Boston Scientific Corporation (BSX) PT Raised to $29.00

Boston Scientific Corporation (BSX) PT Raised to $29.00

Boston Scientific Corporation (NYSE:BSX) had its price objective raised by equities research analysts at Needham & Company LLC from $28.00 to $29.00 in a note issued to investors on Thursday. The firm currently has a “buy” rating on the stock. Needham & Company LLC’s target price would suggest a potential upside of 14.99% from the company’s previous close.

The analysts wrote, “BSX beat consensus 4Q16 revenue and EPS. Initial 2017 revenue guidance was in line with consensus while the mid-point of EPS guidance was a penny below consensus; given BSX’s momentum, we view this guidance as conservative. BSX’s organic revenue growth improved to 10% in 4Q16 from 9% in 3Q16. And margin performance remained strong with BSX’s operating margin up 200 bps Y/Y despite a 20 bps decline in gross margin. We believe that BSX continued to gain share in drug-eluting stents (DES), cardiac rhythm management (CRM), and neuromodulation.””

BSX has been the topic of several other reports. Vetr raised Boston Scientific Corporation from a “buy” rating to a “strong-buy” rating and set a $23.52 target price on the stock in a research report on Monday, December 5th. Royal Bank Of Canada reissued an “outperform” rating and issued a $28.00 target price on shares of Boston Scientific Corporation in a research report on Friday, October 14th. Citigroup Inc. raised their target price on Boston Scientific Corporation from $28.00 to $29.00 and gave the stock a “buy” rating in a research report on Thursday, October 6th. TheStreet cut Boston Scientific Corporation from a “buy” rating to a “hold” rating in a research report on Thursday, December 1st. Finally, Zacks Investment Research cut Boston Scientific Corporation from a “buy” rating to a “hold” rating in a research report on Monday, October 31st. Six analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has issued a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus target price of $25.88.

Boston Scientific Corporation (NYSE:BSX) opened at 25.22 on Thursday. The company has a market capitalization of $34.34 billion, a PE ratio of 475.85 and a beta of 1.06. The company has a 50 day moving average of $22.93 and a 200 day moving average of $22.89. Boston Scientific Corporation has a 52-week low of $15.67 and a 52-week high of $25.26.

Boston Scientific Corporation (NYSE:BSX) last announced its earnings results on Thursday, February 2nd. The company reported $0.30 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.29 by $0.01. The business had revenue of $2.19 billion for the quarter, compared to analysts’ expectations of $2.16 billion. Boston Scientific Corporation had a return on equity of 23.70% and a net margin of 4.14%. The business’s revenue for the quarter was up 10.8% on a year-over-year basis. During the same period last year, the firm posted $0.26 earnings per share. On average, equities research analysts forecast that Boston Scientific Corporation will post $1.10 earnings per share for the current fiscal year.

In other Boston Scientific Corporation news, EVP Timothy A. Pratt sold 6,195 shares of the company’s stock in a transaction on Monday, January 9th. The stock was sold at an average price of $22.24, for a total value of $137,776.80. Following the completion of the sale, the executive vice president now directly owns 231,273 shares in the company, valued at approximately $5,143,511.52. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Timothy A. Pratt sold 26,726 shares of the company’s stock in a transaction on Thursday, December 1st. The stock was sold at an average price of $20.48, for a total value of $547,348.48. Following the completion of the sale, the executive vice president now owns 260,430 shares of the company’s stock, valued at $5,333,606.40. The disclosure for this sale can be found here. Insiders sold a total of 43,153 shares of company stock valued at $912,685 over the last quarter. Company insiders own 1.31% of the company’s stock.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. First American Trust FSB raised its position in Boston Scientific Corporation by 33.3% in the third quarter. First American Trust FSB now owns 134,341 shares of the company’s stock valued at $3,197,000 after buying an additional 33,588 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its position in Boston Scientific Corporation by 14.1% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 613,289 shares of the company’s stock valued at $14,596,000 after buying an additional 75,768 shares during the last quarter. Synovus Financial Corp bought a new position in Boston Scientific Corporation during the third quarter valued at approximately $102,000. Mirae Asset Global Investments Co. Ltd. raised its position in Boston Scientific Corporation by 16.1% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 157,099 shares of the company’s stock valued at $3,739,000 after buying an additional 21,814 shares during the last quarter. Finally, Skandinaviska Enskilda Banken AB publ raised its position in Boston Scientific Corporation by 9.0% in the third quarter. Skandinaviska Enskilda Banken AB publ now owns 237,973 shares of the company’s stock valued at $5,664,000 after buying an additional 19,700 shares during the last quarter. 90.97% of the stock is owned by hedge funds and other institutional investors.

About Boston Scientific Corporation

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 core businesses: Interventional Cardiology, Peripheral Interventions (PI), Cardiac Rhythm Management (CRM), Electrophysiology (EP), Endoscopy, Urology and Pelvic Health, and Neuromodulation.

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