1. Boston Scientific Corporation (NYSE:BSX)
Number of Hedge Fund Holders: 82
Boston Scientific Corporation (NYSE: BSX) is a leading global medical device manufacturer offering products such as stents, catheters, and cardiac monitors in over 100 countries. The company specializes in technologies like pulsed-field ablation (FPA), which enables targeted treatment while preserving organ structure. The launch of its Farapulse FPA product in January contributed to a 17% revenue growth in the U.S. in Q2, and global regulatory approval for Farapulse could further enhance its performance. Boston Scientific’s shares have risen 44% year-to-date.
Boston Scientific Corporation (NYSE:BSX) was mentioned by Artisan Partners in their investor letter dated Q2 2024. The fund said as follows:
“Boston Scientific is a global developer, manufacturer, and marketer of medical devices that are used in a broad range of interventional medical specialties. The company develops cardiovascular and cardiac rhythm management products, including imaging catheters, imaging systems, and guidewires. It also makes devices used for electrophysiology, endoscopy, pain management (neuromodulation), urology, and pelvic health, including laser systems, hydrogel systems, and brain stimulation systems. Boston Scientific markets its products in about 130 countries; the U.S. generates about 60% of its revenue.
We believe Boston Scientific, as a leader in medical devices, is benefiting from the strong utilization trends coming out of COVID-19, positive demographic trends with aging patients, and new product innovation to gain market share. The company has executed well against the long-range plan issued last fall, which calls for organic sales growth in the range of 8%-10%, 150 basis points of operating margin expansion, and category leadership over the period 2024 through 2026. Additionally, we see a consistent track record of accelerating organic sales growth and a track record of accretive M&A.”
As of Q2, 2024, 82 hedge funds in the Insider Monkey database held shares in the stock, with Citadel Investment Group having the largest stake among these, holding 12,499,867 shares worth $962,614,757. Boston Scientific holds a strong buy rating, with 19 Wall Street analysts providing 12-month price targets over the last 3 months. The average price target is $90.94, with a high of $100.00 and a low of $78.00, indicating a potential 3.26% increase from the current price of $88.07.
Overall, BSX ranks first among the 8 most promising medical stocks to buy. While we acknowledge the potential of BSX as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter timeframe. If you are looking for an AI stock that is more promising than BSX but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
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