Edwards Lifesciences (NYSE:EW) Price Target Cut to $77.00 by Analysts at Citigroup

Edwards Lifesciences (NYSE:EW) had its price objective decreased by Citigroup from $83.00 to $77.00 in a research note issued to investors on Tuesday, Benzinga reports. Citigroup currently has a buy rating on the medical research company’s stock.

A number of other equities research analysts have also recently weighed in on EW. Piper Sandler dropped their price target on Edwards Lifesciences from $88.00 to $73.00 and set a neutral rating for the company in a report on Thursday, July 25th. Daiwa Capital Markets raised Edwards Lifesciences from a neutral rating to an outperform rating in a research note on Wednesday, July 31st. TD Cowen cut Edwards Lifesciences from a buy rating to a hold rating and lowered their target price for the company from $100.00 to $70.00 in a research note on Thursday, July 25th. The Goldman Sachs Group lowered their target price on Edwards Lifesciences from $107.00 to $91.00 and set a buy rating for the company in a research note on Friday, July 26th. Finally, Baird R W cut Edwards Lifesciences from a strong-buy rating to a hold rating in a research note on Thursday, July 25th. Sixteen research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Edwards Lifesciences has an average rating of Hold and an average price target of $78.23.

Edwards Lifesciences Price Performance

Edwards Lifesciences stock opened at $65.49 on Tuesday. The company has a debt-to-equity ratio of 0.08, a current ratio of 3.71 and a quick ratio of 2.87. The company has a market capitalization of $39.46 billion, a PE ratio of 28.23, a price-to-earnings-growth ratio of 2.80 and a beta of 1.13. Edwards Lifesciences has a one year low of $58.93 and a one year high of $96.12. The business has a 50 day simple moving average of $66.64 and a 200 day simple moving average of $81.09.

Edwards Lifesciences (NYSE:EW) last posted its 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. Edwards Lifesciences had a return on equity of 22.35% and a net margin of 24.55%. The business had revenue of $1.63 billion during the quarter, compared to the consensus estimate of $1.65 billion. During the same quarter last year, the company earned $0.66 EPS. Edwards Lifesciences’s revenue was up 6.7% on a year-over-year basis. On average, sell-side analysts forecast that Edwards Lifesciences will post 2.71 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, VP Donald E. Bobo, Jr. sold 5,000 shares of the business’s stock in a transaction dated Wednesday, July 10th. The stock was sold at an average price of $93.29, for a total value of $466,450.00. Following the sale, the vice president now directly owns 46,936 shares in the company, valued at $4,378,659.44. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, VP Donald E. Bobo, Jr. sold 5,000 shares of the business’s stock in a transaction dated Wednesday, July 10th. The stock was sold at an average price of $93.29, for a total value of $466,450.00. Following the sale, the vice president now directly owns 46,936 shares in the company, valued at $4,378,659.44. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP Daveen Chopra sold 1,250 shares of the business’s stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $69.95, for a total value of $87,437.50. Following the completion of the sale, the vice president now owns 29,333 shares in the company, valued at approximately $2,051,843.35. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 16,250 shares of company stock worth $1,218,138. Corporate insiders own 1.29% of the company’s stock.

Institutional Trading of Edwards Lifesciences

A number of hedge funds and other institutional investors have recently modified their holdings of EW. Focus Financial Network Inc. ADV acquired a new stake in shares of Edwards Lifesciences in the fourth quarter valued at about $209,000. Eagle Asset Management Inc. acquired a new stake in shares of Edwards Lifesciences in the fourth quarter valued at about $241,000. The Manufacturers Life Insurance Company increased its position in shares of Edwards Lifesciences by 7.9% in the fourth quarter. The Manufacturers Life Insurance Company now owns 782,795 shares of the medical research company’s stock valued at $59,689,000 after acquiring an additional 57,344 shares during the last quarter. NEOS Investment Management LLC increased its position in Edwards Lifesciences by 152.0% during the fourth quarter. NEOS Investment Management LLC now owns 15,041 shares of the medical research company’s stock worth $1,147,000 after buying an additional 9,073 shares during the last quarter. Finally, CIBC Asset Management Inc increased its position in Edwards Lifesciences by 31.2% during the fourth quarter. CIBC Asset Management Inc now owns 114,975 shares of the medical research company’s stock worth $8,767,000 after buying an additional 27,324 shares during the last quarter. 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.