Provident Investment Management Inc. Trims Holdings in Edwards Lifesciences Co. (NYSE:EW)

Provident Investment Management Inc. reduced its position in Edwards Lifesciences Co. (NYSE:EW) by 1.3% during the 2nd quarter, according to its most recent filing with the SEC. The firm owned 447,549 shares of the medical research company’s stock after selling 5,781 shares during the quarter. Edwards Lifesciences comprises about 3.8% of Provident Investment Management Inc.’s holdings, making the stock its 16th largest position. Provident Investment Management Inc. owned approximately 0.07% of Edwards Lifesciences worth $41,340,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Andra AP fonden boosted its position in shares of Edwards Lifesciences by 125.9% in the 2nd quarter. Andra AP fonden now owns 83,800 shares of the medical research company’s stock worth $7,741,000 after buying an additional 46,700 shares in the last quarter. Royal London Asset Management Ltd. boosted its position in shares of Edwards Lifesciences by 0.8% in the 2nd quarter. Royal London Asset Management Ltd. now owns 239,639 shares of the medical research company’s stock worth $22,135,000 after buying an additional 2,006 shares in the last quarter. Invesco LLC boosted its position in shares of Edwards Lifesciences by 7.3% in the 2nd quarter. Invesco LLC now owns 3,039 shares of the medical research company’s stock worth $281,000 after buying an additional 207 shares in the last quarter. Choreo LLC lifted its holdings in Edwards Lifesciences by 550.4% in the 2nd quarter. Choreo LLC now owns 24,977 shares of the medical research company’s stock valued at $2,260,000 after purchasing an additional 21,137 shares in the last quarter. Finally, Wedbush Securities Inc. lifted its holdings in Edwards Lifesciences by 1.5% in the 2nd quarter. Wedbush Securities Inc. now owns 18,889 shares of the medical research company’s stock valued at $1,745,000 after purchasing an additional 285 shares in the last quarter. 79.46% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on EW shares. Citigroup increased their target price on shares of Edwards Lifesciences from $105.00 to $106.00 and gave the stock a “buy” rating in a research report on Wednesday, July 10th. Evercore ISI dropped their target price on shares of Edwards Lifesciences from $91.00 to $76.00 and set an “in-line” rating for the company in a research report on Thursday, July 25th. JPMorgan Chase & Co. downgraded shares of Edwards Lifesciences from an “overweight” rating to a “neutral” rating and dropped their target price for the stock from $105.00 to $72.00 in a research report on Thursday, July 25th. Daiwa Capital Markets raised shares of Edwards Lifesciences from a “neutral” rating to an “outperform” rating in a research report on Wednesday, July 31st. Finally, Truist Financial downgraded shares of Edwards Lifesciences from a “buy” rating to a “hold” rating and lowered their price objective for the company from $110.00 to $82.00 in a research report on Thursday, July 25th. Fourteen equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Edwards Lifesciences has an average rating of “Moderate Buy” and an average target price of $81.10.

Edwards Lifesciences Stock Performance

Shares of EW opened at $65.71 on Tuesday. Edwards Lifesciences Co. has a one year low of $58.93 and a one year high of $96.12. The company has a 50-day moving average of $74.26 and a two-hundred day moving average of $83.98. The stock has a market cap of $39.58 billion, a price-to-earnings ratio of 28.32, a PEG ratio of 2.79 and a beta of 1.13. The company has a debt-to-equity ratio of 0.08, a current ratio of 3.71 and a quick ratio of 2.87.

Edwards Lifesciences (NYSE:EW) last posted its quarterly earnings results on Wednesday, July 24th. The medical research company reported $0.70 EPS for the quarter, topping the consensus estimate of $0.69 by $0.01. The business had revenue of $1.63 billion during the quarter, compared to analysts’ expectations of $1.65 billion. Edwards Lifesciences had a net margin of 24.55% and a return on equity of 22.35%. The firm’s quarterly revenue was up 6.7% compared to the same quarter last year. During the same period last year, the company posted $0.66 earnings per share. On average, equities research analysts expect that Edwards Lifesciences Co. will post 2.7 earnings per share for the current year.

Insider Buying and Selling at Edwards Lifesciences

In other 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 of the company’s stock, valued at $2,051,843.35. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, VP Donald E. Bobo, Jr. sold 5,000 shares of the business’s stock in a transaction on Wednesday, August 14th. The shares were sold at an average price of $66.08, for a total transaction of $330,400.00. Following the transaction, the vice president now owns 46,936 shares of the company’s stock, valued at $3,101,530.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Daveen Chopra sold 1,250 shares of the business’s stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $69.95, for a total transaction of $87,437.50. Following the transaction, the vice president now directly owns 29,333 shares in the company, valued at approximately $2,051,843.35. The disclosure for this sale can be found here. Insiders sold 16,250 shares of company stock worth $1,321,988 over the last ninety days. 1.29% of the stock is currently owned by insiders.

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.