Top 5 Stock Picks of Thomas Steyer’s Farallon Capital

2. Boston Scientific Corporation (NYSE:BSX)

Farallon Capital’s Stake Value: $607,572,000

Percentage of Farallon Capital’s 13F Portfolio: 3.07%

Number of Hedge Fund Holders: 47

Boston Scientific Corporation (NYSE:BSX) is a Massachusetts-based manufacturer of medical devices which are used for a wide range of interventional medical applications. Farallon Capital boosted its position in Boston Scientific Corporation (NYSE:BSX) by 11% in Q3 2021, owning over 14 million shares worth $607.5 million. The stock represents 3.07% of the fund’s 13F securities. 

Boston Scientific Corporation (NYSE:BSX) posted its Q4 results on February 2, reporting earnings per share of $0.45, beating estimates by $0.01. Revenue over the period jumped 15.47% from the prior-year quarter, reaching $3.13 billion, exceeding estimates by $15.69 million. 

Piper Sandler analyst Matt O’Brien on February 2 lowered the price target on Boston Scientific Corporation (NYSE:BSX) to $50 from $51 and reiterated an Overweight rating on the shares following the company’s Q4 results.

Among the hedge funds monitored by Insider Monkey in Q3 2021, 47 hedge funds were bullish on Boston Scientific Corporation (NYSE:BSX), with stakes totalling over $3.05 billion, as compared to 51 funds in the quarter earlier, holding stakes in Boston Scientific Corporation (NYSE:BSX) worth $3.02 billion. Two Sigma Advisors is a prominent stakeholder of the company, with over 8 million shares, valued at $350.65 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.”