Gabelli Funds LLC Lowers Holdings in Boston Scientific Co. (NYSE:BSX)

by · The Markets Daily

Gabelli Funds LLC cut its position in shares of Boston Scientific Co. (NYSE:BSX – Free Report) by 1.7% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 395,596 shares of the medical equipment provider’s stock after selling 6,800 shares during the period. Gabelli Funds LLC’s holdings in Boston Scientific were worth $35,335,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also made changes to their positions in the company. M&T Bank Corp increased its holdings in Boston Scientific by 0.3% during the third quarter. M&T Bank Corp now owns 106,127 shares of the medical equipment provider’s stock valued at $8,894,000 after buying an additional 370 shares during the period. Passumpsic Savings Bank bought a new position in shares of Boston Scientific in the 3rd quarter worth $3,015,000. World Investment Advisors LLC lifted its stake in shares of Boston Scientific by 50.9% during the 3rd quarter. World Investment Advisors LLC now owns 11,684 shares of the medical equipment provider’s stock worth $979,000 after purchasing an additional 3,939 shares during the last quarter. Wilmington Savings Fund Society FSB purchased a new position in Boston Scientific in the third quarter valued at about $1,175,000. Finally, Tidal Investments LLC grew its stake in Boston Scientific by 8.8% in the third quarter. Tidal Investments LLC now owns 86,507 shares of the medical equipment provider’s stock valued at $7,249,000 after purchasing an additional 6,990 shares during the last quarter. 89.07% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, EVP Arthur C. Butcher sold 17,313 shares of the company’s stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $101.80, for a total transaction of $1,762,463.40. Following the completion of the sale, the executive vice president now owns 5,502 shares of the company’s stock, valued at $560,103.60. This represents a 75.88 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP John Bradley Sorenson sold 6,528 shares of the firm’s stock in a transaction dated Friday, February 7th. The stock was sold at an average price of $104.97, for a total transaction of $685,244.16. Following the completion of the transaction, the executive vice president now directly owns 26,449 shares in the company, valued at approximately $2,776,351.53. This represents a 19.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 133,183 shares of company stock worth $13,948,476. 0.50% of the stock is owned by corporate insiders.

Boston Scientific Trading Up 0.6 %

Shares of NYSE:BSX opened at $94.20 on Tuesday. The firm has a market capitalization of $139.33 billion, a price-to-earnings ratio of 75.36, a price-to-earnings-growth ratio of 2.79 and a beta of 0.73. The business’s 50 day moving average price is $100.32 and its 200-day moving average price is $94.18. The company has a debt-to-equity ratio of 0.41, a current ratio of 1.08 and a quick ratio of 1.02. Boston Scientific Co. has a 1 year low of $66.80 and a 1 year high of $107.17.

Boston Scientific (NYSE:BSX – Get Free Report) last released its earnings results on Wednesday, February 5th. The medical equipment provider reported $0.70 EPS for the quarter, topping analysts’ consensus estimates of $0.65 by $0.05. Boston Scientific had a net margin of 11.07% and a return on equity of 17.80%. On average, equities research analysts forecast that Boston Scientific Co. will post 2.85 earnings per share for the current fiscal year.

Analysts Set New Price Targets

BSX has been the topic of a number of analyst reports. StockNews.com downgraded shares of Boston Scientific from a “buy” rating to a “hold” rating in a research report on Saturday, March 8th. Royal Bank of Canada increased their price objective on Boston Scientific from $105.00 to $116.00 and gave the company an “outperform” rating in a report on Thursday, February 6th. Barclays upped their target price on Boston Scientific from $111.00 to $118.00 and gave the company an “overweight” rating in a research report on Monday, February 10th. Citigroup raised their price target on Boston Scientific from $107.00 to $122.00 and gave the stock a “buy” rating in a report on Thursday, February 6th. Finally, Needham & Company LLC restated a “hold” rating on shares of Boston Scientific in a report on Monday, March 3rd. Two investment analysts have rated the stock with a hold rating, twenty-one have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $109.04.

Get Our Latest Research Report on BSX

Boston Scientific Company Profile

(Free Report)

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.

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