Boston Scientific (BSX) Given “Buy” Rating at Needham & Company LLC

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Needham & Company LLC reissued their buy rating on shares of Boston Scientific (NYSE:BSX) in a research note released on Monday, AnalystRatings.com reports. They currently have a $43.00 target price on the medical equipment provider’s stock.

“BSX announced it is acquiring the private company up front cash and commercial-based milestones. Vertiflex’s Superion system is a minimally invasive device to treat patients with lumbar spinal stenosis (LSS). BSX expects the deal to be immaterial to its adjusted EPS through 2020 and accretive thereafter. While we are a little surprised to see BSX enter the spinal surgery market, there probably are synergies with its existing pain business and we see this deal as a typical BSX transaction in which it acquires an asset allowing it to go deeper within a disease state/disorder (in this case chronic pain). We expect BSX’s string of acquisitions over the past ~18 months (including Vertiflex) to combine to provide a material benefit to its longer-term organic growth and we reiterate our Strong Buy rating.”,” the firm’s analyst wrote.

Several other equities analysts have also recently issued reports on BSX. Canaccord Genuity reiterated a buy rating and set a $45.00 target price on shares of Boston Scientific in a research report on Monday, February 11th. BTIG Research reiterated a buy rating on shares of Boston Scientific in a research report on Thursday, April 25th. Argus boosted their target price on Boston Scientific from $43.00 to $45.00 and gave the stock a buy rating in a research report on Wednesday, February 13th. SunTrust Banks reiterated a buy rating and set a $47.00 target price on shares of Boston Scientific in a research report on Friday, February 8th. Finally, Guggenheim reiterated a buy rating and set a $48.00 target price on shares of Boston Scientific in a research report on Friday, February 8th. Three investment analysts have rated the stock with a hold rating, nineteen have given a buy rating and two have assigned a strong buy rating to the stock. The stock presently has a consensus rating of Buy and a consensus price target of $41.53.

Shares of BSX stock opened at $37.07 on Monday. The stock has a market capitalization of $51.55 billion, a P/E ratio of 25.22, a P/E/G ratio of 2.13 and a beta of 0.83. Boston Scientific has a 52-week low of $29.55 and a 52-week high of $41.00. The company has a debt-to-equity ratio of 0.82, a quick ratio of 1.12 and a current ratio of 1.39.

Boston Scientific (NYSE:BSX) last issued its quarterly earnings results on Wednesday, April 24th. The medical equipment provider reported $0.35 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.36 by ($0.01). Boston Scientific had a net margin of 18.08% and a return on equity of 24.65%. The company had revenue of $2.49 billion during the quarter, compared to analyst estimates of $2.54 billion. During the same quarter last year, the firm earned $0.33 EPS. The business’s revenue was up 4.8% on a year-over-year basis. As a group, equities research analysts forecast that Boston Scientific will post 1.55 EPS for the current fiscal year.

In related news, CFO Daniel J. Brennan sold 64,223 shares of the company’s stock in a transaction that occurred on Monday, March 4th. The stock was sold at an average price of $40.84, for a total value of $2,622,867.32. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Xin Warren Wang sold 10,000 shares of the company’s stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $40.31, for a total value of $403,100.00. The disclosure for this sale can be found here. In the last 90 days, insiders sold 275,678 shares of company stock worth $11,038,872. Insiders own 0.66% of the company’s stock.

A number of hedge funds have recently bought and sold shares of the stock. Third Point LLC purchased a new stake in Boston Scientific in the 1st quarter valued at approximately $191,900,000. Ladenburg Thalmann Financial Services Inc. lifted its stake in Boston Scientific by 13.6% in the 1st quarter. Ladenburg Thalmann Financial Services Inc. now owns 59,762 shares of the medical equipment provider’s stock valued at $2,301,000 after buying an additional 7,142 shares in the last quarter. Schonfeld Strategic Advisors LLC lifted its stake in shares of Boston Scientific by 7.0% during the 1st quarter. Schonfeld Strategic Advisors LLC now owns 250,000 shares of the medical equipment provider’s stock worth $9,595,000 after purchasing an additional 16,300 shares during the period. Man Group plc lifted its stake in shares of Boston Scientific by 6.5% during the 1st quarter. Man Group plc now owns 303,286 shares of the medical equipment provider’s stock worth $11,640,000 after purchasing an additional 18,416 shares during the period. Finally, M&T Bank Corp lifted its stake in shares of Boston Scientific by 9.2% during the 1st quarter. M&T Bank Corp now owns 115,736 shares of the medical equipment provider’s stock worth $4,442,000 after purchasing an additional 9,780 shares during the period. 91.43% of the stock is currently owned by hedge funds and other institutional investors.

Boston Scientific Company Profile

Boston Scientific Corporation develops, manufactures, and markets medical devices for use in various interventional medical specialties worldwide. It operates through three segments: MedSurg, Rhythm and Neuro, and Cardiovascular. The company offers interventional cardiology products, including drug-eluting coronary stent systems used in the treatment of coronary artery disease; percutaneous coronary interventions therapy products to treat atherosclerosis; intravascular catheter-directed ultrasound imaging catheters, fractional flow reserve devices, and systems for use in coronary arteries and heart chambers, as well as certain peripheral vessels; and structural heart therapy systems.

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