8. Boston Scientific Corporation (NYSE:BSX)
Number of Hedge Fund Holders as of Q4: 96
Millennium Management’s Equity Stake: $770.72 Million
Founded in 1979 and based in Marlborough, Massachusetts, Boston Scientific Corporation (NYSE:BSX) is a global biomedical engineering company specializing in medical devices for interventional procedures across various fields, including cardiology, neuromodulation, and oncology. It is particularly known for developing the Taxus Stent, a drug-eluting stent designed to treat clogged arteries. In Q4 2024, the company demonstrated strong financial growth, with revenue rising 22% year-over-year to $4.56 billion and net income surging 12% to $566 million. Operating profit improved by 28% to $790 million, reflecting increased efficiency and profitability. The company reported earnings per share (EPS) of $0.70, surpassing analyst expectations of $0.66 by 6.7%.
In the fourth quarter of 2024, Millennium Management held over 9 million shares in Boston Scientific Corporation (NYSE:BSX), which is valued at over $770 million and represents 0.37% of the fund’s portfolio. Institutional interest in the stock also surged, with 96 out of 1,008 hedge funds tracked by Insider Monkey holding positions worth nearly $7.22 billion by the end of Q4, up from 92 funds in the prior quarter. The growing hedge fund investment underscores strong confidence in Boston’s growth potential, strengthening its position as a top stock choice.
Boston Scientific Corporation (NYSE:BSX) has demonstrated strong growth momentum despite macroeconomic challenges, surpassing market expectations with its robust fourth-quarter 2024 results and issuing an optimistic outlook for 2025. As of February 20, 2025, its stock price has risen 17.8% year-to-date, outperforming the broader medical sector and key competitors like Abbott, Medtronic, and Becton Dickinson. The company continues to expand in emerging markets, particularly in EMEA and APAC, with notable success in China, Japan, Australia, and New Zealand. For 2025, Boston Scientific Corporation (NYSE:BSX) projects organic revenue growth of 10% to 12%, with first-quarter adjusted EPS expected between $0.66 and $0.68. Analysts predict a 10.83% upside in stock value, with an average price target of $117.63, reinforcing confidence in its long-term potential. Despite economic headwinds, the company’s strong execution, strategic investments, and operational efficiencies position it for continued success in the medical device industry.
Baron Health Care Fund stated the following regarding Boston Scientific Corporation (NYSE:BSX) in its Q4 2024 investor letter:
“Boston Scientific Corporation (NYSE:BSX) is a global manufacturer of devices used in a broad range of interventional medical specialties. Shares climbed steadily throughout the quarter on solid company fundamentals, including a double-digit EPS growth profile and cost discipline that produces more than 50 basis points of annual operating margin expansion. We believe Boston Scientific can see sustainable organic growth in the high single digits, driven by differentiated products in electrophysiology and structural heart, in particular, the emerging field of pulsed field ablation (PFA), where the company is well positioned. Temperature-based methods (either hot or cold) to disable heart tissue responsible for irregular heartbeats can damage surrounding tissue. PFA relies on electricity to damage aberrant tissue, and because different types of tissue have different electrical thresholds, the surrounding tissue can be selectively spared. In our opinion, Boston Scientific is a compelling name within the large-cap medical device universe.”
