Boston Scientific Co. (NYSE:BSX) Stock Position Decreased by Fred Alger Management LLC

by · The Cerbat Gem

Fred Alger Management LLC decreased its holdings in shares of Boston Scientific Co. (NYSE:BSX – Free Report) by 12.1% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,788,992 shares of the medical equipment provider’s stock after selling 245,570 shares during the quarter. Boston Scientific makes up approximately 0.7% of Fred Alger Management LLC’s holdings, making the stock its 27th biggest holding. Fred Alger Management LLC owned 0.12% of Boston Scientific worth $149,918,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Braidwell LP bought a new stake in shares of Boston Scientific in the 3rd quarter worth approximately $15,855,000. Eventide Asset Management LLC acquired a new stake in Boston Scientific in the third quarter worth $734,000. Icon Wealth Advisors LLC bought a new stake in Boston Scientific in the third quarter valued at $100,000. Rockefeller Capital Management L.P. boosted its holdings in shares of Boston Scientific by 10.6% during the third quarter. Rockefeller Capital Management L.P. now owns 137,964 shares of the medical equipment provider’s stock valued at $11,536,000 after acquiring an additional 13,268 shares during the period. Finally, Hantz Financial Services Inc. grew its position in shares of Boston Scientific by 0.8% during the third quarter. Hantz Financial Services Inc. now owns 33,367 shares of the medical equipment provider’s stock worth $2,796,000 after acquiring an additional 263 shares during the last quarter. 89.07% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Boston Scientific

In other Boston Scientific news, EVP Arthur C. Butcher sold 14,010 shares of Boston Scientific stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $89.27, for a total transaction of $1,250,672.70. Following the transaction, the executive vice president now owns 978 shares of the company’s stock, valued at $87,306.06. The trade was a 93.47 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Michael F. Mahoney sold 162,777 shares of the stock in a transaction that occurred on Monday, October 7th. The stock was sold at an average price of $84.63, for a total transaction of $13,775,817.51. Following the completion of the sale, the chief executive officer now directly owns 1,572,096 shares of the company’s stock, valued at $133,046,484.48. This trade represents a 9.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 328,157 shares of company stock valued at $27,894,270. Company insiders own 0.50% of the company’s stock.

Boston Scientific Stock Performance

Boston Scientific stock opened at $90.75 on Friday. Boston Scientific Co. has a fifty-two week low of $53.93 and a fifty-two week high of $91.93. The firm’s 50 day simple moving average is $86.57 and its 200-day simple moving average is $80.58. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.48 and a quick ratio of 1.02. The company has a market cap of $133.75 billion, a P/E ratio of 75.00, a price-to-earnings-growth ratio of 2.67 and a beta of 0.79.

Boston Scientific (NYSE:BSX – Get Free Report) last posted its quarterly earnings data on Wednesday, October 23rd. The medical equipment provider reported $0.63 earnings per share for the quarter, topping the consensus estimate of $0.59 by $0.04. The firm had revenue of $4.21 billion for the quarter, compared to analysts’ expectations of $4.04 billion. Boston Scientific had a net margin of 11.26% and a return on equity of 17.23%. The company’s quarterly revenue was up 19.3% compared to the same quarter last year. During the same period in the previous year, the company posted $0.50 EPS. As a group, equities research analysts predict that Boston Scientific Co. will post 2.46 EPS for the current year.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on BSX shares. Wells Fargo & Company boosted their target price on shares of Boston Scientific from $87.00 to $98.00 and gave the company an “overweight” rating in a research note on Thursday, October 24th. Sanford C. Bernstein boosted their price objective on Boston Scientific from $92.00 to $100.00 and gave the stock an “outperform” rating in a research report on Thursday, October 24th. Raymond James increased their price objective on Boston Scientific from $91.00 to $94.00 and gave the stock a “strong-buy” rating in a report on Wednesday, September 4th. StockNews.com downgraded Boston Scientific from a “buy” rating to a “hold” rating in a research note on Monday, November 4th. Finally, BTIG Research increased their price target on Boston Scientific from $84.00 to $93.00 and gave the stock a “buy” rating in a research note on Monday, October 14th. Four analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $93.39.

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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