Oppenheimer Issues Pessimistic Forecast for Boston Scientific (NYSE:BSX) Stock Price

Boston Scientific (NYSE:BSX) had its price objective cut by equities researchers at Oppenheimer from $90.00 to $85.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage currently has an “outperform” rating on the medical equipment provider’s stock. Oppenheimer’s price target would suggest a potential upside of 89.56% from the stock’s previous close.

BSX has been the subject of a number of other reports. Citigroup cut their price target on Boston Scientific from $87.00 to $70.00 and set a “buy” rating for the company in a report on Thursday, May 28th. Jefferies Financial Group dropped their price objective on Boston Scientific from $100.00 to $67.00 and set a “buy” rating on the stock in a report on Wednesday, June 24th. Royal Bank Of Canada cut their target price on Boston Scientific from $100.00 to $85.00 and set an “outperform” rating for the company in a research note on Monday, July 13th. Wells Fargo & Company reiterated an “equal weight” rating and set a $55.00 price target (down from $75.00) on shares of Boston Scientific in a research report on Thursday, May 28th. Finally, Daiwa Securities Group downgraded shares of Boston Scientific from a “strong-buy” rating to a “hold” rating in a report on Wednesday, April 29th. One research 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 data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $79.64.

Boston Scientific Stock Up 1.3%

Boston Scientific stock opened at $44.84 on Monday. Boston Scientific has a 1-year low of $42.20 and a 1-year high of $109.50. The firm has a market capitalization of $66.65 billion, a price-to-earnings ratio of 18.76, a P/E/G ratio of 0.85 and a beta of 0.58. The company has a current ratio of 1.90, a quick ratio of 1.22 and a debt-to-equity ratio of 0.42. The firm has a 50 day simple moving average of $47.21 and a 200 day simple moving average of $63.84.

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

Insiders Place Their Bets

In other news, 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 bought at an average cost of $56.68 per share, with a total value of $202,914.40. Following the acquisition, the director owned 25,359 shares in the company, valued at approximately $1,437,348.12. This represents a 16.44% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director David C. Habiger bought 2,250 shares of the company’s stock in a transaction that occurred on Wednesday, May 20th. The stock was purchased at an average price of $55.92 per share, with a total value of $125,820.00. Following the transaction, the director directly owned 13,878 shares in the company, valued at $776,057.76. The trade was a 19.35% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders purchased a total of 9,800 shares of company stock valued at $554,012 in the last quarter. Corporate insiders own 0.34% of the company’s stock.

Institutional Investors Weigh In On Boston Scientific

Hedge funds have recently made changes to their positions in the business. Outfitters Financial LLC grew its holdings in shares of Boston Scientific by 0.5% during the 4th quarter. Outfitters Financial LLC now owns 24,027 shares of the medical equipment provider’s stock valued at $2,291,000 after purchasing an additional 110 shares during the last quarter. Natural Investments LLC boosted its position in Boston Scientific by 2.9% during the fourth quarter. Natural Investments LLC now owns 4,036 shares of the medical equipment provider’s stock valued at $384,000 after buying an additional 112 shares during the period. Patton Fund Management Inc. grew its stake in shares of Boston Scientific by 5.5% during the fourth quarter. Patton Fund Management Inc. now owns 2,279 shares of the medical equipment provider’s stock valued at $217,000 after buying an additional 118 shares during the last quarter. Bridgewater Advisors Inc. grew its stake in shares of Boston Scientific by 1.2% during the fourth quarter. Bridgewater Advisors Inc. now owns 10,051 shares of the medical equipment provider’s stock valued at $921,000 after buying an additional 123 shares during the last quarter. Finally, Earned Wealth Advisors LLC increased its holdings in shares of Boston Scientific by 5.2% in the fourth quarter. Earned Wealth Advisors LLC now owns 2,647 shares of the medical equipment provider’s stock worth $252,000 after buying an additional 131 shares during the period. 89.07% of the stock is currently owned by institutional investors.

About Boston Scientific

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.