Canaccord Genuity Group Lowers Edwards Lifesciences (NYSE:EW) Price Target to $63.00

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

Several other equities research analysts also recently commented on the company. UBS Group decreased 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. Daiwa Capital Markets upgraded Edwards Lifesciences from a “neutral” rating to an “outperform” rating in a report on Wednesday, July 31st. Citigroup decreased 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. Royal Bank of Canada decreased their price objective on Edwards Lifesciences from $85.00 to $75.00 and set an “outperform” rating for the company in a report on Tuesday, October 8th. Finally, Bank of America downgraded Edwards Lifesciences from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $105.00 to $75.00 in a report on Thursday, July 25th. Fifteen investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $75.67.

Edwards Lifesciences Price Performance

Shares of EW opened at $69.38 on Friday. Edwards Lifesciences has a 52-week low of $58.93 and a 52-week high of $96.12. The company has a debt-to-equity ratio of 0.08, a quick ratio of 2.87 and a current ratio of 3.71. The business’s 50 day moving average price is $68.09 and its two-hundred day moving average price is $78.39. The firm has a market cap of $41.79 billion, a PE ratio of 28.55, a price-to-earnings-growth ratio of 3.00 and a beta of 1.13.

Edwards Lifesciences (NYSE:EW) last issued its quarterly earnings results on Thursday, October 24th. The medical research company reported $0.67 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.67. Edwards Lifesciences had a return on equity of 22.35% and a net margin of 24.55%. The firm had revenue of $1.35 billion for the quarter, compared to analyst estimates of $1.57 billion. During the same period in the previous year, the firm earned $0.59 earnings per share. The company’s revenue was up 8.9% compared to the same quarter last year. On average, equities analysts anticipate that Edwards Lifesciences will post 2.61 EPS for the current year.

Insider Buying and Selling

In related news, VP Daveen Chopra sold 1,250 shares of the stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $69.95, for a total transaction of $87,437.50. Following the sale, the vice president now owns 29,333 shares of the company’s stock, valued at approximately $2,051,843.35. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Edwards Lifesciences news, VP Donald E. Bobo, Jr. sold 5,000 shares of the company’s stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $69.51, for a total value of $347,550.00. Following the transaction, the vice president now directly owns 46,936 shares in the company, valued at $3,262,521.36. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Daveen Chopra sold 1,250 shares of the company’s 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 completion of the transaction, the vice president now owns 29,333 shares in the company, valued at $2,051,843.35. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 16,250 shares of company stock valued at $1,099,238. Corporate insiders own 1.29% of the company’s stock.

Hedge Funds Weigh In On Edwards Lifesciences

A number of institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its position in shares of Edwards Lifesciences by 1.1% during the 1st quarter. Vanguard Group Inc. now owns 52,964,394 shares of the medical research company’s stock valued at $5,061,277,000 after purchasing an additional 600,994 shares during the last quarter. Bank of New York Mellon Corp increased its position in shares of Edwards Lifesciences by 4.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 19,782,909 shares of the medical research company’s stock valued at $1,827,347,000 after purchasing an additional 809,605 shares during the last quarter. Price T Rowe Associates Inc. MD increased its position in shares of Edwards Lifesciences by 57.9% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 6,516,260 shares of the medical research company’s stock valued at $622,695,000 after purchasing an additional 2,390,137 shares during the last quarter. Champlain Investment Partners LLC grew its position in Edwards Lifesciences by 3.1% during the 1st quarter. Champlain Investment Partners LLC now owns 2,964,168 shares of the medical research company’s stock worth $283,256,000 after acquiring an additional 88,205 shares during the last quarter. Finally, AustralianSuper Pty Ltd grew its position in Edwards Lifesciences by 14.2% during the 2nd quarter. AustralianSuper Pty Ltd now owns 2,778,812 shares of the medical research company’s stock worth $256,679,000 after acquiring an additional 344,465 shares during the last quarter. 79.46% of the stock is currently owned by institutional investors.

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.