First American Trust FSB, a financial services company, has increased its stake in Boston Scientific Co. by 2.2% during the second quarter of this year, according to a recent filing with the Securities & Exchange Commission. The firm now owns 231,138 shares of the medical equipment provider’s stock, acquiring an additional 4,986 shares over the quarter. Boston Scientific makes up about 1.7% of First American Trust FSB’s holdings and is currently their 14th largest holding. The total value of First American Trust FSB’s investment in Boston Scientific stands at $12,502,000 as of the most recent reporting period.
In terms of financial performance, 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 analysts’ expectations by $0.04. The revenue generated during the quarter was $3.60 billion, exceeding analyst estimates of $3.50 billion. Furthermore, Boston Scientific achieved a return on equity of 15.16% and a net margin of 6.81%. These figures indicate a positive growth trajectory for the company as its quarterly revenue increased by 10.9% compared to the same period last year.
Analysts speculate that Boston Scientific will likely post earnings per share of 1.99 for the current year based on historical data and market trends.
These recent developments highlight First American Trust FSB’s continued confidence in Boston Scientific’s prospects within the medical equipment industry. By increasing their stake in the company and maintaining it as one of their top holdings, First American Trust FSB demonstrates their belief in Boston Scientific’s potential for future growth and profitability.
As always with investments and financial decisions, it is important for investors to conduct thorough research and analysis before making any investment choices.
Uncertainty Surrounds Boston Scientific as Investors and Executives Make Moves
Boston Scientific (BSX) has seen a flurry of activity from institutional investors and hedge funds, with several purchasing and selling shares in the medical equipment provider. Among these investors is International Assets Investment Management LLC, which acquired a new position in Boston Scientific earlier this year for around $54,000. Similarly, Acadian Asset Management LLC also purchased shares worth approximately $35,000 during the same period. Prudential PLC joined the list of buyers, acquiring a new position valued at around $1,076,000.
The stake owned by Cetera Investment Advisers in Boston Scientific also experienced a significant boost of 24% during the first quarter. As a result, they now hold 28,793 shares valued at $1,275,000 after acquiring an additional 5,581 shares last quarter. Furthermore, Sequoia Financial Advisors LLC entered the mix by purchasing a new position amounting to approximately $230,000 during the first quarter. It is worth noting that hedge funds and other institutional investors currently own 89.11% of Boston Scientific’s stock.
Recent reports from various research firms have shed light on BSX’s performance as well. Raymond James increased its target price on Boston Scientific from $60 to $61 in their research note released on July 28th. Oppenheimer followed suit with an increase in their target price from $58 to $59 on the same day. Piper Sandler also chimed in with positive sentiments and raised their target price from $58 to $62 on July 6th. Barclays pushed their target price up from $59 to $60 and assigned an “overweight” rating to the company on September 22nd.
With respect to ratings given by equities research analysts on BSX’s stock performance, two analysts have rated it as ‘hold,’ while fifteen have issued ‘buy’ ratings and one has provided a ‘strong buy’ rating for the company. Bloomberg.com has reported that the consensus rating for Boston Scientific stands at “Moderate Buy” as of October 8, 2023. The consensus target price for the stock is $60.10.
In other news, two major executives at Boston Scientific have sold shares from their respective holdings. EVP Arthur C. Butcher parted with 6,600 shares in a transaction dated August 21st, resulting in a total transaction value of $332,640. CEO Michael F. Mahoney also sold a significant number of shares – specifically 113,355 – in a transaction on September 12th for $53.91 per share, totaling $6,110,968.05.
The stocks’ performance on the market has shown some fluctuations as well. On Friday, October 8th, shares of BSX were traded at $52.12 during trading hours and reached a total volume of 6,319,143 shares exchanged. With a market capitalization of approximately $76.32 billion and a price-to-earnings ratio of 86.87, Boston Scientific remains an influential player in the medical equipment sector.
Despite these recent developments and sales by insiders amounting to around 217,635 shares valued at $11,566,176 over the last three months – translating into corporate insiders owning just 0.71% of all outstanding BSX stock – Boston Scientific’s future remains uncertain.
A sense of perplexity embodies both the investment choices made by institutional investors and hedge funds regarding Boston Scientific’s shares and the selling activities conducted by executives within the company itself. As we move forward into unknown territory amidst ever-changing market conditions and fluctuating confidence in the medical equipment industry, one can only wonder what lies ahead for this prominent player in healthcare technology.