McElhenny Sheffield Capital Management LLC Purchases New Shares in Boston Scientific Co. (NYSE:BSX)

McElhenny Sheffield Capital Management LLC acquired a new position in Boston Scientific Co. (NYSE:BSX) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 5,094 shares of the medical equipment provider’s stock, valued at approximately $514,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Sterling Financial Group Inc. purchased a new position in shares of Boston Scientific in the 1st quarter worth about $209,000. Net Worth Advisory Group grew its position in shares of Boston Scientific by 40.3% during the 1st quarter. Net Worth Advisory Group now owns 6,269 shares of the medical equipment provider’s stock valued at $632,000 after acquiring an additional 1,802 shares during the period. Sapient Capital LLC raised its stake in shares of Boston Scientific by 0.5% in the first quarter. Sapient Capital LLC now owns 135,606 shares of the medical equipment provider’s stock valued at $13,680,000 after buying an additional 622 shares during the period. Fifth Third Bancorp boosted its holdings in shares of Boston Scientific by 18.8% in the first quarter. Fifth Third Bancorp now owns 271,489 shares of the medical equipment provider’s stock worth $27,388,000 after acquiring an additional 42,933 shares during the period. Finally, Simon Quick Advisors LLC raised its holdings in shares of Boston Scientific by 30.4% in the 1st quarter. Simon Quick Advisors LLC now owns 10,111 shares of the medical equipment provider’s stock valued at $1,020,000 after acquiring an additional 2,359 shares in the last quarter. Hedge funds and other institutional investors own 89.07% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. Morgan Stanley lifted their price target on shares of Boston Scientific from $120.00 to $125.00 and gave the stock an “overweight” rating in a research note on Friday, May 16th. Wall Street Zen raised shares of Boston Scientific from a “hold” rating to a “buy” rating in a research note on Tuesday, April 29th. Needham & Company LLC restated a “buy” rating and set a $115.00 price target on shares of Boston Scientific in a research report on Wednesday, May 28th. Truist Financial lifted their price objective on Boston Scientific from $113.00 to $117.00 and gave the stock a “buy” rating in a report on Thursday, April 24th. Finally, Evercore ISI increased their target price on Boston Scientific from $110.00 to $112.00 and gave the company an “outperform” rating in a report on Thursday, April 24th. Twenty-one research analysts have rated the stock with a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Boston Scientific currently has a consensus rating of “Buy” and a consensus price target of $116.00.

Boston Scientific Price Performance

BSX opened at $99.38 on Thursday. The company has a current ratio of 1.08, a quick ratio of 1.02 and a debt-to-equity ratio of 0.41. The company has a market cap of $147.03 billion, a price-to-earnings ratio of 79.50, a price-to-earnings-growth ratio of 2.79 and a beta of 0.68. The stock has a fifty day simple moving average of $100.70 and a two-hundred day simple moving average of $98.55. Boston Scientific Co. has a 12-month low of $71.88 and a 12-month high of $107.17.

Boston Scientific (NYSE:BSX) last issued its quarterly earnings results on Wednesday, April 23rd. The medical equipment provider reported $0.75 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.67 by $0.08. The company had revenue of $4.66 billion during the quarter, compared to analysts’ expectations of $4.57 billion. Boston Scientific had a net margin of 11.07% and a return on equity of 17.80%. Boston Scientific’s revenue was up 20.9% on a year-over-year basis. During the same period last year, the company posted $0.56 EPS. Research analysts predict that Boston Scientific Co. will post 2.85 earnings per share for the current fiscal year.

Insider Activity at Boston Scientific

In other news, SVP Vance R. Brown sold 4,826 shares of the stock in a transaction on Monday, April 21st. The stock was sold at an average price of $95.09, for a total value of $458,904.34. Following the sale, the senior vice president now directly owns 36,193 shares of the company’s stock, valued at approximately $3,441,592.37. This represents a 11.77% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Arthur C. Butcher sold 17,314 shares of Boston Scientific stock in a transaction dated Thursday, May 1st. The stock was sold at an average price of $102.06, for a total value of $1,767,066.84. Following the completion of the transaction, the executive vice president now directly owns 22,235 shares of the company’s stock, valued at approximately $2,269,304.10. This represents a 43.78% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 411,970 shares of company stock valued at $42,406,693 in the last 90 days. Corporate insiders own 0.50% of the company’s stock.

About Boston Scientific

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.