New Mexico Educational Retirement Board has increased its holdings in Boston Scientific Co., a medical equipment provider listed on the New York Stock Exchange (NYSE: BSX). The fund purchased an additional 3,300 shares of Boston Scientific’s stock during the second quarter, resulting in a 5.0% increase in their overall holdings. As of the most recent reporting period, the fund owned a total of 69,562 shares with a value of $3,763,000.
This update was disclosed by the New Mexico Educational Retirement Board in its 13F filing with the Securities and Exchange Commission. The filing provides insights into institutional investment activity by disclosing public companies’ stocks held and their market values.
Boston Scientific recently announced its earnings results for the quarter ended July 27th. The company reported earnings per share (EPS) of $0.53 for the quarter, exceeding analysts’ consensus estimates by $0.04. The company also generated revenue of $3.60 billion during the same period, surpassing analyst expectations of $3.50 billion.
Furthermore, Boston Scientific demonstrated strong financial performance compared to the same quarter last year. Its net margin rose to 6.81%, indicating improved profitability, while return on equity reached 15.16%. Additionally, quarterly revenue experienced notable growth, increasing by 10.9% year-over-year.
Notably, sell-side analysts anticipate that Boston Scientific will achieve earnings per share of 1.99 for the current fiscal year.
The increased holdings by New Mexico Educational Retirement Board can be seen as a positive signal regarding their confidence in Boston Scientific’s prospects and overall performance within the medical equipment sector.
Investors and market observers may find this information useful when considering investment decisions related to Boston Scientific Co., as it provides insights into institutional sentiment and market trends within this industry segment.
Please note that all data presented here is based on publicly available information as at September 26th, 2023. Any subsequent developments or changes may not be reflected in this article. For the latest analysis and updates on Boston Scientific Co., it is recommended to refer to credible financial news sources and official filings with relevant regulatory authorities.
Investor Confidence and Positive Outlook Drive Boston Scientific’s Growth
On September 26, 2023, Boston Scientific (NYSE: BSX) experienced a flurry of activity in the stock market. A number of large investors made significant moves with the company’s shares. International Assets Investment Management LLC acquired a new stake in Boston Scientific during the first quarter for $54,000. Acadian Asset Management LLC also acquired a new position in the company worth $35,000 during the same period. Prudential PLC bought a new stake valued at approximately $1,076,000 in the first quarter.
Additionally, Cetera Investment Advisers increased its position by 24% during the first quarter and now owns 28,793 shares of Boston Scientific’s stock valued at $1,275,000 after purchasing an additional 5,581 shares. Sequoia Financial Advisors LLC also entered the fray and bought new shares worth about $230,000 in the first quarter. It is worth noting that currently institutional investors own 89.11% of Boston Scientific’s stock.
Trading opened on Tuesday with NYSE BSX at $53.81. The stock has been showing some stable movement recently with a 50-day simple moving average of $52.37 and a 200-day simple moving average of $51.89. Additionally, the healthcare products company has a debt-to-equity ratio of 0.46, indicating relatively stable financials.
Boston Scientific’s one-year performance fluctuated between its low of $37.74 and high of $55.38 during this period demonstrating considerable volatility in its share price historically.
Despite this flux in price range throughout the year, according to data from Bloomberg obtained from research reports issued by investment firms such as Raymond James and Royal Bank of Canada; analysts forecast continued growth for Boston Scientific as they have raised their price targets for the company.
According to these reports published on Friday July 28th , Raymond James upped their price objectives to $61.00, while Royal Bank of Canada increased theirs to $61.00, indicating a positive outlook for the company’s future performance and sustainability.
In other recent news surrounding Boston Scientific, EVP Arthur C. Butcher sold 6,600 shares of the company’s stock on Monday, August 21st at an average price of $50.40 per share which amounted to a total transaction value totaling $332,640.
On this same day Chief Executive Officer Michael F. Mahoney also sold 113,355 shares for approximately $6,110,968.05.
Both transactions were disclosed in filings with the U.S Securities and Exchange Commission (SEC), providing transparency to investors and stakeholders interested in Boston Scientific’s activities.
This sales activity by insiders is worth noting as it accounts for a significant portion of insider selling over the past quarter. In total, insiders have sold 217,635 shares valued at $11,566,176 during this period. However it should be stated that these sales represent only a minimal percentage(0.53%) of the company’s overall outstanding stock.
The stock holds a “Moderate Buy” consensus rating according to Bloomberg data analysis. Two investment analysts have given the stock a hold rating while fifteen others assign it either buy or strong buy ratings.
All in all, Boston Scientific is expected to continue its upward trajectory as indicated by positive reports from reputable investment firms and its own stable financial performance thus far this year. With ongoing interest from large investors and continued confidence expressed by analysts in its potential growth opportunities; BSC looks poised for continued success in its industry moving forward with September 26th serving as just another example of investor confidence solidly aligned with these sentiments
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