Castle Hook Partners LP Purchases New Position in Boston Scientific Co. (NYSE:BSX)

Castle Hook Partners LP purchased a new position in shares of Boston Scientific Co. (NYSE:BSX - Free Report) in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 308,699 shares of the medical equipment provider's stock, valued at approximately $25,869,000. Boston Scientific comprises approximately 0.5% of Castle Hook Partners LP's holdings, making the stock its 28th biggest holding.

Other hedge funds also recently modified their holdings of the company. Triad Wealth Partners LLC acquired a new position in Boston Scientific during the 2nd quarter valued at $26,000. Values First Advisors Inc. acquired a new position in shares of Boston Scientific during the third quarter valued at about $28,000. Andra AP fonden bought a new stake in shares of Boston Scientific in the second quarter valued at about $29,000. Lynx Investment Advisory acquired a new stake in Boston Scientific during the second quarter worth about $30,000. Finally, E Fund Management Hong Kong Co. Ltd. bought a new position in Boston Scientific during the third quarter valued at about $30,000. 89.07% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, CEO Michael F. Mahoney sold 162,777 shares of the stock in a transaction that occurred on Monday, October 7th. The shares were sold at an average price of $84.63, for a total value of $13,775,817.51. Following the transaction, the chief executive officer now directly owns 1,572,096 shares in the company, valued at $133,046,484.48. This represents a 9.38 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Wendy Carruthers sold 6,983 shares of Boston Scientific stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $83.86, for a total transaction of $585,594.38. Following the sale, the executive vice president now directly owns 34,748 shares of the company's stock, valued at $2,913,967.28. This represents a 16.73 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 328,157 shares of company stock valued at $27,894,270. 0.50% of the stock is currently owned by corporate insiders.

Boston Scientific Price Performance

Shares of NYSE:BSX traded up $0.54 during midday trading on Thursday, reaching $90.75. The company's stock had a trading volume of 3,788,570 shares, compared to its average volume of 6,078,275. The business's fifty day simple moving average is $86.57 and its 200-day simple moving average is $80.58. The company has a market capitalization of $133.75 billion, a P/E ratio of 75.00, a P/E/G ratio of 2.63 and a beta of 0.79. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.48 and a quick ratio of 1.02. Boston Scientific Co. has a fifty-two week low of $53.93 and a fifty-two week high of $91.93.

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

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on BSX. Barclays lifted their price objective on Boston Scientific from $78.00 to $86.00 and gave the stock an "overweight" rating in a report on Thursday, August 22nd. Canaccord Genuity Group boosted their price target on shares of Boston Scientific from $88.00 to $98.00 and gave the company a "buy" rating in a report on Monday, October 21st. Wells Fargo & Company raised their price objective on shares of Boston Scientific from $87.00 to $98.00 and gave the stock an "overweight" rating in a report on Thursday, October 24th. Sanford C. Bernstein upped their target price 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. Finally, Morgan Stanley increased their price target on shares of Boston Scientific from $92.00 to $100.00 and gave the stock an "overweight" rating in a research report on Thursday, October 24th. Four analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $93.39.

About Boston Scientific

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.