Cerity Partners Boosts Stake in Boston Scientific with New Shares

Cerity Partners LLC has increased its investment in Boston Scientific Corporation (NYSE: BSX) by acquiring an additional 10,625 shares during the second quarter of 2023. This move raised Cerity’s total holdings to 1,301,504 shares, valued at approximately $139,794,000 as of the latest reporting period.

The second quarter also saw significant activity from other major investors. For instance, Norges Bank acquired a new stake in Boston Scientific worth around $2,089,937,000. Edgewood Management LLC also entered the fray, purchasing a new position valued at approximately $746,655,000. Notably, Bessemer Group Inc. exhibited remarkable growth, increasing its holdings by 14,391.8%, now owning 2,919,801 shares valued at $313,618,000 after acquiring an additional 2,899,653 shares. Vanguard Group Inc. and Price T. Rowe Associates Inc. also expanded their positions in the company, reflecting a growing institutional interest in Boston Scientific.

Boston Scientific’s Stock Performance

As of the last trading session, shares of Boston Scientific opened at $97.46. The company boasts a market capitalization of $144.48 billion, alongside a P/E ratio of 52.12 and a PEG ratio of 1.96. Its stock has fluctuated within a 52-week range, with a low of $85.98 and a high of $109.50.

Further financial metrics reveal a debt-to-equity ratio of 0.47, a quick ratio of 0.96, and a current ratio of 1.51. The stock’s 50-day moving average stands at $99.27, while its 200-day moving average is $102.04.

Insider Trading Activity

In addition to institutional investments, insider trading has also been notable. On November 3, 2023, Executive Vice President Joseph Michael Fitzgerald sold 50,000 shares at an average price of $99.47, totaling approximately $4,973,500.00. Following this transaction, Fitzgerald retained 178,342 shares valued at around $17,739,678.74, marking a decrease of 21.90% in his position.

Director Ellen M. Zane also conducted a sale on November 6, 2023, selling 12,891 shares for $1,266,927.48. After this transaction, Zane holds 24,134 shares valued at approximately $2,371,889.52, reflecting a 34.82% decrease in her stake. Over the last quarter, insiders have sold a total of 143,095 shares worth $14,228,950, and insiders currently own 0.50% of the stock.

Analyst Ratings and Future Outlook

Analysts have expressed a positive outlook on Boston Scientific. Morgan Stanley raised its price target for the stock from $125.00 to $130.00, maintaining an “overweight” rating. Other firms like Leerink Partners and Truist Financial also adjusted their price objectives upwards, with the latter setting a target of $130.00.

Currently, the stock has garnered two “Strong Buy” ratings, twenty-one “Buy” ratings, and two “Hold” ratings, according to data from MarketBeat.com. The average rating sits at “Buy,” with a consensus price target of $123.77.

Boston Scientific Corporation focuses on developing, manufacturing, and marketing medical devices across various interventional medical specialties worldwide. With a diverse portfolio, the company operates primarily through two segments: MedSurg and Cardiovascular. It offers devices that diagnose and treat a range of conditions, further solidifying its presence in the global healthcare market.