Rock Springs Capital Management LP Raises Stock Holdings in Boston Scientific Corporation $BSX

Rock Springs Capital Management LP raised its stake in shares of Boston Scientific Corporation (NYSE:BSX) by 29.1% during the 1st quarter, according to its most recent filing with the SEC. The firm owned 515,300 shares of the medical equipment provider’s stock after acquiring an additional 116,250 shares during the period. Boston Scientific makes up approximately 1.9% of Rock Springs Capital Management LP’s holdings, making the stock its 16th biggest position. Rock Springs Capital Management LP’s holdings in Boston Scientific were worth $32,335,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Norges Bank purchased a new position in shares of Boston Scientific during the fourth quarter valued at approximately $2,199,395,000. Assenagon Asset Management S.A. lifted its position in Boston Scientific by 133.6% during the first quarter. Assenagon Asset Management S.A. now owns 10,057,936 shares of the medical equipment provider’s stock valued at $631,135,000 after purchasing an additional 5,751,760 shares during the period. Maverick Capital Ltd. purchased a new stake in Boston Scientific in the fourth quarter worth approximately $280,735,000. Arrowstreet Capital Limited Partnership grew its position in Boston Scientific by 25.9% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 13,891,668 shares of the medical equipment provider’s stock worth $871,702,000 after purchasing an additional 2,856,040 shares during the period. Finally, Farallon Capital Management LLC grew its position in Boston Scientific by 56.7% in the 4th quarter. Farallon Capital Management LLC now owns 7,439,564 shares of the medical equipment provider’s stock worth $709,362,000 after purchasing an additional 2,693,007 shares during the period. Hedge funds and other institutional investors own 89.07% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently weighed in on BSX shares. Daiwa Securities Group cut Boston Scientific from a “strong-buy” rating to a “hold” rating in a report on Wednesday, April 29th. Truist Financial cut their price objective on Boston Scientific from $64.00 to $62.00 and set a “buy” rating for the company in a report on Thursday, July 16th. Leerink Partners reduced their price objective on Boston Scientific from $87.00 to $74.00 and set an “outperform” rating for the company in a research report on Thursday, May 28th. Stifel Nicolaus lowered their target price on Boston Scientific from $75.00 to $65.00 and set a “buy” rating on the stock in a report on Thursday, June 25th. Finally, Weiss Ratings cut Boston Scientific from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Tuesday, July 7th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating, four have issued a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Boston Scientific currently has a consensus rating of “Moderate Buy” and a consensus price target of $79.64.

Boston Scientific Stock Up 3.0%

BSX opened at $45.56 on Tuesday. The company has a current ratio of 1.90, a quick ratio of 1.22 and a debt-to-equity ratio of 0.42. Boston Scientific Corporation has a 1-year low of $42.20 and a 1-year high of $109.50. The company has a market capitalization of $67.72 billion, a PE ratio of 19.06, a PEG ratio of 0.85 and a beta of 0.58. The firm’s 50 day simple moving average is $47.00 and its two-hundred day simple moving average is $63.47.

Boston Scientific declared that its Board of Directors has initiated a share buyback plan on Monday, May 18th that authorizes the company to buyback $5.00 billion in shares. This buyback authorization authorizes the medical equipment provider to purchase up to 6.4% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s management believes its stock is undervalued.

Insider Activity

In related news, Director Edward J. Ludwig acquired 3,580 shares of Boston Scientific stock in a transaction dated Wednesday, May 20th. The stock was purchased at an average cost of $56.68 per share, for a total transaction of $202,914.40. Following the purchase, the director directly owned 25,359 shares of the company’s stock, valued at approximately $1,437,348.12. This trade represents a 16.44% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Also, Director David C. Habiger bought 2,250 shares of the stock in a transaction that occurred on Wednesday, May 20th. The shares were bought at an average price of $55.92 per share, for a total transaction of $125,820.00. Following the completion of the transaction, the director directly owned 13,878 shares of the company’s stock, valued at $776,057.76. This represents a 19.35% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders acquired a total of 9,800 shares of company stock valued at $554,012 in the last 90 days. Company insiders own 0.34% of the company’s stock.

Boston Scientific Profile

Boston Scientific Corporation (NYSE: BSX) is a global medical device company that develops, manufactures and markets a broad portfolio of products used in less-invasive medical procedures. Founded in 1979 by John Abele and Peter Nicholas, the company is headquartered in Marlborough, Massachusetts, and focuses on technologies that enable physicians to treat a wide range of cardiovascular, digestive, urologic, pulmonary and chronic pain conditions without open surgery.

Boston Scientific’s activities span product development, clinical research, regulatory affairs and commercial sales.