State Treasurer State of Michigan cut its holdings in Boston Scientific Co. (NYSE:BSX) by 16.7% in the 2nd quarter, according to its most recent 13F filing with the SEC. The fund owned 332,896 shares of the medical equipment provider’s stock after selling 66,500 shares during the period. State Treasurer State of Michigan’s holdings in Boston Scientific were worth $14,308,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also modified their holdings of BSX. Investors Research Corp raised its holdings in Boston Scientific by 333.3% in 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 during the last quarter. Nelson Van Denburg & Campbell Wealth Management Group LLC raised its holdings in 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 valued at $30,000 after acquiring an additional 300 shares during the last quarter. Essex Savings Bank acquired a new position in Boston Scientific in the 1st quarter valued at $31,000. Westside Investment Management Inc. acquired a new position in Boston Scientific in the 2nd quarter valued at $31,000. Finally, NEXT Financial Group Inc raised its holdings in Boston Scientific by 222.3% in the 2nd quarter. NEXT Financial Group Inc now owns 780 shares of the medical equipment provider’s stock valued at $34,000 after acquiring an additional 538 shares during the last quarter. Institutional investors own 90.66% of the company’s stock.
In related news, EVP David A. Pierce sold 5,140 shares of the stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $38.45, for a total value of $197,633.00. Following the completion of the sale, the executive vice president now directly owns 27,173 shares in the company, valued at approximately $1,044,801.85. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, SVP Maulik Nanavaty sold 3,038 shares of the stock in a transaction on Wednesday, May 15th. The shares were sold at an average price of $36.74, for a total value of $111,616.12. The disclosure for this sale can be found here. Over the last quarter, insiders sold 60,327 shares of company stock valued at $2,466,666. 0.66% of the stock is owned by insiders.
Shares of BSX stock traded down $0.68 on Wednesday, reaching $41.65. 239,162 shares of the stock were exchanged, compared to its average volume of 6,059,719. The stock has a market cap of $58.30 billion, a PE ratio of 28.40, a P/E/G ratio of 2.56 and a beta of 0.80. The company has a current ratio of 1.31, a quick ratio of 1.04 and a debt-to-equity ratio of 0.81. The stock’s 50 day moving average price is $42.35. Boston Scientific Co. has a 1-year low of $31.56 and a 1-year high of $43.66.
Boston Scientific (NYSE:BSX) last announced its quarterly earnings results on Wednesday, July 24th. The medical equipment provider reported $0.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.38 by $0.01. Boston Scientific had a return on equity of 23.29% and a net margin of 13.85%. The firm had revenue of $2.63 billion during the quarter, compared to the consensus estimate of $2.64 billion. During the same period in the prior year, the firm earned $0.41 EPS. The firm’s quarterly revenue was up 5.7% compared to the same quarter last year. As a group, equities analysts forecast that Boston Scientific Co. will post 1.56 EPS for the current fiscal year.
About Boston Scientific
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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