Grisanti Capital Management LLC Invests $8.58 Million in Boston Scientific Co. (NYSE:BSX)

Grisanti Capital Management LLC purchased a new position in Boston Scientific Co. (NYSE:BSX) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 199,521 shares of the medical equipment provider’s stock, valued at approximately $8,575,000. Boston Scientific comprises approximately 4.7% of Grisanti Capital Management LLC’s portfolio, making the stock its 6th largest position.

Other large investors have also recently modified their holdings of the company. Investors Research Corp boosted its stake in Boston Scientific by 333.3% during the second quarter. Investors Research Corp now owns 650 shares of the medical equipment provider’s stock worth $28,000 after buying an additional 500 shares during the last quarter. Next Capital Management LLC acquired a new position in Boston Scientific during the second quarter worth $29,000. Nelson Van Denburg & Campbell Wealth Management Group LLC boosted its stake in Boston Scientific by 60.0% during the first quarter. Nelson Van Denburg & Campbell Wealth Management Group LLC now owns 800 shares of the medical equipment provider’s stock worth $30,000 after buying an additional 300 shares during the last quarter. Essex Savings Bank acquired a new position in Boston Scientific during the first quarter worth $31,000. Finally, Westside Investment Management Inc. acquired a new position in Boston Scientific during the second quarter worth $31,000. 90.60% of the stock is currently owned by hedge funds and other institutional investors.

NYSE:BSX traded up $0.28 on Friday, reaching $42.15. The company’s stock had a trading volume of 3,252,800 shares, compared to its average volume of 5,661,731. Boston Scientific Co. has a 12-month low of $31.56 and a 12-month high of $43.66. The company has a quick ratio of 1.04, a current ratio of 1.31 and a debt-to-equity ratio of 0.81. The firm has a market cap of $58.71 billion, a price-to-earnings ratio of 28.67, a price-to-earnings-growth ratio of 2.48 and a beta of 0.80. The stock has a 50 day moving average price of $42.53 and a 200 day moving average price of $39.69.

Boston Scientific (NYSE:BSX) last posted its quarterly earnings data on Wednesday, July 24th. The medical equipment provider reported $0.39 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.38 by $0.01. The firm had revenue of $2.63 billion for the quarter, compared to the consensus estimate of $2.64 billion. Boston Scientific had a return on equity of 23.29% and a net margin of 13.85%. The company’s quarterly revenue was up 5.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.41 EPS. Equities research analysts expect that Boston Scientific Co. will post 1.56 EPS for the current fiscal year.

A number of equities analysts have weighed in on BSX shares. Needham & Company LLC set a $46.00 price objective on Boston Scientific and gave the stock a “buy” rating in a research note on Wednesday, July 24th. Canaccord Genuity boosted their price objective on Boston Scientific from $43.00 to $46.00 and gave the stock a “buy” rating in a research note on Thursday, June 27th. Piper Jaffray Companies set a $50.00 price objective on Boston Scientific and gave the stock a “buy” rating in a research note on Wednesday, July 24th. Stifel Nicolaus boosted their price objective on Boston Scientific from $44.00 to $46.00 and gave the stock an “in-line” rating in a research note on Thursday, June 27th. Finally, Leerink Swann set a $50.00 price objective on Boston Scientific and gave the stock a “buy” rating in a research note on Wednesday, July 31st. Four analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and two have given a strong buy rating to the company. Boston Scientific currently has an average rating of “Buy” and a consensus target price of $44.91.

In related news, EVP Joseph Michael Fitzgerald sold 20,673 shares of the business’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $43.41, for a total value of $897,414.93. Following the sale, the executive vice president now owns 226,835 shares in the company, valued at approximately $9,846,907.35. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP David A. Pierce sold 5,140 shares of the business’s stock in a transaction on Monday, June 3rd. The shares were 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 owns 27,173 shares in the company, valued at approximately $1,044,801.85. The disclosure for this sale can be found here. Insiders sold a total of 63,289 shares of company stock worth $2,611,790 in the last quarter. Company insiders own 0.66% of the company’s stock.

Boston Scientific Company 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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