Eminence Capital LP Acquires New Position in Boston Scientific Co. (NYSE:BSX)

Eminence Capital LP acquired a new stake in shares of Boston Scientific Co. (NYSE:BSX) in the 2nd quarter, HoldingsChannel.com reports. The institutional investor acquired 3,291,625 shares of the medical equipment provider’s stock, valued at approximately $141,474,000. Boston Scientific comprises approximately 1.9% of Eminence Capital LP’s portfolio, making the stock its 25th biggest holding.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Investors Research Corp grew its stake in Boston Scientific by 333.3% during the 2nd quarter. Investors Research Corp now owns 650 shares of the medical equipment provider’s stock valued at $28,000 after acquiring an additional 500 shares in the last quarter. Next Capital Management LLC purchased a new stake in shares of Boston Scientific in the 2nd quarter valued at approximately $29,000. Westside Investment Management Inc. purchased a new stake in shares of Boston Scientific in the 2nd quarter valued at approximately $31,000. NEXT Financial Group Inc lifted its holdings in shares of Boston Scientific by 222.3% in the 2nd quarter. NEXT Financial Group Inc now owns 780 shares of the medical equipment provider’s stock worth $34,000 after acquiring an additional 538 shares during the last quarter. Finally, Nelson Van Denburg & Campbell Wealth Management Group LLC lifted its holdings in shares of Boston Scientific by 60.0% in the 1st quarter. Nelson Van Denburg & Campbell Wealth Management Group LLC now owns 800 shares of the medical equipment provider’s stock worth $30,000 after acquiring an additional 300 shares during the last quarter. 91.47% of the stock is owned by institutional investors.

Shares of BSX traded up $0.15 during midday trading on Thursday, reaching $43.05. The stock had a trading volume of 1,004,486 shares, compared to its average volume of 4,769,927. Boston Scientific Co. has a 1-year low of $31.56 and a 1-year high of $43.84. The company’s fifty day simple moving average is $42.36 and its two-hundred day simple moving average is $40.14. The company has a market cap of $58.42 billion, a price-to-earnings ratio of 29.29, a PEG ratio of 2.51 and a beta of 0.82. The company has a debt-to-equity ratio of 0.81, a current ratio of 1.31 and a quick ratio of 1.04.

Boston Scientific (NYSE:BSX) last announced its quarterly earnings data on Wednesday, July 24th. The medical equipment provider reported $0.39 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.38 by $0.01. Boston Scientific had a net margin of 13.85% and a return on equity of 23.29%. The business had revenue of $2.63 billion for the quarter, compared to analyst estimates of $2.64 billion. During the same period last year, the business earned $0.41 EPS. The company’s revenue was up 5.7% on a year-over-year basis. On average, sell-side analysts forecast that Boston Scientific Co. will post 1.56 earnings per share for the current year.

Several equities analysts have recently commented on BSX shares. Barclays restated an “overweight” rating and issued a $48.00 price objective on shares of Boston Scientific in a report on Tuesday, September 3rd. Needham & Company LLC set a $46.00 price objective on shares of Boston Scientific and gave the stock a “buy” rating in a report on Wednesday, July 24th. Canaccord Genuity upped their price objective on shares of Boston Scientific from $43.00 to $46.00 and gave the stock a “buy” rating in a report on Thursday, June 27th. Wells Fargo & Co upped their price objective on shares of Boston Scientific from $42.00 to $45.00 and gave the stock an “outperform” rating in a report on Tuesday, June 18th. Finally, Jefferies Financial Group upped their price objective on shares of Boston Scientific from $44.00 to $48.00 and gave the stock a “positive” rating in a report on Thursday, June 27th. Three research analysts have rated the stock with a hold rating, eighteen have given a buy rating and two have issued a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus target price of $45.30.

In related news, SVP Maulik Nanavaty sold 34,035 shares of the stock in a transaction on Thursday, August 29th. The shares were sold at an average price of $42.65, for a total value of $1,451,592.75. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Joseph Michael Fitzgerald sold 1,906 shares of the stock in a transaction on Friday, June 28th. The shares were sold at an average price of $43.00, for a total transaction of $81,958.00. Following the completion of the transaction, the executive vice president now directly owns 226,835 shares in the company, valued at $9,753,905. The disclosure for this sale can be found here. Insiders sold a total of 82,671 shares of company stock worth $3,536,692 over the last 90 days. Company insiders own 0.66% of the company’s stock.

Boston Scientific Profile

Boston Scientific Corporation develops, manufactures, and markets medical devices for use in various interventional medical specialties worldwide. It operates through three segments: MedSurg, Rhythm and Neuro, and Cardiovascular. The company offers interventional cardiology products, including drug-eluting coronary stent systems used in the treatment of coronary artery disease; percutaneous coronary interventions therapy products to treat atherosclerosis; intravascular catheter-directed ultrasound imaging catheters, fractional flow reserve devices, and systems for use in coronary arteries and heart chambers, as well as certain peripheral vessels; and structural heart therapy systems.

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Institutional Ownership by Quarter for Boston Scientific (NYSE:BSX)

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