Citigroup Raises Boston Scientific (NYSE:BSX) Price Target to $85.00

Boston Scientific (NYSE:BSX) had its target price increased by Citigroup from $79.00 to $85.00 in a research report sent to investors on Thursday morning, Benzinga reports. They currently have a buy rating on the medical equipment provider’s stock.

A number of other analysts have also issued reports on the company. Wells Fargo & Company boosted their price objective on Boston Scientific from $72.00 to $82.00 and gave the company an overweight rating in a research note on Thursday. Robert W. Baird boosted their price objective on Boston Scientific from $79.00 to $84.00 and gave the company an outperform rating in a research note on Thursday. Argus boosted their price objective on Boston Scientific from $69.00 to $80.00 and gave the company a buy rating in a research note on Wednesday, April 3rd. TD Cowen boosted their price objective on Boston Scientific from $65.00 to $77.00 and gave the company an outperform rating in a research note on Thursday, March 7th. Finally, Needham & Company LLC boosted their price objective on Boston Scientific from $71.00 to $82.00 and gave the company a buy rating in a research note on Wednesday. Three equities research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of Moderate Buy and an average target price of $75.09.

Boston Scientific Stock Performance

Shares of BSX opened at $73.17 on Thursday. The firm has a market cap of $107.35 billion, a PE ratio of 61.49, a PEG ratio of 2.52 and a beta of 0.78. The stock’s fifty day moving average price is $67.82 and its two-hundred day moving average price is $60.56. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.32 and a quick ratio of 0.82. Boston Scientific has a 1 year low of $48.35 and a 1 year high of $74.39.

Boston Scientific (NYSE:BSX) last issued its earnings results on Wednesday, January 31st. The medical equipment provider reported $0.55 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.51 by $0.04. The firm had revenue of $3.73 billion for the quarter, compared to analyst estimates of $3.59 billion. Boston Scientific had a return on equity of 16.63% and a net margin of 12.06%. During the same period in the previous year, the company posted $0.45 earnings per share. On average, equities research analysts forecast that Boston Scientific will post 2.32 EPS for the current year.

Insiders Place Their Bets

In other Boston Scientific news, EVP John Bradley Sorenson sold 16,351 shares of the stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $69.30, for a total value of $1,133,124.30. Following the completion of the sale, the executive vice president now owns 50,638 shares in the company, valued at approximately $3,509,213.40. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other Boston Scientific news, CFO Daniel J. Brennan sold 13,662 shares of the stock in a transaction that occurred on Tuesday, February 20th. The stock was sold at an average price of $65.86, for a total value of $899,779.32. Following the completion of the sale, the chief financial officer now owns 271,542 shares in the company, valued at approximately $17,883,756.12. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, EVP John Bradley Sorenson sold 16,351 shares of the stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $69.30, for a total value of $1,133,124.30. Following the completion of the transaction, the executive vice president now directly owns 50,638 shares of the company’s stock, valued at approximately $3,509,213.40. The disclosure for this sale can be found here. In the last 90 days, insiders sold 50,979 shares of company stock worth $3,418,529. 0.50% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Northwest Investment Counselors LLC bought a new position in shares of Boston Scientific in the 1st quarter worth approximately $31,000. YHB Investment Advisors Inc. bought a new position in shares of Boston Scientific in the 1st quarter worth approximately $32,000. Bruce G. Allen Investments LLC bought a new position in shares of Boston Scientific in the 4th quarter worth approximately $28,000. Frazier Financial Advisors LLC bought a new position in shares of Boston Scientific in the 4th quarter worth approximately $32,000. Finally, Sachetta LLC bought a new position in shares of Boston Scientific in the 4th quarter worth approximately $32,000. Institutional investors own 89.07% of the company’s stock.

Boston Scientific Company Profile

Boston Scientific Corporation develops, manufactures, and markets medical devices for use in various interventional medical specialties worldwide. It operates through two segments, MedSurg and Cardiovascular. The company offers devices to diagnose and treat gastrointestinal and pulmonary conditions, such as resolution clips, biliary stent systems, stents and electrocautery enhanced delivery systems, direct visualization systems, digital catheters, and single-use duodenoscopes; devices to treat urological conditions, including ureteral stents, catheters, baskets, guidewires, sheaths, balloons, single-use digital flexible ureteroscopes, holmium laser systems, artificial urinary sphincter, laser system, fiber, and hydrogel systems; and devices to treat neurological movement disorders and manage chronic pain, such as spinal cord stimulator system, proprietary programming software, radiofrequency generator, indirect decompression systems, practice optimization tools, and deep brain stimulation system.