VELA Investment Management LLC Decreases Stock Position in Boston Scientific Co. (NYSE:BSX)

VELA Investment Management LLC cut its holdings in Boston Scientific Co. (NYSE:BSX - Free Report) by 72.7% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,416 shares of the medical equipment provider's stock after selling 11,768 shares during the period. VELA Investment Management LLC's holdings in Boston Scientific were worth $370,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Triad Wealth Partners LLC purchased a new stake in shares of Boston Scientific during the 2nd quarter worth approximately $26,000. Values First Advisors Inc. purchased a new stake in shares of Boston Scientific during the 3rd quarter worth approximately $28,000. E Fund Management Hong Kong Co. Ltd. purchased a new stake in shares of Boston Scientific during the 3rd quarter worth approximately $30,000. First Foundation Advisors purchased a new stake in shares of Boston Scientific during the 1st quarter worth approximately $25,000. Finally, Eagle Bay Advisors LLC raised its holdings in Boston Scientific by 542.1% during the 1st quarter. Eagle Bay Advisors LLC now owns 366 shares of the medical equipment provider's stock valued at $25,000 after buying an additional 309 shares during the period. 89.07% of the stock is owned by hedge funds and other institutional investors.

Boston Scientific Stock Down 0.5 %

Shares of BSX traded down $0.40 during midday trading on Friday, reaching $83.62. 7,051,533 shares of the stock were exchanged, compared to its average volume of 6,105,810. Boston Scientific Co. has a 52 week low of $50.84 and a 52 week high of $88.79. The company has a current ratio of 1.61, a quick ratio of 1.14 and a debt-to-equity ratio of 0.44. The company's 50 day moving average is $84.00 and its two-hundred day moving average is $78.36. The company has a market capitalization of $123.14 billion, a P/E ratio of 69.11, a PEG ratio of 2.47 and a beta of 0.80.

Boston Scientific (NYSE:BSX - Get Free Report) last issued its quarterly earnings data 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. The firm had revenue of $4.21 billion during the quarter, compared to analysts' expectations of $4.04 billion. Boston Scientific had a return on equity of 17.41% and a net margin of 11.26%. The firm's quarterly revenue was up 19.3% on a year-over-year basis. During the same period in the prior year, the business posted $0.50 EPS. On average, sell-side analysts anticipate that Boston Scientific Co. will post 2.46 earnings per share for the current year.

Insider Buying and Selling

In related news, EVP Wendy Carruthers sold 6,983 shares of the company's 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 completion of the sale, the executive vice president now directly owns 34,748 shares in the company, valued at $2,913,967.28. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. In other Boston Scientific news, CEO Michael F. Mahoney sold 162,777 shares of the 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 in the company, valued at approximately $133,046,484.48. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Wendy Carruthers sold 6,983 shares of the stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $83.86, for a total value of $585,594.38. Following the completion of the sale, the executive vice president now owns 34,748 shares of the company's stock, valued at approximately $2,913,967.28. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 309,270 shares of company stock worth $26,196,718 in the last three months. 0.50% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several analysts recently weighed in on BSX shares. Deutsche Bank Aktiengesellschaft increased their price target on Boston Scientific from $73.00 to $78.00 and gave the company a "hold" rating in a report on Thursday, July 25th. Citigroup increased their price target on Boston Scientific from $92.00 to $98.00 and gave the company a "buy" rating in a report on Thursday, October 24th. BTIG Research increased their price target on Boston Scientific from $84.00 to $93.00 and gave the company a "buy" rating in a report on Monday, October 14th. Canaccord Genuity Group increased their price target on Boston Scientific from $88.00 to $98.00 and gave the company a "buy" rating in a report on Monday, October 21st. Finally, Morgan Stanley increased their price target on Boston Scientific from $92.00 to $100.00 and gave the company an "overweight" rating in a report on Thursday, October 24th. Three research analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the stock has a consensus 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.