Fidelity bought into the Boston Scientific (NYSE:BSX) comeback in a big way, revealing in a regulatory filing a nearly 10.5% stake in the medical device company.
With its investment, Fidelity supplants Dodge & Cox., as Boston Scientific’s largest institutional shareholder.
The mutual fund company now owns 141.1 million BSX shares, according to the filing.
Fidelity’s investment comes as Boston Scientific has been in the midst of a hot streak on Wall Street, where shares of BSX are up 85% so far in 2013.
Boston Scientific shares hit a 4-year high today, reaching $11.11 per share following its quarterly earnings report, meaning that Fidelity’s investment has increased nearly 20% in value since its position was revealed July 10.
The Natick, Mass.-based company posted profits of $130 million, or 10¢ per share, on sales of $1.81 billion during the 3 months ended June 30. Last year Boston Scientific reported $3.59 billion in losses for same period, largely due to a massive, $3.60 billion write-down.
Excluding foreign exchange effects, sales were up 2%, according to a press release, and Boston Scientific said adjusted earnings per share were 18¢ – double the expectations of Wall Street analysts.
