Boston Scientific (BSX) Downgraded by Zacks Investment Research

Zacks Investment Research downgraded shares of Boston Scientific (NYSE:BSX) from a hold rating to a sell rating in a research report sent to investors on Tuesday.

According to Zacks, “Despite back-to-back hurricances, Boston Scientific managed to registered solid third-quarter show. An improving foreign exchange scenario has also started to contribute to the company’s overall top line performance. The raised guidance is indicative of this bullish trend to continue through the rest of 2017. The company is leaving no stone unturned to strengthen its core business and invest more in global markets. Among the recent developments, worth mentioning is the acquisition of Apama Medical, in the field of atrial fibrillation. On the flip side, Boston Scientific's unimpressive pacemaker performance within the core CRM continues remains a drag. This apart, based on the recent announcement, we believe further delay in relaunch of the earlier-recalled Lotus range of heart devices is expected to hamper sales in 2018 too. In the past three months, Boston Scientific has been trading below the broader industry.”

BSX has been the subject of several other research reports. BMO Capital Markets increased their target price on shares of Boston Scientific from $30.00 to $32.00 and gave the company an outperform rating in a research note on Friday, October 27th. Stifel Nicolaus reissued a buy rating and issued a $32.00 price target on shares of Boston Scientific in a research report on Monday, September 25th. SunTrust Banks set a $33.00 price target on shares of Boston Scientific and gave the stock a buy rating in a research report on Monday, December 4th. Needham & Company LLC reissued a buy rating and issued a $32.00 price target on shares of Boston Scientific in a research report on Tuesday, October 3rd. Finally, Evercore ISI began coverage on shares of Boston Scientific in a research report on Wednesday, January 3rd. They issued an in-line rating and a $27.00 price target for the company. Two investment analysts have rated the stock with a sell rating, four have given a hold rating, twelve have given a buy rating and two have given a strong buy rating to the company’s stock. Boston Scientific currently has an average rating of Buy and an average price target of $31.00.

Boston Scientific (BSX) traded up $0.03 during midday trading on Tuesday, hitting $27.46. 8,678,287 shares of the company traded hands, compared to its average volume of 11,320,000. The company has a current ratio of 0.72, a quick ratio of 0.50 and a debt-to-equity ratio of 0.58. Boston Scientific has a twelve month low of $23.03 and a twelve month high of $29.93. The company has a market capitalization of $37,710.00, a PE ratio of 45.02, a PEG ratio of 1.96 and a beta of 0.96.

Boston Scientific (NYSE:BSX) last released its earnings results on Thursday, October 26th. The medical equipment provider reported $0.31 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.31. Boston Scientific had a net margin of 9.55% and a return on equity of 23.60%. The business had revenue of $2.22 billion during the quarter, compared to analysts’ expectations of $2.21 billion. During the same quarter last year, the company earned $0.27 earnings per share. The firm’s revenue was up 5.6% on a year-over-year basis. sell-side analysts predict that Boston Scientific will post 1.25 earnings per share for the current year.

In other news, EVP Michael P. Phalen sold 15,835 shares of the firm’s stock in a transaction that occurred on Saturday, December 29th. The shares were sold at an average price of $25.25, for a total transaction of $399,833.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Timothy A. Pratt sold 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 1st. The stock was sold at an average price of $28.22, for a total transaction of $282,200.00. Following the sale, the executive vice president now directly owns 164,681 shares of the company’s stock, valued at approximately $4,647,297.82. The disclosure for this sale can be found here. Insiders sold 96,585 shares of company stock valued at $2,578,197 in the last three months. Company insiders own 0.74% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of the company. DnB Asset Management AS increased its holdings in shares of 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 worth $3,747,000 after buying an additional 17,500 shares in the last quarter. QUANTRES ASSET MANAGEMENT Ltd acquired a new stake in shares of Boston Scientific during the fourth quarter worth approximately $647,000. Prudential Financial Inc. increased its holdings in shares of 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 worth $138,928,000 after buying an additional 2,850,630 shares in the last quarter. Parametric Portfolio Associates LLC increased its holdings in shares of 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 worth $85,977,000 after buying an additional 314,917 shares in the last quarter. Finally, Steward Partners Investment Advisory LLC acquired a new stake in shares of Boston Scientific during the third quarter worth approximately $139,000. 90.36% of the stock is owned by institutional investors.

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About Boston Scientific

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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