Personal CFO Solutions LLC has significantly increased its investment in Boston Scientific Corporation (NYSE: BSX) by 28.8% during the second quarter of 2023. According to the firm’s recent Form 13F filing with the Securities and Exchange Commission (SEC), it now holds 2,793 shares of the medical equipment provider, after acquiring an additional 624 shares in the quarter. The total value of Personal CFO Solutions LLC’s holdings in Boston Scientific was approximately $300,000 at the close of this reporting period.
A number of other institutional investors have also adjusted their positions in Boston Scientific. Riverwater Partners LLC raised its stake by 3.3%, now owning 3,104 shares valued at $333,000 after purchasing 98 shares. Similarly, IVC Wealth Advisors LLC increased its holdings by 4.9%, resulting in ownership of 2,199 shares worth $236,000 after acquiring 102 shares.
In addition, HHM Wealth Advisors LLC expanded its position by 13.2% in the first quarter, now owning 881 shares valued at $89,000. Rise Advisors LLC also raised its stake by 13.9%, owning 844 shares valued at $85,000. Sound View Wealth Advisors Group LLC boosted its holdings by 3.9% during the second quarter, now possessing 2,738 shares worth $294,000. Collectively, institutional investors and hedge funds own approximately 89.07% of Boston Scientific’s stock.
Analyst Ratings and Market Performance
Several analysts have recently provided insights into Boston Scientific’s stock performance. Canaccord Genuity Group reiterated a “buy” rating and set a price target of $132.00 for the shares on October 23, 2023. Conversely, Erste Group Bank downgraded the stock from a “buy” to a “hold” rating on October 3, 2023. UBS Group increased its target price from $135.00 to $140.00, maintaining a “buy” rating, while Royal Bank of Canada issued an “outperform” rating with a target price of $125.00.
Barclays also raised its price objective from $133.00 to $136.00 and assigned an “overweight” rating. Currently, two research analysts have rated the stock with a “Strong Buy” rating, while twenty-one have issued a “Buy” rating, and two have assigned a “Hold” rating. According to MarketBeat.com, Boston Scientific has an average rating of “Buy” and a target price of $123.77.
Insider Transactions and Stock Performance
In related news, Director Ellen M. Zane sold 12,891 shares of Boston Scientific stock on November 6, 2023, at an average price of $98.28, resulting in a total transaction value of approximately $1.27 million. Following this transaction, Zane holds 24,134 shares valued at about $2.37 million, marking a 34.82% decrease in her position.
Executive Vice President Joseph Michael Fitzgerald sold 50,000 shares on October 1, 2023, at an average price of $98.47, totaling around $4.92 million. Post-sale, Fitzgerald retains 178,342 shares, valued at approximately $17.56 million, reflecting a 21.90% decrease in his holdings. In total, corporate insiders have sold 175,782 shares worth about $17.74 million in the last ninety days, with corporate insiders owning 0.50% of the company’s stock.
Boston Scientific shares opened at $96.77 on Friday. The company has a market capitalization of $143.46 billion, a P/E ratio of 51.75, and a P/E/G ratio of 2.02. The stock’s performance shows a 52-week low of $85.98 and a high of $109.50. The company reported earnings of $0.75 per share for the quarter ending October 22, 2023, surpassing the consensus estimate of $0.71. Revenue for the quarter reached $5.07 billion, exceeding the expected $4.97 billion.
Boston Scientific aims for a fiscal year 2025 guidance of earnings per share between $3.020 and $3.040, with fourth-quarter guidance set between $0.770 and $0.790. Analysts predict that the company will post $2.85 earnings per share for the current fiscal year.
Boston Scientific Corporation is a prominent player in the medical device industry, focusing on developing, manufacturing, and marketing devices used across various interventional medical specialties worldwide. Its product offerings span two segments: MedSurg and Cardiovascular, addressing a variety of medical conditions.
For further insights into Boston Scientific’s stock movements and investor activities, interested readers can explore resources such as HoldingsChannel.com for the latest 13F filings and insider transactions.
