Boston Scientific Corp (NYSE:BSX) director Charles J. Dockendorff has sold a total of 3,946 shares of the company's common stock, according to a recent filing with the Securities and Exchange Commission. The transaction, dated May 7, 2024, involved shares sold at a price of $72.7, amounting to a total value of $286,874.
The sale was conducted under a pre-established Rule 10b5-1 trading plan, which allows company insiders to set up a predetermined schedule for buying and selling securities to avoid accusations of insider trading. This plan had been adopted by Dockendorff on May 19, 2023.
Following the transaction, the report indicated that Dockendorff no longer holds direct ownership of shares in the company. However, indirect holdings through a spouse's trust and another trust remain substantial, with 42,622 and 17,380 shares respectively.
Investors often monitor insider transactions as they can provide insights into executives’ perspectives on the company's future performance. The filing with the SEC ensures transparency and allows the public to stay informed about significant changes in insider ownership.
Boston Scientific, headquartered in Marlborough, Massachusetts, is a leading manufacturer of medical devices used in a range of interventional medical specialties. The company's stock trades on the New York Stock Exchange under the ticker symbol BSX.
InvestingPro Insights
Boston Scientific Corp's (NYSE:BSX) recent insider sale coincides with a period of notable financial metrics and optimistic projections. With a market capitalization of $106.91 billion, the company stands as a significant entity in the healthcare equipment and supplies sector. The latest data reflects a robust growth trajectory, with revenue for the last twelve months as of Q1 2024 reaching $14.71 billion, marking a growth of 12.74%.
The company's stock performance has also been impressive, with a 6-month price total return of 40.91%, nearing its 52-week high at 98.29% of the peak price. This bullish trend aligns with an InvestingPro Tip that highlights Boston Scientific's strong return over the last five years. Moreover, analysts have revised their earnings upwards for the upcoming period, indicating potential continued growth.
Another InvestingPro Tip worth noting for investors is that Boston Scientific is trading at a low P/E ratio relative to near-term earnings growth, with an adjusted P/E ratio for the last twelve months as of Q1 2024 at 58.5. This suggests that the stock may be undervalued in terms of its growth potential. Additionally, the company's gross profit margin stands at a healthy 69.0%, underpinning its financial stability.
For those looking to delve deeper into Boston Scientific's financial health and future prospects, more InvestingPro Tips are available. In fact, there are 19 additional tips listed on InvestingPro, which can be accessed for further detailed analysis. To enrich your investment strategy, consider using the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription at InvestingPro.
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