Virtus Advisers Acquires Boston Scientific Shares Worth $157,000

Virtus Advisers LLC has taken a significant step by acquiring a new position in Boston Scientific Corporation, a leading medical equipment provider. This move was disclosed in Virtus’ recent 13F filing with the Securities and Exchange Commission, indicating that they purchased 1,460 shares valued at approximately $157,000 during the second quarter of 2023.

Several other institutional investors have also shown interest in Boston Scientific. Notably, 1248 Management LLC invested $26,000 in the first quarter, while Y.D. More Investments Ltd invested $27,000. Additionally, Sound Income Strategies LLC increased its stake in Boston Scientific by 90.9%, owning 252 shares worth $27,000 after acquiring an additional 120 shares in the last quarter. Other firms, such as Princeton Global Asset Management LLC and Oliver Lagore Vanvalin Investment Group, also made new investments in the company, valued at $32,000 and $37,000, respectively. Overall, hedge funds and institutional investors now own 89.07% of Boston Scientific’s stock.

Analysts Upgrade and Stock Performance

Equities analysts have recently been optimistic about Boston Scientific’s growth potential. On September 8, 2023, Oppenheimer upgraded the company’s rating from “market perform” to “outperform,” increasing its price target from $118.00 to $125.00. Following suit, Barclays raised its target price from $133.00 to $136.00, giving the stock an “overweight” rating in a note published on October 2, 2023.

Analysts have generally rated Boston Scientific positively, with two analysts issuing a “Strong Buy” rating, twenty-one giving a “Buy” rating, and two recommending a “Hold.” According to MarketBeat, the current consensus rating for the stock is “Buy,” with a target price averaging $123.77.

Insider Trading Insights

Recent insider trading activities have also caught attention. On November 6, 2023, Director Ellen M. Zane sold 12,891 shares of Boston Scientific stock at an average price of $98.28, totaling approximately $1,266,927.48. Following this transaction, Zane holds 24,134 shares, valued at about $2,371,889.52, reflecting a 34.82% decrease in her position.

Additionally, Joseph Michael Fitzgerald, Executive Vice President, sold 50,000 shares on November 3, 2023, at an average price of $99.47, amounting to $4,973,500.00. This transaction reduced Fitzgerald’s ownership by 21.90%. In total, insiders sold 175,782 shares worth $17,742,314 in the past three months, with insiders holding a mere 0.50% of the stock.

Boston Scientific shares opened at $101.95 on the trading day following these disclosures, reflecting a 1.0% increase. The company maintains a favorable financial position, with a debt-to-equity ratio of 0.49 and a current ratio of 1.37. Over the past year, the stock has fluctuated between a low of $85.98 and a high of $109.50.

The company’s latest quarterly earnings report, released on October 22, 2023, revealed earnings per share of $0.75, surpassing the consensus estimate of $0.71. Revenue for the quarter reached $5.07 billion, exceeding analyst expectations of $4.97 billion. Boston Scientific reported a net margin of 14.43% and a return on equity of 19.74%, marking a 20.3% increase in revenue compared to the previous year.

Looking ahead, Boston Scientific has set its fiscal year 2025 guidance at $3.020 to $3.040 EPS, with fourth quarter 2025 guidance at $0.770 to $0.790 EPS. Analysts project that the company will report $2.85 EPS for the current year.

Boston Scientific Corporation, headquartered in Marlborough, Massachusetts, develops, manufactures, and markets medical devices across various interventional specialties. The company operates through two primary segments: MedSurg and Cardiovascular, providing a range of products that address numerous medical conditions.

As institutional interest continues to grow, Boston Scientific remains a focal point for investors and analysts alike, indicating a potentially robust future for the company and its stakeholders.