Penobscot Investment Management Company Inc. Increases Stock Holdings in Boston Scientific Co. (NYSE:BSX)

Penobscot Investment Management Company Inc. increased its holdings in shares of Boston Scientific Co. (NYSE:BSX - Free Report) by 70.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 28,355 shares of the medical equipment provider's stock after purchasing an additional 11,725 shares during the period. Penobscot Investment Management Company Inc.'s holdings in Boston Scientific were worth $2,533,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of BSX. Parnassus Investments LLC lifted its stake in Boston Scientific by 0.7% in the 4th quarter. Parnassus Investments LLC now owns 14,861 shares of the medical equipment provider's stock valued at $1,327,000 after purchasing an additional 97 shares during the last quarter. PDS Planning Inc lifted its stake in shares of Boston Scientific by 1.5% in the fourth quarter. PDS Planning Inc now owns 7,474 shares of the medical equipment provider's stock worth $668,000 after acquiring an additional 113 shares during the period. Adero Partners LLC lifted its stake in shares of Boston Scientific by 3.3% in the fourth quarter. Adero Partners LLC now owns 3,737 shares of the medical equipment provider's stock worth $334,000 after acquiring an additional 120 shares during the period. Grove Bank & Trust boosted its holdings in Boston Scientific by 4.4% in the fourth quarter. Grove Bank & Trust now owns 2,923 shares of the medical equipment provider's stock valued at $261,000 after acquiring an additional 122 shares during the last quarter. Finally, PFG Investments LLC increased its position in Boston Scientific by 1.6% during the 4th quarter. PFG Investments LLC now owns 8,113 shares of the medical equipment provider's stock valued at $725,000 after purchasing an additional 125 shares during the period. 89.07% of the stock is currently owned by institutional investors and hedge funds.

Remove Ads

Insider Buying and Selling at Boston Scientific

In other news, EVP Jeffrey B. Mirviss sold 4,675 shares of the firm's stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $104.25, for a total transaction of $487,368.75. Following the completion of the sale, the executive vice president now owns 28,454 shares in the company, valued at $2,966,329.50. This trade represents a 14.11 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Daniel J. Brennan sold 15,087 shares of the company's stock in a transaction that occurred on Wednesday, February 12th. The shares were sold at an average price of $105.07, for a total value of $1,585,191.09. Following the completion of the transaction, the chief financial officer now owns 241,451 shares in the company, valued at approximately $25,369,256.57. The trade was a 5.88 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 137,302 shares of company stock worth $14,319,269 in the last quarter. 0.50% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the stock. TD Cowen increased their price objective on shares of Boston Scientific from $100.00 to $110.00 and gave the stock a "buy" rating in a research report on Thursday, December 12th. Needham & Company LLC reiterated a "hold" rating on shares of Boston Scientific in a report on Monday, March 3rd. JPMorgan Chase & Co. boosted their price objective on Boston Scientific from $100.00 to $110.00 and gave the company an "overweight" rating in a research note on Monday, December 16th. StockNews.com cut Boston Scientific from a "buy" rating to a "hold" rating in a research note on Saturday, March 8th. Finally, Barclays boosted their price target on Boston Scientific from $111.00 to $118.00 and gave the company an "overweight" rating in a research note on Monday, February 10th. Two investment analysts have rated the stock with a hold rating, twenty-one have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Boston Scientific currently has an average rating of "Moderate Buy" and a consensus target price of $108.91.

Boston Scientific Stock Down 1.5 %

BSX traded down $1.51 during mid-day trading on Friday, reaching $99.29. 7,402,670 shares of the stock were exchanged, compared to its average volume of 6,051,507. Boston Scientific Co. has a 1 year low of $66.80 and a 1 year high of $107.17. The company has a debt-to-equity ratio of 0.41, a quick ratio of 1.02 and a current ratio of 1.08. The stock has a market capitalization of $146.86 billion, a PE ratio of 79.43, a price-to-earnings-growth ratio of 2.79 and a beta of 0.77. The company has a 50 day moving average price of $102.16 and a two-hundred day moving average price of $93.11.

Boston Scientific (NYSE:BSX - Get Free Report) last issued its quarterly earnings data on Wednesday, February 5th. The medical equipment provider reported $0.70 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.65 by $0.05. Boston Scientific had a net margin of 11.07% and a return on equity of 17.80%. As a group, research analysts anticipate that Boston Scientific Co. will post 2.85 EPS for the current year.

Boston Scientific 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.