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Home » Vanguard, BlackRock buy into Boston Scientific’s turnaround

Vanguard, BlackRock buy into Boston Scientific’s turnaround

February 12, 2014 By Brad Perriello

Vanguard, BlackRock buy into Boston Scientific's turnaround

Count mutual fund giant Vanguard Group and hedge fund BlackRock Inc. among the believers in the comeback story at Boston Scientific (NYSE:BSX).

Vanguard took up a 6.7% stake in Boston Scientific as of the end of last year, according to regulatory filings, after a year that saw BSX shares rise more than 105%, to $12.02 apiece, from their $5.86 opening Jan. 2, 2013.

And BlackRock in 2013 boosted its share in the medical device company by 4.6%, to 6.4%, according to the filings.

BlackRock’s share in Boston Scientific has spiked some 20.8% since the end of 2011, when the hedge fund reported a 5.3% holding. By the end of 2012, BlackRock had slashed some 9.3% off its piece of the company, reporting a 4.8% stake. That rose 27.2% during the next year, to 6.1% at the close of 2012.

Another mutual fund powerhouse, Fidelity, also bought into the recovery by Natick, Mass.-based Boston Scientific, acquiring a 10.5% share in July 2013.

Boston Scientific doubled its earnings per share during the 4th quarter on an 80% profit surge eked out despite flat sales growth that still topped analysts’ expectations, posting profits of $108 million, or 8¢ per share, on sales of $1.84 billion for the 3 months ended Dec. 31, 2013.

That’s top-line growth of 0.9% compared with Q4 2012. Adjusted to exclude 1-time items, earnings were 21¢ per share; the consensus outlook on The Street called for adjusted EPS of 12¢ on sales of $1.83 billion.

For the full year, Boston Scientific slashed losses by nearly 100%, but sales were off by 1.5%. Losses for 2013 were -$121 million, or -9¢ per share, on sales of $7.14 billion; losses in 2012 were -$4.07 billion, or -29¢ per share, on sales of $7.25 billion.

BSX shares closed at $12.96 apiece today, up 0.9%.

Filed Under: News Well, Wall Street Beat Tagged With: BlackRock Inc., Boston Scientific, Fidelity, Vanguard Group

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