Steadfast Capital Management LP Boosts Stock Holdings in Boston Scientific Co. (NYSE:BSX)

Steadfast Capital Management LP lifted its holdings in Boston Scientific Co. (NYSE:BSX) by 23.3% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 2,378,064 shares of the medical equipment provider’s stock after buying an additional 448,879 shares during the quarter. Boston Scientific makes up 4.3% of Steadfast Capital Management LP’s portfolio, making the stock its 3rd biggest position. Steadfast Capital Management LP owned approximately 0.16% of Boston Scientific worth $212,409,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Norges Bank acquired a new stake in shares of Boston Scientific in the 4th quarter worth about $1,762,522,000. Capital World Investors increased its holdings in shares of Boston Scientific by 28.7% in the 4th quarter. Capital World Investors now owns 27,899,903 shares of the medical equipment provider’s stock worth $2,492,041,000 after acquiring an additional 6,216,199 shares during the period. Wellington Management Group LLP increased its holdings in shares of Boston Scientific by 10.2% in the 4th quarter. Wellington Management Group LLP now owns 36,165,399 shares of the medical equipment provider’s stock worth $3,230,293,000 after acquiring an additional 3,344,571 shares during the period. Axiom Investors LLC DE increased its stake in Boston Scientific by 208.2% during the 4th quarter. Axiom Investors LLC DE now owns 3,752,430 shares of the medical equipment provider’s stock valued at $335,167,000 after buying an additional 2,535,007 shares during the period. Finally, Northern Trust Corp increased its stake in Boston Scientific by 18.0% during the 4th quarter. Northern Trust Corp now owns 14,595,627 shares of the medical equipment provider’s stock valued at $1,303,681,000 after buying an additional 2,221,790 shares during the period. 89.07% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have commented on BSX. Piper Sandler raised their target price on shares of Boston Scientific from $95.00 to $115.00 and gave the company an “overweight” rating in a research note on Monday, February 3rd. Stifel Nicolaus raised their target price on shares of Boston Scientific from $100.00 to $115.00 and gave the company a “buy” rating in a research note on Thursday, February 6th. BTIG Research reissued a “buy” rating and set a $124.00 target price on shares of Boston Scientific in a research note on Wednesday, April 23rd. Evercore ISI raised their target price on shares of Boston Scientific from $110.00 to $112.00 and gave the company an “outperform” rating in a research note on Thursday, April 24th. Finally, Citigroup raised their target price on shares of Boston Scientific from $107.00 to $122.00 and gave the company a “buy” rating in a research note on Thursday, February 6th. Twenty-three equities research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $114.74.

Boston Scientific Stock Performance

BSX stock opened at $106.00 on Friday. The company has a debt-to-equity ratio of 0.41, a quick ratio of 1.02 and a current ratio of 1.08. The stock has a market cap of $156.83 billion, a P/E ratio of 84.80, a P/E/G ratio of 2.79 and a beta of 0.68. The firm has a 50 day simple moving average of $99.18 and a 200 day simple moving average of $96.57. Boston Scientific Co. has a 52 week low of $71.88 and a 52 week high of $107.17.

Boston Scientific (NYSE:BSX) last posted its quarterly earnings results on Wednesday, April 23rd. The medical equipment provider reported $0.75 EPS for the quarter, topping the consensus estimate of $0.67 by $0.08. The business had revenue of $4.66 billion during the quarter, compared to analysts’ expectations of $4.57 billion. Boston Scientific had a net margin of 11.07% and a return on equity of 17.80%. The firm’s quarterly revenue was up 20.9% compared to the same quarter last year. During the same period last year, the company posted $0.56 earnings per share. Research analysts anticipate that Boston Scientific Co. will post 2.85 earnings per share for the current fiscal year.

Insider Activity at Boston Scientific

In related news, CFO Daniel J. Brennan sold 67,333 shares of the firm’s stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $105.24, for a total transaction of $7,086,124.92. Following the transaction, the chief financial officer now owns 225,808 shares of the company’s stock, valued at approximately $23,764,033.92. This trade represents a 22.97% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Michael F. Mahoney sold 164,443 shares of the firm’s stock in a transaction that occurred on Thursday, May 1st. The shares were sold at an average price of $102.48, for a total transaction of $16,852,118.64. Following the transaction, the chief executive officer now directly owns 1,535,706 shares in the company, valued at approximately $157,379,150.88. The trade was a 9.67% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 265,820 shares of company stock valued at $27,406,958. 0.50% of the stock is currently owned by corporate insiders.

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.