Top 5 Stock Picks of Citadel

3. Boston Scientific Corporation (NYSE:BSX)

Citadel Investment Group’s Stake Value: $573,277,000

Percentage of Citadel Investment Group’s 13F Portfolio: 0.11%

Number of Hedge Fund Holders: 55

Boston Scientific Corporation (NYSE:BSX) is a biotechnology engineering firm that manufactures medical devices that are used in interventional radiology, interventional cardiology, neuromodulation, neurovascular intervention, electrophysiology, endoscopy, oncology, urology, and gynecology. Ken Griffin’s hedge fund boosted its stake in Boston Scientific Corporation (NYSE:BSX) by 99% in Q1, holding a $573.2 million position. 

On June 29, Canaccord analyst William Plovanic reaffirmed a Buy rating on Boston Scientific Corporation (NYSE:BSX) but lowered the price target on the shares to $43 from $51. The analyst sees Boston Scientific Corporation (NYSE:BSX) as a growth story given its ongoing M&A activity and internal R&D, as well as a financial story since the company utilizes leverage to boost its top and bottom line. He lowered the price target primarily due to compression in the comp group valuation.

According to Insider Monkey’s data, 55 hedge funds reported long positions in Boston Scientific Corporation (NYSE:BSX) at the end of Q1 2022, up from 46 funds in the prior quarter. Thomas Steyer’s Farallon Capital is the leading position holder in the company, with 15.7 million shares worth over $697 million. 

Here is what Artisan Partners has to say about Boston Scientific Corporation (NYSE:BSX) in its Q2 2021 investor letter:

“Among our top contributors (includes) Boston Scientific. Shares of Boston Scientific were volatile throughout most of 2020 as the pandemic drove significant drops in elective medical procedures, though our longer-term constructive view and belief elective medical procedures would bounce back post pandemic prompted us to add to our position. We have been rewarded with shares rebounding this year alongside a recovery in elective medical procedures. Longer-term, we believe the company’s investments in higher growth categories will drive revenue growth to the higher end of its peer group with rising margins.”