Boston Scientific (NYSE:BSX) Stock Price Breaks Above 50 Day Moving Average – Here’s What Happened

Boston Scientific Corporation (NYSE:BSX) passed above its 50 day moving average during trading on Wednesday. The stock has a 50 day moving average of $44.47 and traded as high as $46.97. Boston Scientific shares last traded at $45.7340, with a volume of 34,550,987 shares traded.

Analyst Ratings Changes

Several research analysts recently issued reports on the company. Robert W. Baird increased their price objective on Boston Scientific from $50.00 to $51.00 and gave the stock an “outperform” rating in a research note on Thursday, October 29th. Weiss Ratings reiterated a “sell (d+)” rating on shares of Boston Scientific in a research report on Friday, October 2nd. JPMorgan Chase & Co. cut shares of Boston Scientific from an “overweight” rating to a “neutral” rating and set a $46.00 target price on the stock. in a research report on Wednesday, October 28th. Canaccord Genuity Group cut their price objective on Boston Scientific from $66.00 to $48.00 and set a “buy” rating on the stock in a research report on Thursday, October 29th. Finally, Raymond James Financial reissued an “outperform” rating and issued a $57.00 price target (down from $78.00) on shares of Boston Scientific in a research report on Thursday, July 30th. One equities research analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating, eight have issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, Boston Scientific has an average rating of “Moderate Buy” and a consensus price target of $61.43.

Boston Scientific Stock Down 4.1%

The stock has a market cap of $62.05 billion, a P/E ratio of 13.89, a P/E/G ratio of 1.29 and a beta of 0.60. The firm has a 50 day simple moving average of $44.32 and a two-hundred day simple moving average of $55.70. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.74 and a current ratio of 1.24.

Boston Scientific (NYSE:BSX) last announced its earnings results on Wednesday, October 28th. The medical equipment provider reported $0.73 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.73. Boston Scientific had a net margin of 16.62% and a return on equity of 18.73%. The company had revenue of $5.14 billion for the quarter, compared to the consensus estimate of $5.09 billion. During the same period in the previous year, the business earned $0.75 EPS. The company’s revenue was up 1.4% on a year-over-year basis. Equities research analysts predict that Boston Scientific Corporation will post 3.17 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in BSX. BlackRock Inc. purchased a new stake in Boston Scientific during the second quarter valued at about $5,534,781,000. Primecap Management Co. CA bought a new stake in shares of Boston Scientific during the 2nd quarter worth $2,156,233,000. Janus Henderson Group PLC increased its position in Boston Scientific by 31.0% in the 1st quarter. Janus Henderson Group PLC now owns 16,497,366 shares of the medical equipment provider’s stock worth $1,035,202,000 after buying an additional 3,907,981 shares during the period. Amundi raised its position in shares of Boston Scientific by 13.8% during the first quarter. Amundi now owns 14,122,913 shares of the medical equipment provider’s stock valued at $886,213,000 after buying an additional 1,707,754 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership increased its holdings in Boston Scientific by 25.9% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 13,891,668 shares of the medical equipment provider’s stock valued at $871,702,000 after buying an additional 2,856,040 shares during the period. 89.07% of the stock is owned by institutional investors.

About Boston Scientific

Boston Scientific is a medical technology company that develops, manufactures and markets devices used in minimally invasive procedures across a range of medical specialties. Founded in 1979, the company is headquartered in Marlborough, Massachusetts.

Its products support areas including cardiovascular care, endoscopy, urology and neuromodulation. They include catheter-based devices and therapies for conditions affecting the heart and blood vessels, as well as devices used in diagnostic and therapeutic procedures involving the digestive and urinary systems.

Boston Scientific serves healthcare providers and patients around the world.