Boston Scientific (BSX) closed the most recent trading day at $87, moving +0.27% from the previous trading session. The stock's performance was behind the S&P 500's daily gain of 0.47%. On the other hand, the Dow registered a gain of 0.79%, and the technology-centric Nasdaq increased by 0.28%.

Heading into today, shares of the medical device manufacturer had gained 5.15% over the past month, outpacing the Medical sector's loss of 4.27% and the S&P 500's gain of 3.48% in that time.

The investment community will be paying close attention to the earnings performance of Boston Scientific in its upcoming release. The company is slated to reveal its earnings on October 23, 2024. The company's earnings per share (EPS) are projected to be $0.58, reflecting a 16% increase from the same quarter last year. Our most recent consensus estimate is calling for quarterly revenue of $4.03 billion, up 14.36% from the year-ago period.

Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of $2.40 per share and revenue of $16.26 billion. These totals would mark changes of +17.07% and +14.22%, respectively, from last year.

It is also important to note the recent changes to analyst estimates for Boston Scientific. These recent revisions tend to reflect the evolving nature of short-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.

Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.

The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 0.07% higher. Currently, Boston Scientific is carrying a Zacks Rank of #2 (Buy).

In the context of valuation, Boston Scientific is at present trading with a Forward P/E ratio of 36.15. For comparison, its industry has an average Forward P/E of 23.92, which means Boston Scientific is trading at a premium to the group.

It is also worth noting that BSX currently has a PEG ratio of 2.87. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. BSX's industry had an average PEG ratio of 1.97 as of yesterday's close.

The Medical - Products industry is part of the Medical sector. This industry currently has a Zacks Industry Rank of 64, which puts it in the top 26% of all 250+ industries.

The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

You can find more information on all of these metrics, and much more, on Zacks.com.

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