Zacks Investment Research upgraded shares of Edwards Lifesciences (NYSE:EW) from a hold rating to a buy rating in a report published on Thursday morning, Zacks.com reports. The brokerage currently has $203.00 price objective on the medical research company’s stock.
According to Zacks, “Edwards Lifesciences has reported better-than-expected first-quarter 2019 figures. The company has been seeing strong transcatheter valve sales in the domestic and overseas markets. It has registered strong sales within its Critical Care division, boosted by a surge in HemoSphere sales. Currently, Edwards Lifesciences awaits the full-market launch of the HemoSphere platform with FloTrac System and Acumen Hypotension Predictive Index. The company is also upbeat about the acquisition of CASMED, expected to strengthen its position in smart monitoring technologies within the critical care platform. Further, we are pleased with Edwards Lifesciences’ recent receipt of the CE Mark for PASCAL. Meanwhile, persistent supply constraints dented Cardioband system sales. This apart, tough competition in the cardiac devices market and reimbursement issues raise concerns. Overall, in the past three months, Edwards Lifesciences outperformed its industry.”
EW has been the topic of several other research reports. Bank of America raised shares of Edwards Lifesciences from a neutral rating to a buy rating and increased their price target for the stock from $180.00 to $190.00 in a research report on Friday, January 18th. Citigroup increased their price target on shares of Edwards Lifesciences from $118.00 to $119.00 and gave the stock a sell rating in a research report on Wednesday, January 2nd. Raymond James reduced their price target on shares of Edwards Lifesciences from $210.00 to $200.00 and set an outperform rating on the stock in a research report on Wednesday, April 24th. Morgan Stanley increased their price target on shares of Edwards Lifesciences from $180.00 to $197.00 and gave the stock an overweight rating in a research report on Monday, March 18th. Finally, Barclays increased their price target on shares of Edwards Lifesciences from $150.00 to $160.00 and gave the stock an underweight rating in a research report on Monday, March 25th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and fourteen have issued a buy rating to the company. Edwards Lifesciences has a consensus rating of Buy and an average target price of $187.19.
Shares of EW opened at $176.12 on Thursday. The stock has a market cap of $36.64 billion, a PE ratio of 37.47, a price-to-earnings-growth ratio of 2.25 and a beta of 0.91. Edwards Lifesciences has a 1 year low of $127.29 and a 1 year high of $197.86. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.92 and a current ratio of 3.66.
Edwards Lifesciences (NYSE:EW) last issued its quarterly earnings results on Tuesday, April 23rd. The medical research company reported $1.32 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.23 by $0.09. The business had revenue of $993.00 million for the quarter, compared to analysts’ expectations of $989.87 million. Edwards Lifesciences had a net margin of 20.03% and a return on equity of 31.16%. The business’s quarterly revenue was up 11.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.22 earnings per share. As a group, analysts predict that Edwards Lifesciences will post 5.28 EPS for the current year.
In related news, CEO Michael A. Mussallem sold 32,800 shares of the stock in a transaction on Friday, March 8th. The stock was sold at an average price of $167.89, for a total transaction of $5,506,792.00. Following the completion of the sale, the chief executive officer now directly owns 67,126 shares of the company’s stock, valued at $11,269,784.14. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Larry L. Wood sold 6,716 shares of the stock in a transaction on Monday, February 4th. The stock was sold at an average price of $169.10, for a total value of $1,135,675.60. Following the sale, the vice president now directly owns 35,224 shares of the company’s stock, valued at $5,956,378.40. The disclosure for this sale can be found here. Insiders sold 115,149 shares of company stock worth $20,265,275 over the last quarter. 1.63% of the stock is currently owned by insiders.
Several hedge funds and other institutional investors have recently modified their holdings of EW. Oregon Public Employees Retirement Fund lifted its holdings in shares of Edwards Lifesciences by 21,360.5% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 10,636,891 shares of the medical research company’s stock worth $69,000 after purchasing an additional 10,587,326 shares during the period. Norges Bank acquired a new stake in shares of Edwards Lifesciences during the fourth quarter worth $559,646,000. Jennison Associates LLC lifted its holdings in shares of Edwards Lifesciences by 184.7% during the fourth quarter. Jennison Associates LLC now owns 4,112,133 shares of the medical research company’s stock worth $629,855,000 after purchasing an additional 2,667,749 shares during the period. FMR LLC lifted its holdings in shares of Edwards Lifesciences by 28.9% during the fourth quarter. FMR LLC now owns 7,576,820 shares of the medical research company’s stock worth $1,160,540,000 after purchasing an additional 1,700,199 shares during the period. Finally, BlackRock Inc. lifted its holdings in shares of Edwards Lifesciences by 7.4% during the fourth quarter. BlackRock Inc. now owns 16,431,419 shares of the medical research company’s stock worth $2,516,802,000 after purchasing an additional 1,128,082 shares during the period. 84.89% of the stock is owned by hedge funds and other institutional investors.
Edwards Lifesciences Company Profile
Edwards Lifesciences Corporation provides products and technologies for structural heart disease and critical care monitoring in the United States and internationally. It offers transcatheter heart valve therapy products comprising transcatheter aortic valve replacement, and transcatheter mitral and tricuspid therapies for the nonsurgical replacement of heart valves.
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