Shares of Edwards Lifesciences Corp (NYSE:EW) have received an average recommendation of “Buy” from the twenty-two ratings firms that are covering the firm, Marketbeat Ratings reports. Six research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the company. The average 12-month price objective among brokers that have issued a report on the stock in the last year is $129.54.
A number of equities analysts recently commented on the stock. JPMorgan Chase & Co. downgraded shares of Edwards Lifesciences from an “overweight” rating to a “neutral” rating in a research note on Tuesday. Evercore ISI assumed coverage on shares of Edwards Lifesciences in a research note on Wednesday. They set an “outperform” rating and a $140.00 target price for the company. Morgan Stanley lowered their target price on shares of Edwards Lifesciences from $133.00 to $120.00 and set an “overweight” rating for the company in a research note on Thursday, October 26th. Barclays raised shares of Edwards Lifesciences from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $125.00 to $135.00 in a research report on Thursday. Finally, Canaccord Genuity reissued a “buy” rating and issued a $155.00 price target on shares of Edwards Lifesciences in a research report on Sunday, October 8th.
Shares of Edwards Lifesciences (EW) traded up $0.45 during mid-day trading on Friday, hitting $115.86. 909,455 shares of the company were exchanged, compared to its average volume of 1,364,950. The company has a current ratio of 3.49, a quick ratio of 2.76 and a debt-to-equity ratio of 0.33. The firm has a market capitalization of $24,520.00, a P/E ratio of 33.68, a P/E/G ratio of 1.84 and a beta of 0.51. Edwards Lifesciences has a 12-month low of $86.55 and a 12-month high of $121.45.
Edwards Lifesciences announced that its Board of Directors has authorized a share repurchase plan on Thursday, December 7th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the medical research company to purchase shares of its stock through open market purchases. Shares repurchase plans are typically an indication that the company’s board of directors believes its shares are undervalued.
In other news, VP Donald E. Bobo, Jr. sold 5,300 shares of the company’s stock in a transaction dated Monday, October 30th. The shares were sold at an average price of $101.12, for a total value of $535,936.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Larry L. Wood sold 18,960 shares of the company’s stock in a transaction dated Monday, October 16th. The shares were sold at an average price of $108.54, for a total transaction of $2,057,918.40. The disclosure for this sale can be found here. Over the last three months, insiders sold 177,680 shares of company stock valued at $19,285,511. 2.13% of the stock is owned by corporate insiders.
Several large investors have recently made changes to their positions in the company. ETF Managers Group LLC purchased a new position in Edwards Lifesciences during the second quarter worth about $112,000. MPS Loria Financial Planners LLC purchased a new position in Edwards Lifesciences during the second quarter worth about $140,000. Dupont Capital Management Corp purchased a new position in Edwards Lifesciences during the third quarter worth about $142,000. Captrust Financial Advisors purchased a new position in Edwards Lifesciences during the second quarter worth about $149,000. Finally, Salem Investment Counselors Inc. raised its holdings in Edwards Lifesciences by 16.3% during the second quarter. Salem Investment Counselors Inc. now owns 1,419 shares of the medical research company’s stock worth $168,000 after purchasing an additional 199 shares in the last quarter. 81.01% of the stock is owned by institutional investors and hedge funds.
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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.
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