Zacks Investment Research cut shares of Boston Scientific (NYSE:BSX) from a hold rating to a sell rating in a report published on Tuesday morning.
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.”
Several other brokerages have also recently weighed in on BSX. Canaccord Genuity began coverage on Boston Scientific in a research note on Tuesday, October 24th. They set a buy rating and a $36.00 target price for the company. Needham & Company LLC reaffirmed a buy rating and set a $32.00 target price on shares of Boston Scientific in a research note on Tuesday, October 3rd. BMO Capital Markets reaffirmed a buy rating and set a $30.00 target price on shares of Boston Scientific in a research note on Friday, October 13th. SunTrust Banks reaffirmed a buy rating and set a $34.00 target price on shares of Boston Scientific in a research note on Monday, October 2nd. Finally, Stifel Nicolaus reaffirmed a buy rating and set a $32.00 target price on shares of Boston Scientific in a research note on Monday, September 25th. Two analysts have rated the stock with a sell rating, four have given a hold rating, twelve have issued a buy rating and two have given a strong buy rating to the company. The stock presently has an average rating of Buy and a consensus price target of $31.00.
Boston Scientific (NYSE:BSX) last announced 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 return on equity of 23.60% and a net margin of 9.55%. 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 business posted $0.27 earnings per share. The company’s quarterly revenue was up 5.6% on a year-over-year basis. research analysts expect that Boston Scientific will post 1.25 earnings per share for the current fiscal year.
In related news, insider Valley Gold Master Fund L. Sun purchased 408,006 shares of the firm’s stock in a transaction that occurred on Tuesday, November 28th. The stock was acquired at an average price of $0.45 per share, for a total transaction of $183,602.70. Also, EVP Michael P. Phalen sold 15,835 shares of the stock in a transaction on Saturday, December 29th. The shares were sold at an average price of $25.25, for a total value of $399,833.75. The disclosure for this sale can be found here. Insiders sold a total of 96,585 shares of company stock valued at $2,578,197 in the last quarter. 0.74% of the stock is currently owned by corporate insiders.
Large investors have recently added to or reduced their stakes in the stock. Valeo Financial Advisors LLC acquired a new position in shares of Boston Scientific in the 3rd quarter valued at $138,000. Steward Partners Investment Advisory LLC acquired a new position in shares of Boston Scientific in the 3rd quarter valued at $139,000. Acrospire Investment Management LLC boosted its position in Boston Scientific by 157.3% during the 2nd quarter. Acrospire Investment Management LLC now owns 5,071 shares of the medical equipment provider’s stock worth $141,000 after acquiring an additional 3,100 shares during the period. San Francisco Sentry Investment Group CA acquired a new stake in Boston Scientific during the 2nd quarter worth about $191,000. Finally, Ironwood Investment Counsel LLC acquired a new stake in Boston Scientific during the 3rd quarter worth about $204,000. Institutional investors and hedge funds own 90.36% of the company’s stock.
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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