Prudential Financial Inc. Reduces Holdings in Boston Scientific Co. (NYSE:BSX)

Prudential Financial Inc. cut its stake in Boston Scientific Co. (NYSE:BSX - Free Report) by 26.1% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,898,455 shares of the medical equipment provider's stock after selling 671,744 shares during the period. Prudential Financial Inc. owned approximately 0.13% of Boston Scientific worth $169,570,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of BSX. Corebridge Financial Inc. raised its holdings in Boston Scientific by 7.7% during the fourth quarter. Corebridge Financial Inc. now owns 440,953 shares of the medical equipment provider's stock worth $39,386,000 after purchasing an additional 31,551 shares during the last quarter. Congress Wealth Management LLC DE increased its position in shares of Boston Scientific by 6.0% in the fourth quarter. Congress Wealth Management LLC DE now owns 235,387 shares of the medical equipment provider's stock valued at $21,025,000 after buying an additional 13,293 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of Boston Scientific by 1.2% during the 4th quarter. Vanguard Group Inc. now owns 132,890,784 shares of the medical equipment provider's stock worth $11,869,805,000 after buying an additional 1,600,062 shares during the last quarter. LPL Financial LLC boosted its position in shares of Boston Scientific by 13.0% in the 4th quarter. LPL Financial LLC now owns 1,119,017 shares of the medical equipment provider's stock worth $99,951,000 after buying an additional 129,019 shares in the last quarter. Finally, KLP Kapitalforvaltning AS acquired a new stake in Boston Scientific in the 4th quarter valued at about $53,204,000. Hedge funds and other institutional investors own 89.07% of the company's stock.

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Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. JPMorgan Chase & Co. upped their price target on shares of Boston Scientific from $100.00 to $110.00 and gave the company an "overweight" rating in a report on Monday, December 16th. Royal Bank of Canada upped their target price on Boston Scientific from $105.00 to $116.00 and gave the company an "outperform" rating in a research note on Thursday, February 6th. Stifel Nicolaus raised their price target on Boston Scientific from $100.00 to $115.00 and gave the stock a "buy" rating in a research report on Thursday, February 6th. Citigroup upped their price objective on Boston Scientific from $107.00 to $122.00 and gave the company a "buy" rating in a research report on Thursday, February 6th. Finally, StockNews.com cut Boston Scientific from a "buy" rating to a "hold" rating in a research report on Saturday, March 8th. Two analysts have rated the stock with a hold rating, twenty-one have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $108.91.

Insider Buying and Selling at Boston Scientific

In related news, EVP John Bradley Sorenson sold 4,119 shares of Boston Scientific stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $90.02, for a total transaction of $370,792.38. Following the transaction, the executive vice president now owns 35,319 shares in the company, valued at approximately $3,179,416.38. The trade was a 10.44 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Arthur C. Butcher sold 17,313 shares of the stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $101.80, for a total value of $1,762,463.40. Following the completion of the sale, the executive vice president now owns 5,502 shares of the company's stock, valued at approximately $560,103.60. This represents a 75.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 137,302 shares of company stock valued at $14,319,269 over the last ninety days. Corporate insiders own 0.50% of the company's stock.

Boston Scientific Trading Down 1.5 %

Shares of BSX stock traded down $1.51 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 stock has a market cap of $146.86 billion, a P/E ratio of 79.43, a price-to-earnings-growth ratio of 2.79 and a beta of 0.77. The company has a quick ratio of 1.02, a current ratio of 1.08 and a debt-to-equity ratio of 0.41. The firm has a 50 day moving average of $102.16 and a two-hundred day moving average of $93.04.

Boston Scientific (NYSE:BSX - Get Free Report) last released its quarterly earnings data on Wednesday, February 5th. The medical equipment provider reported $0.70 EPS for the quarter, topping analysts' consensus estimates of $0.65 by $0.05. Boston Scientific had a return on equity of 17.80% and a net margin of 11.07%. On average, 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.