On September 18, 2023, Buckley Wealth Management LLC revealed that it has significantly increased its holdings in Boston Scientific Co. (NYSE:BSX) during the second quarter. According to their Form 13F filing with the SEC, the firm purchased an additional 6,264 shares of the medical equipment provider’s stock. As a result, Buckley Wealth Management LLC now owns a total of 12,788 shares of Boston Scientific, valued at $692,000.
Boston Scientific recently released its quarterly earnings results on July 27th. The company reported earnings per share (EPS) of $0.53 for the quarter, surpassing the consensus estimate by $0.04. The firm also generated revenue of $3.60 billion during the same period, beating analyst expectations of $3.50 billion. Moreover, Boston Scientific exhibited a return on equity of 15.16% and a net margin of 6.81%. These positive financial indicators indicate that Boston Scientific has experienced growth in revenue compared to the previous year.
CEO Michael F. Mahoney made headlines when he sold 113,355 shares of Boston Scientific stock on September 12th at an average price of $53.91 per share. This transaction amounted to a total value exceeding $6 million in gains for Mahoney personally. After this sale, Mahoney still maintains ownership over approximately 1.5 million shares of company stock valued at around $80 million.
In addition to Mahoney’s transaction, Director Charles J. Dockendorff also sold 17,079 shares on August 18th at an average price of $50.74 per share resulting in a total value of $866,588 in gains from that sale alone.
Looking back over the past three months as a whole reveals that insiders have collectively sold off approximately 208,465 shares worth $11 million in company stock values according to SEC filings reports.
The recent increase in holdings by Buckley Wealth Management LLC reflects confidence in Boston Scientific’s performance and prospects. The positive quarterly earnings results, which exceeded expectations, further solidify the company’s strong financial position and growth potential for the current fiscal year.
Boston Scientific is a leading medical equipment provider that develops innovative solutions to improve patient health outcomes. With the continued support of investors like Buckley Wealth Management LLC and the company’s consistent achievements, it is expected that Boston Scientific will continue to thrive in the medical device industry.
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Boston Scientific Attracts Prominent Investors and Poised for Continued Success
Boston Scientific, a leading medical equipment provider, has recently undergone significant changes in its holdings. Moneta Group Investment Advisors LLC saw a staggering growth of 112,306.1% in its holdings during the fourth quarter, acquiring an additional 18,645,058 shares. This brings their total ownership to 18,661,660 shares worth $863,475,000. Furthermore, Norges Bank entered the scene with a new position worth $632,520,000 during the same period. Steadfast Capital Management LP also joined as a new investor with a position valued at $138,969,000.
Arrowstreet Capital Limited Partnership showed confidence in Boston Scientific by boosting its position in the company by 65.9% during the first quarter. Their ownership now stands at 5,430,814 shares valued at $240,531,000 after purchasing an additional 2,157,849 shares. Great Lakes Advisors LLC followed suit and increased their position by an impressive 173.4%, bringing their ownership to 3,158,722 shares valued at $158,0310.
These institutional investors and hedge funds now collectively own approximately 89.11% of Boston Scientific’s stock. The company’s stock price traded up $0.62 on Monday at $53.52 per share with a trading volume of 2,214335 shares compared to an average volume of 7 ,984 ,400 . Boston Scientific has a market capitalization of $78 .37 billion with a P/E ratio of 87 .60 , PEG ratio of 2 .09 , and beta of 0 .78 .
Boston Scientific also carries a debt-to-equity ratio of 0 .46 , quick ratio of 0 .80 , and current ratio of
1 .29 . Over the past twelve months , its stock price has fluctuated between $37 .74 and $54 .99 .
Several research firms have recently provided their analysis of the Boston Scientific stock. Robert W. Baird initiated coverage on the company and issued an “outperform” rating along with a $59.00 price target. Raymond James also raised their price target to $61.00, while Piper Sandler increased it even further to $62.00. Additionally, TheStreet upgraded Boston Scientific from a “c+” rating to a “b” rating, and Royal Bank of Canada reaffirmed their “outperform” rating with a $58.00 price objective.
With these positive ratings and an average price target of $58.50 according to Bloomberg data, Boston Scientific seems to be on track for further growth in the near future.
In conclusion, Boston Scientific has recently witnessed significant changes in its holdings as prominent investors have increased their ownership in the company. With positive ratings from research firms and a favorable outlook, Boston Scientific appears poised for continued success in the medical equipment industry.
