Edwards Lifesciences (NYSE:EW) Price Target Cut to $70.00

Edwards Lifesciences (NYSE:EW) had its target price reduced by equities researchers at Truist Financial from $71.00 to $70.00 in a research note issued on Friday, Benzinga reports. The firm currently has a “hold” rating on the medical research company’s stock. Truist Financial’s price target would indicate a potential upside of 0.89% from the stock’s previous close.

A number of other brokerages have also recently issued reports on EW. Robert W. Baird cut their target price on shares of Edwards Lifesciences from $73.00 to $68.00 and set a “neutral” rating on the stock in a report on Friday. Bank of America cut shares of Edwards Lifesciences from a “buy” rating to a “neutral” rating and cut their target price for the stock from $105.00 to $75.00 in a report on Thursday, July 25th. Morgan Stanley reissued an “equal weight” rating and issued a $70.00 target price on shares of Edwards Lifesciences in a report on Friday, October 11th. Barclays cut their price target on Edwards Lifesciences from $90.00 to $80.00 and set an “overweight” rating on the stock in a report on Monday, September 9th. Finally, Jefferies Financial Group cut Edwards Lifesciences from a “buy” rating to a “hold” rating and cut their price target for the company from $85.00 to $70.00 in a report on Wednesday, September 18th. Fifteen research 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 stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $75.67.

Edwards Lifesciences Stock Performance

Shares of EW stock opened at $69.38 on Friday. The company has a debt-to-equity ratio of 0.08, a quick ratio of 2.87 and a current ratio of 3.71. Edwards Lifesciences has a one year low of $58.93 and a one year high of $96.12. The company’s 50-day simple moving average is $68.09 and its 200-day simple moving average is $78.39. The stock has a market capitalization of $41.79 billion, a price-to-earnings ratio of 28.55, a PEG ratio of 3.00 and a beta of 1.13.

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

Insiders Place Their Bets

In other Edwards Lifesciences news, VP Donald E. Bobo, Jr. sold 5,000 shares of Edwards Lifesciences stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $69.51, for a total value of $347,550.00. Following the transaction, the vice president now owns 46,936 shares in the company, valued at approximately $3,262,521.36. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other Edwards Lifesciences news, VP Daveen Chopra sold 1,250 shares of Edwards Lifesciences stock in a transaction that occurred on Tuesday, August 20th. The shares were 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 approximately $2,051,843.35. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, VP Donald E. Bobo, Jr. sold 5,000 shares of the firm’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $69.51, for a total transaction of $347,550.00. Following the completion of the transaction, the vice president now directly owns 46,936 shares of the company’s stock, valued at $3,262,521.36. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 16,250 shares of company stock worth $1,099,238. 1.29% of the stock is owned by insiders.

Hedge Funds Weigh In On Edwards Lifesciences

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in EW. Brookstone Capital Management boosted its stake in Edwards Lifesciences by 3.2% in the 1st quarter. Brookstone Capital Management now owns 12,275 shares of the medical research company’s stock worth $1,173,000 after purchasing an additional 383 shares during the period. Citizens Business Bank acquired a new position in Edwards Lifesciences in the 1st quarter worth approximately $3,275,000. Chapin Davis Inc. boosted its stake in Edwards Lifesciences by 1.7% in the 1st quarter. Chapin Davis Inc. now owns 8,548 shares of the medical research company’s stock worth $817,000 after purchasing an additional 140 shares during the period. Aviance Capital Partners LLC boosted its stake in Edwards Lifesciences by 61.8% in the 1st quarter. Aviance Capital Partners LLC now owns 7,194 shares of the medical research company’s stock worth $687,000 after purchasing an additional 2,748 shares during the period. Finally, Miracle Mile Advisors LLC boosted its stake in Edwards Lifesciences by 16.1% in the 1st quarter. Miracle Mile Advisors LLC now owns 10,878 shares of the medical research company’s stock worth $1,040,000 after purchasing an additional 1,507 shares during the period. Institutional investors and hedge funds own 79.46% of the company’s stock.

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.