Boston Scientific Corporation (BSX): Are Hedge Funds Right about This Stock?

Since Boston Scientific Corporation (NYSE:BSX) has experienced declining sentiment from the aggregate hedge fund industry, it’s safe to say that there lies a certain “tier” of hedge funds that slashed their entire stakes heading into Q4. Intriguingly, Benjamin A. Smith’s Laurion Capital Management said goodbye to the largest stake of all the hedgies watched by Insider Monkey, valued at an estimated $15.9 million in stock, and Paul Sinclair’s Blue Jay Capital Management was right behind this move, as the fund sold off about $11 million worth.

Let’s also examine hedge fund activity in other stocks similar to Boston Scientific Corporation (NYSE:BSX). These stocks are PG&E Corporation (NYSE:PCG), Prudential Financial Inc (NYSE:PRU), Liberty Global PLC LiLAC Class C (NASDAQ:LILAK), and Air Products & Chemicals, Inc. (NYSE:APD). This group of stocks’ market valuations are closest to BSX’s market valuation.

As you can see these stocks had an average of 38 hedge funds with bullish positions and the average amount invested in these stocks was $1.72 billion. That figure was $1.74 billion in BSX’s case. Air Products & Chemicals, Inc. (NYSE:APD) is the most popular stock in this table. On the other hand PG&E Corporation (NYSE:PCG) is the least popular one with only 23 bullish hedge fund positions. Boston Scientific Corporation (NYSE:BSX) is not the most popular stock in this group but hedge fund interest is still above average. This is a slightly positive signal but we’d rather spend our time researching stocks that hedge funds are piling on. In this regard Air Products & Chemicals, Inc. (NYSE:APD) might be a better candidate to consider a long position.