Edwards Lifesciences (NYSE:EW) was downgraded by research analysts at JPMorgan Chase & Co. from an “overweight” rating to a “neutral” rating in a report released on Tuesday, The Fly reports.
Several other analysts have also commented on the company. Cowen set a $135.00 price target on Edwards Lifesciences and gave the company a “buy” rating in a research note on Sunday, December 10th. BMO Capital Markets reaffirmed a “buy” rating and issued a $137.00 price target on shares of Edwards Lifesciences in a research note on Friday, December 8th. Canaccord Genuity reaffirmed a “buy” rating and issued a $137.00 price target on shares of Edwards Lifesciences in a research note on Wednesday, November 29th. Deutsche Bank decreased their price target on Edwards Lifesciences from $122.00 to $115.00 and set a “hold” rating on the stock in a research note on Thursday, October 26th. Finally, Morgan Stanley decreased their price target on Edwards Lifesciences from $133.00 to $120.00 and set an “overweight” rating on the stock in a research note on Thursday, October 26th. Seven investment analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the stock. Edwards Lifesciences has an average rating of “Buy” and an average price target of $126.43.
Shares of Edwards Lifesciences (EW) opened at $112.71 on Tuesday. Edwards Lifesciences has a fifty-two week low of $86.55 and a fifty-two week high of $121.45. The firm has a market capitalization of $23,851.68, a P/E ratio of 32.76, a PEG ratio of 2.02 and a beta of 0.51. The company has a current ratio of 3.49, a quick ratio of 2.76 and a debt-to-equity ratio of 0.33.
Edwards Lifesciences declared that its board has approved a share repurchase program on Thursday, December 7th that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the medical research company to buy shares of its stock through open market purchases. Shares repurchase programs are usually an indication that the company’s board believes its shares are undervalued.
In other Edwards Lifesciences news, VP Donald E. Bobo, Jr. sold 5,300 shares of the business’s stock in a transaction on Monday, October 30th. The stock was sold at an average price of $101.12, for a total value of $535,936.00. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Michael A. Mussallem sold 32,800 shares of the business’s stock in a transaction on Tuesday, December 19th. The stock was sold at an average price of $114.82, for a total value of $3,766,096.00. The disclosure for this sale can be found here. In the last three months, insiders sold 177,680 shares of company stock worth $19,285,511. Insiders own 2.13% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in the company. Veritable L.P. raised its position in shares of Edwards Lifesciences by 1.2% during the second quarter. Veritable L.P. now owns 6,244 shares of the medical research company’s stock worth $738,000 after acquiring an additional 71 shares during the last quarter. Stephens Inc. AR raised its position in shares of Edwards Lifesciences by 1.2% during the second quarter. Stephens Inc. AR now owns 7,831 shares of the medical research company’s stock worth $926,000 after acquiring an additional 91 shares during the last quarter. Johnson Financial Group Inc. raised its position in shares of Edwards Lifesciences by 7.1% during the second quarter. Johnson Financial Group Inc. now owns 1,639 shares of the medical research company’s stock worth $194,000 after acquiring an additional 109 shares during the last quarter. Advisory Services Network LLC raised its position in shares of Edwards Lifesciences by 0.9% during the second quarter. Advisory Services Network LLC now owns 12,565 shares of the medical research company’s stock worth $1,486,000 after acquiring an additional 112 shares during the last quarter. Finally, Kingfisher Capital LLC raised its position in shares of Edwards Lifesciences by 1.9% during the second quarter. Kingfisher Capital LLC now owns 8,454 shares of the medical research company’s stock worth $1,000,000 after acquiring an additional 159 shares during the last quarter. Institutional investors own 81.36% of the company’s stock.
About Edwards Lifesciences
Edwards Lifesciences Corporation is a manufacturer of heart valve systems and repair products used to replace or repair a patient’s diseased or defective heart valve. The Company is engaged in patient-focused innovations for structural heart disease and critical care monitoring. Its segments include United States, Europe, Japan and Rest of World.
