Edwards Lifesciences (NYSE:EW) Price Target Cut to $63.00

Edwards Lifesciences (NYSE:EW) had its price target lowered by Canaccord Genuity Group from $66.00 to $63.00 in a note issued to investors on Friday, Benzinga reports. The brokerage presently has a “hold” rating on the medical research company’s stock. Canaccord Genuity Group’s price objective would indicate a potential downside of 9.20% from the stock’s previous close.

EW has been the subject of several other research reports. Deutsche Bank Aktiengesellschaft cut their price objective on Edwards Lifesciences from $103.00 to $85.00 and set a “buy” rating for the company in a report on Thursday, July 25th. UBS Group cut their price objective on Edwards Lifesciences from $90.00 to $75.00 and set a “neutral” rating for the company in a report on Tuesday, September 10th. Citigroup cut their price objective on Edwards Lifesciences from $83.00 to $77.00 and set a “buy” rating for the company in a report on Tuesday, October 1st. Robert W. Baird cut their price target on Edwards Lifesciences from $73.00 to $68.00 and set a “neutral” rating for the company in a report on Friday. Finally, TD Cowen downgraded Edwards Lifesciences from a “buy” rating to a “hold” rating and cut their price target for the company from $100.00 to $70.00 in a report on Thursday, July 25th. Fifteen analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $75.67.

Edwards Lifesciences Price Performance

Shares of EW opened at $69.38 on Friday. The stock has a market capitalization of $41.79 billion, a P/E ratio of 28.55, a P/E/G ratio of 3.00 and a beta of 1.13. Edwards Lifesciences has a twelve month low of $58.93 and a twelve month high of $96.12. The company has a 50 day moving average of $68.09 and a 200-day moving average of $78.39. The company has a quick ratio of 2.87, a current ratio of 3.71 and a debt-to-equity ratio of 0.08.

Edwards Lifesciences (NYSE:EW) last issued its quarterly earnings results on Thursday, October 24th. The medical research company reported $0.67 earnings per share for the quarter, hitting the consensus estimate of $0.67. The company had revenue of $1.35 billion during the quarter, compared to analysts’ expectations of $1.57 billion. Edwards Lifesciences had a net margin of 24.55% and a return on equity of 22.35%. The business’s quarterly revenue was up 8.9% on a year-over-year basis. During the same period last year, the business earned $0.59 EPS. As a group, equities research analysts forecast that Edwards Lifesciences will post 2.61 EPS for the current fiscal year.

Insider Buying and Selling

In related news, VP Donald E. Bobo, Jr. sold 5,000 shares of the firm’s stock in a transaction on Wednesday, August 14th. The stock was sold at an average price of $66.08, for a total value of $330,400.00. Following the transaction, the vice president now owns 46,936 shares in the company, valued at approximately $3,101,530.88. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Edwards Lifesciences news, VP Daveen Chopra sold 1,250 shares of Edwards Lifesciences stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $69.95, for a total value of $87,437.50. Following the transaction, the vice president now owns 29,333 shares in the company, valued at $2,051,843.35. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Donald E. Bobo, Jr. sold 5,000 shares of Edwards Lifesciences stock in a transaction dated Wednesday, August 14th. The shares were sold at an average price of $66.08, for a total value of $330,400.00. Following the completion of the transaction, the vice president now owns 46,936 shares in the company, valued at approximately $3,101,530.88. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 16,250 shares of company stock worth $1,099,238. Company insiders own 1.29% of the company’s stock.

Institutional Trading of Edwards Lifesciences

Hedge funds have recently made changes to their positions in the company. Allspring Global Investments Holdings LLC boosted its stake in shares of Edwards Lifesciences by 4.4% during the first quarter. Allspring Global Investments Holdings LLC now owns 330,711 shares of the medical research company’s stock valued at $31,603,000 after purchasing an additional 14,087 shares in the last quarter. Empowered Funds LLC lifted its stake in shares of Edwards Lifesciences by 151.2% in the first quarter. Empowered Funds LLC now owns 20,123 shares of the medical research company’s stock worth $1,923,000 after acquiring an additional 12,112 shares during the period. Cetera Advisors LLC lifted its stake in shares of Edwards Lifesciences by 175.1% in the first quarter. Cetera Advisors LLC now owns 38,090 shares of the medical research company’s stock worth $3,640,000 after acquiring an additional 24,242 shares during the period. Financial Sense Advisors Inc. acquired a new position in shares of Edwards Lifesciences in the first quarter worth approximately $975,000. Finally, BDF Gestion acquired a new position in shares of Edwards Lifesciences in the second quarter worth approximately $5,148,000. 79.46% of the stock is owned by institutional investors and hedge funds.

About Edwards Lifesciences

Edwards Lifesciences Corporation provides products and technologies for structural heart disease and critical care monitoring in the United States, Europe, Japan, and internationally. It offers transcatheter heart valve replacement products for the minimally invasive replacement of aortic heart valves under the Edwards SAPIEN family of valves system; and transcatheter heart valve repair and replacement products to treat mitral and tricuspid valve diseases under the PASCAL PRECISION and Cardioband names.