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Based in Marlborough, Massachusetts, Boston Scientific Corporation (BSX) operates in the medical device industry with a market cap of $113.1 billion. The company develops, manufactures, and markets innovative devices for cardiovascular, rhythm and neuro, and MedSurg applications, addressing a wide range of interventional medical needs worldwide.
Companies valued at $10 billion or more are generally considered "large-cap" stocks, and Boston Scientific fits this criterion perfectly, exceeding the mark. Boston Scientific's groundbreaking medical devices, particularly the Taxus drug-eluting stents and the EMBLEM subcutaneous implantable defibrillator (S-ICD), fuel its significant revenue streams and solidify its dominant position in the global medical technology market.
However, the medical device manufacturer has fallen marginally from its 52-week high of $77.56 achieved on June 7. Despite this recent pullback, shares of Boston Scientific gained 14.4% over the past three months, outperforming the broader S&P 500 Index's ($SPX) 4.6% gains over the same time frame.
Longer term, BSX is up 33.9% on a YTD basis, outpacing SPX's 12.4% gains. Moreover, BSX stock has surged 51% over the past 52 weeks, compared to SPX's 24.7% returns over the same time frame.
To confirm the bullish price trend, BSX has been trading above both its 50-day and 200-day moving averages since November last year.
Boston Scientific's stock has outpaced broader markets, bolstered by consistent market share growth across its cardiovascular, MedSurg, and Neuromodulation segments, fueled by regulatory approvals and strategic acquisitions. Notably, on April 24, the stock surged 5.7% after the company raised its 2024 guidance and reported stronger-than-expected Q1 earnings results, driven by robust demand for its heart devices, especially in the electrophysiology segment.
To emphasize the stock’s outperformance, rival Medtronic plc (MDT) is underperforming – not just BSX but the broader equity benchmarks. Over the past 52 weeks, Medtronic stock has only dipped slightly and has shown a marginal increase on a YTD basis.
Given Boston Scientific's recent stock performance and market dominance, analysts remain optimistic about its prospects. The stock has a consensus rating of "Strong Buy" from the 25 analysts covering the stock, and the mean price target of $81.79 represents a premium of just 5.6% to current levels.
On the date of publication, Sohini Mondal did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
