Boston Scientific (BSX) stock declines on this week’s close despite the company announcing a restructuring program. Medical device company, Boston Scientific Corp. plans to restructure its operations, targeting more than $100 million in cost cuts by 2020. The Marlborough, Mass.-based company, which has been trying to turn around its operations since its 2006 acquisition of heart-device maker Guidant for about $27 billion, on Wednesday didn’t specify how many workers would be laid off or what other actions it would take beyond saying that some changes were taking place immediately and the rest would be done by the end of 2018. The company estimates it will record $175 million to $225 million in charges.

As of Dec. 31, the company employed about 25,000 workers and more than half of the workers were in the U.S., according to regulatory filings.

A Boston Scientific Corp’s representative said on Wednesday that it is restructuring to save the medical-device maker up to $150 million a year by 2020. The company said that it expects the number of employees to remain “relatively unchanged” as new jobs are created as obsolete ones are shed. Boston Scientific said it expects to spend $175 million to $225 million on the restructuring, which is expected to be completed by the end of 2018. Shares of Boston Scientific increased by 1.8% to $23.21 in early-afternoon trading on Thursday, as the medical device maker targets between $115 million and $150 million in cost cuts by 2020 as part of a restructuring program. After that, the stock slipped by 1.29% on Friday after the stock went up the day before that due to its heavily traded volume.

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Following the completion of the transaction, the senior vice president now directly owns 96,634 shares in the company, valued at approximately $1,836,046. Over the last three months and over the last six months, the shares of Boston Scientific Corporation have changed 24.04% and 18.98%, respectively. First Republic Investment Management Inc. raised its position in shares of Boston Scientific by 71.1% in the first quarter. Winslow Capital Management LLC now owns 21,256,566 shares of the company’s stock worth $391,971,000 after buying an additional 1,641,002 shares during the last quarter. The company has price-to-sale ratio of 4.04 in last 12-month period and its price to book ratio was registered at 4.75 in most recent quarter.

Boston Scientific announced earlier today that it will restructure operations starting immediately, but didn’t provide specifics regarding the actions it will undertake. The program should be completed by the end of 2018, according to a statement.

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The company plans to lay off an unspecified number of employees, but expects its overall workforce will remain “relatively unchanged” as it adds new positions in areas of growth.

Boston Scientific’s strengths such as its revenue growth, solid stock price performance, compelling growth in net income, good cash flow from operations and expanding profit margins outweigh the fact that the company has had generally high debt management risk by most measures that were evaluated.