Fred Alger Management LLC Sells 245,570 Shares of Boston Scientific Co. (NYSE:BSX)

Fred Alger Management LLC trimmed its stake in shares of Boston Scientific Co. (NYSE:BSX - Free Report) by 12.1% in the third quarter, according to the company in its most recent filing with the SEC. The firm owned 1,788,992 shares of the medical equipment provider's stock after selling 245,570 shares during the quarter. Boston Scientific comprises about 0.7% of Fred Alger Management LLC's portfolio, making the stock its 27th biggest holding. Fred Alger Management LLC owned approximately 0.12% of Boston Scientific worth $149,918,000 as of its most recent filing with the SEC.

Several other large investors also recently modified their holdings of the stock. BNP PARIBAS ASSET MANAGEMENT Holding S.A. raised its position in Boston Scientific by 4.4% during the third quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 4,119,399 shares of the medical equipment provider's stock valued at $345,205,000 after purchasing an additional 173,034 shares in the last quarter. BDF Gestion acquired a new position in shares of Boston Scientific during the 2nd quarter worth $3,570,000. Cetera Advisor Networks LLC lifted its position in shares of Boston Scientific by 11.8% during the 1st quarter. Cetera Advisor Networks LLC now owns 201,426 shares of the medical equipment provider's stock worth $13,796,000 after buying an additional 21,252 shares during the last quarter. Brookstone Capital Management boosted its stake in Boston Scientific by 389.1% in the second quarter. Brookstone Capital Management now owns 69,945 shares of the medical equipment provider's stock valued at $5,414,000 after buying an additional 55,645 shares in the last quarter. Finally, HWG Holdings LP bought a new position in Boston Scientific in the second quarter valued at about $482,000. 89.07% of the stock is owned by institutional investors and hedge funds.

Boston Scientific Trading Down 0.1 %

Boston Scientific stock traded down $0.09 during trading hours on Friday, reaching $90.66. 3,446,971 shares of the company's stock were exchanged, compared to its average volume of 6,066,885. The firm's 50 day simple moving average is $86.70 and its 200 day simple moving average is $80.71. Boston Scientific Co. has a twelve month low of $53.93 and a twelve month high of $91.93. The company has a quick ratio of 1.02, a current ratio of 1.48 and a debt-to-equity ratio of 0.44. The firm has a market capitalization of $133.62 billion, a PE ratio of 74.93, a PEG ratio of 2.67 and a beta of 0.79.

Boston Scientific (NYSE:BSX - Get Free Report) last released its earnings results on Wednesday, October 23rd. The medical equipment provider reported $0.63 EPS for the quarter, topping the consensus estimate of $0.59 by $0.04. Boston Scientific had a return on equity of 17.23% and a net margin of 11.26%. The business had revenue of $4.21 billion during the quarter, compared to analysts' expectations of $4.04 billion. During the same quarter last year, the firm posted $0.50 earnings per share. The firm's revenue was up 19.3% on a year-over-year basis. Research analysts predict that Boston Scientific Co. will post 2.46 earnings per share for the current year.

Insider Activity

In related news, CEO Michael F. Mahoney sold 162,777 shares of the business's stock in a transaction dated Monday, October 7th. The stock was sold at an average price of $84.63, for a total value 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. The trade was a 9.38 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Edward J. Ludwig sold 4,877 shares of the stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $91.63, for a total value of $446,879.51. Following the completion of the transaction, the director now owns 39,398 shares in the company, valued at approximately $3,610,038.74. The trade was a 11.02 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 328,157 shares of company stock worth $27,894,270 in the last quarter. 0.50% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the stock. Sanford C. Bernstein raised their price target on shares of Boston Scientific from $92.00 to $100.00 and gave the company an "outperform" rating in a research note on Thursday, October 24th. BTIG Research raised their target price on shares of Boston Scientific from $84.00 to $93.00 and gave the company a "buy" rating in a research report on Monday, October 14th. Bank of America upped their price target on shares of Boston Scientific from $90.00 to $100.00 and gave the stock a "buy" rating in a report on Tuesday, October 22nd. StockNews.com downgraded Boston Scientific from a "buy" rating to a "hold" rating in a report on Monday, November 4th. Finally, Wells Fargo & Company upped their target price on Boston Scientific from $87.00 to $98.00 and gave the stock an "overweight" rating in a report on Thursday, October 24th. Four research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $93.39.

Boston Scientific Company Profile

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.