Personal CFO Solutions LLC has significantly increased its holdings in Boston Scientific Corporation (NYSE: BSX) by 28.8% during the second quarter of 2023. According to the firm’s most recent Form 13F filing with the U.S. Securities and Exchange Commission (SEC), Personal CFO Solutions now owns 2,793 shares of the medical equipment provider, having purchased an additional 624 shares within this period. The total value of these holdings reached approximately $300,000 at the conclusion of the latest reporting period.
Several other institutional investors have also adjusted their stakes in Boston Scientific, reflecting a trend of growing interest in the company. Riverwater Partners LLC increased its investment by 3.3%, now holding 3,104 shares worth $333,000 after acquiring an additional 98 shares. Meanwhile, IVC Wealth Advisors LLC enhanced its position by 4.9%, bringing its total to 2,199 shares valued at $236,000 after purchasing 102 shares.
Investors like HHM Wealth Advisors LLC and Rise Advisors LLC have also increased their stakes, with notable percentage increases of 13.2% and 13.9%, respectively. Collectively, institutional and hedge fund investors control 89.07% of Boston Scientific’s stock.
Analyst Ratings and Market Performance
Analysts have recently provided updates on Boston Scientific’s stock, indicating a generally positive outlook. Canaccord Genuity Group reiterated a “buy” rating with a price target of $132.00. Conversely, Erste Group Bank has downgraded the stock from a “buy” to a “hold” rating. Other firms, including UBS Group, have increased their price targets, with UBS raising its estimate from $135.00 to $140.00 while maintaining a “buy” rating.
The current consensus from analysts shows two ratings for Strong Buy, twenty-one for Buy, and two for Hold, resulting in an average rating of “Buy” and an average target price of $123.77, according to MarketBeat.com.
Insider Transactions and Stock Performance
In related news, Boston Scientific has seen notable insider activity. Ellen M. Zane, a director at the company, sold 12,891 shares on November 6, 2023, at an average price of $98.28, amounting to a transaction total of $1,266,927.48. This sale reduced her holdings by 34.82%.
Additionally, Joseph Michael Fitzgerald, Executive Vice President, sold 50,000 shares on October 1, 2023, for $4,923,500.00. Following this transaction, Fitzgerald retained 178,342 shares, which are valued at approximately $17,561,336.74, reflecting a 21.90% decrease in his position. Over the past ninety days, insiders have sold 175,782 shares of company stock, totaling $17,742,314.
As of October 22, 2023, Boston Scientific’s stock opened at $96.77. The company’s financial ratios indicate a quick ratio of 0.82, a current ratio of 1.37, and a debt-to-equity ratio of 0.49. Over the past year, the stock has fluctuated between a low of $85.98 and a high of $109.50.
Recently, Boston Scientific reported quarterly earnings of $0.75 per share, surpassing analysts’ expectations of $0.71. The company also reported revenues of $5.07 billion, exceeding the consensus estimate of $4.97 billion. This represents a 20.3% increase in revenue compared to the same quarter last year, with a net margin of 14.43% and a return on equity of 19.74%.
Looking ahead, Boston Scientific has projected an earnings per share (EPS) guidance of $3.020-$3.040 for fiscal year 2025, with a fourth-quarter EPS guidance of $0.770-$0.790. Analysts estimate that the company will post an EPS of $2.85 for the current fiscal year.
Boston Scientific Corporation is a leader in developing, manufacturing, and marketing medical devices across various interventional medical specialties globally. The company operates through two primary segments: MedSurg and Cardiovascular, providing a wide array of devices for diagnosing and treating various medical conditions.
