Diamond Hill Capital Management Inc. Reduces Stock Holdings in Boston Scientific Co. (NYSE:BSX)

Diamond Hill Capital Management Inc. lessened its stake in Boston Scientific Co. (NYSE:BSX) by 7.2% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 494,565 shares of the medical equipment provider’s stock after selling 38,145 shares during the quarter. Diamond Hill Capital Management Inc.’s holdings in Boston Scientific were worth $38,086,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Triad Wealth Partners LLC purchased a new position in shares of Boston Scientific in the second quarter valued at $26,000. First Foundation Advisors acquired a new position in Boston Scientific in the 1st quarter worth $25,000. Eagle Bay Advisors LLC boosted its position in Boston Scientific by 542.1% in 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 last quarter. Andra AP fonden acquired a new stake in shares of Boston Scientific during the second quarter valued at about $29,000. Finally, Lynx Investment Advisory purchased a new stake in shares of Boston Scientific during the second quarter worth about $30,000. Institutional investors and hedge funds own 89.07% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the company. Raymond James raised their price objective on Boston Scientific from $91.00 to $94.00 and gave the company a “strong-buy” rating in a research note on Wednesday, September 4th. Morgan Stanley lifted their price target on shares of Boston Scientific from $79.00 to $92.00 and gave the stock an “overweight” rating in a research note on Monday, July 15th. StockNews.com cut shares of Boston Scientific from a “buy” rating to a “hold” rating in a report on Friday. JPMorgan Chase & Co. raised their price objective on shares of Boston Scientific from $82.00 to $85.00 and gave the stock an “overweight” rating in a report on Thursday, July 25th. Finally, Canaccord Genuity Group increased their price target on shares of Boston Scientific from $83.00 to $88.00 and gave the stock a “buy” rating in a research report on Thursday, July 25th. Three research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $85.38.

Boston Scientific Trading Down 0.6 %

Shares of NYSE:BSX opened at $83.31 on Friday. The company has a quick ratio of 1.14, a current ratio of 1.61 and a debt-to-equity ratio of 0.44. The company’s 50-day moving average price is $78.08 and its 200 day moving average price is $74.11. The company has a market cap of $122.68 billion, a PE ratio of 70.01, a P/E/G ratio of 2.75 and a beta of 0.79. Boston Scientific Co. has a fifty-two week low of $48.35 and a fifty-two week high of $84.11.

Boston Scientific (NYSE:BSX) last issued its quarterly earnings data on Wednesday, July 24th. The medical equipment provider reported $0.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.58 by $0.04. Boston Scientific had a return on equity of 16.59% and a net margin of 12.00%. The business had revenue of $4.12 billion during the quarter, compared to the consensus estimate of $4.02 billion. During the same period in the previous year, the firm posted $0.53 earnings per share. The business’s revenue was up 14.5% on a year-over-year basis. Sell-side analysts anticipate that Boston Scientific Co. will post 2.4 earnings per share for the current year.

Insider Transactions at Boston Scientific

In related news, EVP Wendy Carruthers sold 6,983 shares of Boston Scientific stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $81.70, for a total transaction of $570,511.10. Following the sale, the executive vice president now directly owns 37,468 shares in the company, valued at $3,061,135.60. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Over the last quarter, insiders sold 20,949 shares of company stock valued at $1,627,877. 0.50% of the stock is currently owned by corporate insiders.

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.