Boston Scientific Corporation $BSX Stock Holdings Lowered by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. decreased its holdings in Boston Scientific Corporation (NYSE:BSX) by 2.4% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,159,624 shares of the medical equipment provider’s stock after selling 28,392 shares during the quarter. PNC Financial Services Group Inc. owned 0.08% of Boston Scientific worth $72,766,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Brighton Jones LLC grew its holdings in Boston Scientific by 0.8% during the fourth quarter. Brighton Jones LLC now owns 27,376 shares of the medical equipment provider’s stock worth $2,445,000 after acquiring an additional 226 shares during the period. FWL Investment Management LLC bought a new stake in shares of Boston Scientific in the 2nd quarter worth approximately $26,000. Main Street Financial Solutions LLC boosted its holdings in Boston Scientific by 35.3% during the second quarter. Main Street Financial Solutions LLC now owns 7,556 shares of the medical equipment provider’s stock worth $812,000 after buying an additional 1,971 shares in the last quarter. Ieq Capital LLC increased its holdings in shares of Boston Scientific by 97.0% in the second quarter. Ieq Capital LLC now owns 123,592 shares of the medical equipment provider’s stock valued at $13,275,000 after buying an additional 60,860 shares in the last quarter. Finally, HUB Investment Partners LLC lifted its position in shares of Boston Scientific by 56.2% during the 2nd quarter. HUB Investment Partners LLC now owns 7,102 shares of the medical equipment provider’s stock valued at $763,000 after acquiring an additional 2,556 shares during the last quarter. 89.07% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, Director David C. Habiger acquired 2,250 shares of Boston Scientific stock in a transaction dated Wednesday, May 20th. The stock was acquired at an average cost of $55.92 per share, for a total transaction of $125,820.00. Following the completion of the purchase, the director owned 13,878 shares of the company’s stock, valued at $776,057.76. This represents a 19.35% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Edward J. Ludwig acquired 3,580 shares of the firm’s stock in a transaction that occurred on Wednesday, May 20th. The shares were purchased at an average cost of $56.68 per share, with a total value of $202,914.40. Following the completion of the acquisition, the director owned 25,359 shares in the company, valued at $1,437,348.12. This trade represents a 16.44% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders purchased 9,800 shares of company stock valued at $554,012 over the last quarter. Insiders own 0.34% of the company’s stock.

Boston Scientific Stock Performance

BSX stock opened at $43.67 on Friday. The company has a quick ratio of 1.22, a current ratio of 1.90 and a debt-to-equity ratio of 0.42. The company has a market capitalization of $64.90 billion, a price-to-earnings ratio of 18.27, a P/E/G ratio of 0.82 and a beta of 0.58. Boston Scientific Corporation has a 12 month low of $42.20 and a 12 month high of $109.50. The firm has a 50 day moving average of $47.37 and a two-hundred day moving average of $64.20.

Boston Scientific (NYSE:BSX) last released its quarterly earnings results on Wednesday, April 22nd. The medical equipment provider reported $0.80 earnings per share for the quarter, beating analysts’ consensus estimates of $0.79 by $0.01. Boston Scientific had a net margin of 17.29% and a return on equity of 19.17%. The business had revenue of $5.20 billion for the quarter, compared to the consensus estimate of $5.19 billion. During the same quarter last year, the firm earned $0.75 EPS. Boston Scientific’s revenue for the quarter was up 11.6% on a year-over-year basis. As a group, equities analysts anticipate that Boston Scientific Corporation will post 3.35 EPS for the current fiscal year.

Boston Scientific announced that its board has authorized a stock repurchase plan on Monday, May 18th that allows the company to repurchase $5.00 billion in shares. This repurchase authorization allows the medical equipment provider to repurchase up to 6.4% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

Analyst Ratings Changes

A number of brokerages recently weighed in on BSX. Oppenheimer set a $90.00 price target on Boston Scientific in a research note on Thursday, April 23rd. Weiss Ratings cut shares of Boston Scientific from a “hold (c-)” rating to a “sell (d+)” rating in a report on Tuesday, July 7th. Royal Bank Of Canada reduced their price target on shares of Boston Scientific from $100.00 to $85.00 and set an “outperform” rating for the company in a research report on Monday, July 13th. Wall Street Zen downgraded shares of Boston Scientific from a “buy” rating to a “hold” rating in a research note on Saturday, March 28th. Finally, Barclays lowered their price target on Boston Scientific from $96.00 to $89.00 and set an “overweight” rating on the stock in a report on Thursday, May 28th. One investment analyst has rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating, four have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, Boston Scientific currently has a consensus rating of “Moderate Buy” and an average price target of $79.84.

Boston Scientific Profile

Boston Scientific Corporation (NYSE: BSX) is a global medical device company that develops, manufactures and markets a broad portfolio of products used in less-invasive medical procedures. Founded in 1979 by John Abele and Peter Nicholas, the company is headquartered in Marlborough, Massachusetts, and focuses on technologies that enable physicians to treat a wide range of cardiovascular, digestive, urologic, pulmonary and chronic pain conditions without open surgery.

Boston Scientific’s activities span product development, clinical research, regulatory affairs and commercial sales.