to-equity ratio of 0.58. The company has a market capitalization of $37,190.00, a price-to-earnings ratio of 44.39, a P/E/G ratio of 1.97 and a beta of 0.96.
Boston Scientific (NYSE:BSX) last posted its quarterly earnings results on Thursday, October 26th. The medical equipment provider reported $0.31 EPS for the quarter, hitting the Zacks’ consensus estimate of $0.31. Boston Scientific had a return on equity of 23.60% and a net margin of 9.55%. The firm had revenue of $2.22 billion during the quarter, compared to analyst estimates of $2.21 billion. During the same period last year, the company earned $0.27 earnings per share. The business’s revenue for the quarter was up 5.6% on a year-over-year basis. research analysts forecast that Boston Scientific will post 1.25 earnings per share for the current year.
In other Boston Scientific news, EVP Michael P. Phalen sold 15,500 shares of the firm’s stock in a transaction dated Monday, October 30th. The stock was sold at an average price of $28.42, for a total transaction of $440,510.00. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Valley Gold Master Fund L. Sun purchased 408,006 shares of the stock in a transaction on Tuesday, November 28th. The shares were purchased at an average price of $0.45 per share, for a total transaction of $183,602.70. Insiders have sold 96,585 shares of company stock valued at $2,578,197 in the last three months. 0.74% of the stock is owned by corporate insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Private Trust Co. NA raised its position in Boston Scientific by 14.5% during the fourth quarter. Private Trust Co. NA now owns 54,642 shares of the medical equipment provider’s stock valued at $1,354,000 after purchasing an additional 6,905 shares in the last quarter. DnB Asset Management AS raised its position in Boston Scientific by 13.1% during the fourth quarter. DnB Asset Management AS now owns 151,150 shares of the medical equipment provider’s stock valued at $3,747,000 after purchasing an additional 17,500 shares in the last quarter. QUANTRES ASSET MANAGEMENT Ltd purchased a new stake in Boston Scientific during the fourth quarter valued at about $647,000. Prudential Financial Inc. raised its position in Boston Scientific by 149.1% during the third quarter. Prudential Financial Inc. now owns 4,762,674 shares of the medical equipment provider’s stock valued at $138,928,000 after purchasing an additional 2,850,630 shares in the last quarter. Finally, Parametric Portfolio Associates LLC raised its position in Boston Scientific by 12.0% during the third quarter. Parametric Portfolio Associates LLC now owns 2,947,432 shares of the medical equipment provider’s stock valued at $85,977,000 after purchasing an additional 314,917 shares in the last quarter. Institutional investors and hedge funds own 90.51% of the company’s stock.
Boston Scientific Company Profile
Boston Scientific Corporation is a developer, manufacturer and marketer of medical devices that are used in a range of interventional medical specialties. The Company offers its products by seven businesses: Interventional Cardiology, Cardiac Rhythm Management, Endoscopy, Peripheral Interventions, Urology and Pelvic Health, Neuromodulation, and Electrophysiology.
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