Zacks Investment Research Upgrades Edwards Lifesciences (NYSE:EW) to “Buy”
Zacks Investment Research upgraded shares of Edwards Lifesciences (NYSE:EW) from a hold rating to a buy rating in a research note published on Wednesday, Zacks.com reports. The brokerage currently has $189.00 price objective on the medical research company’s stock.
According to Zacks, “Edwards Lifesciences has been seeing strong transcatheter valve sales in the domestic and overseas markets. In the first quarter, it registered strong sales within 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. It is upbeat about the CASMED acquisition, expected to strengthen its position in smart monitoring technologies within the critical care platform. Further, we are pleased with Edwards Lifesciences’ receipt of the CE Mark for PASCAL. Overall, in the past three months, Edwards outperformed its industry. Meanwhile, persistent supply constraints dented Cardioband system sales. This apart, tough competition in the cardiac devices market and reimbursement issue pose concerns.”
Several other analysts also recently issued reports on EW. Stifel Nicolaus upped their price objective on shares of Edwards Lifesciences from $190.00 to $200.00 and gave the stock a buy rating in a report on Wednesday, April 24th. Credit Suisse Group upped their price objective on shares of Edwards Lifesciences from $189.00 to $221.00 and gave the stock an outperform rating in a report on Monday, April 15th. Raymond James decreased their price objective on shares of Edwards Lifesciences from $210.00 to $200.00 and set an outperform rating for the company in a report on Wednesday, April 24th. BTIG Research reaffirmed a hold rating on shares of Edwards Lifesciences in a report on Wednesday, April 24th. Finally, Deutsche Bank upped their price objective on shares of Edwards Lifesciences from $164.00 to $184.00 and gave the stock a hold rating in a report on Wednesday, April 24th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and fourteen have assigned a buy rating to the company. Edwards Lifesciences presently has an average rating of Buy and a consensus price target of $186.52.
Edwards Lifesciences (NYSE:EW) last posted its quarterly earnings data 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 during the quarter, compared to the consensus estimate of $989.87 million. Edwards Lifesciences had a net margin of 20.03% and a return on equity of 31.16%. Edwards Lifesciences’s quarterly revenue was up 11.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.22 EPS. On average, equities research analysts expect that Edwards Lifesciences will post 5.29 earnings per share for the current year.
In related news, CEO Michael A. Mussallem sold 32,800 shares of the stock in a transaction dated Monday, April 29th. The shares were sold at an average price of $174.73, for a total transaction of $5,731,144.00. Following the completion of the sale, the chief executive officer now owns 75,926 shares in the company, valued at approximately $13,266,549.98. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Robert W.A. Sellers sold 821 shares of the stock in a transaction dated Friday, April 26th. The stock was sold at an average price of $175.36, for a total transaction of $143,970.56. Following the sale, the vice president now owns 14,176 shares of the company’s stock, valued at approximately $2,485,903.36. The disclosure for this sale can be found here. In the last 90 days, insiders sold 144,506 shares of company stock valued at $25,924,509. Corporate insiders own 1.63% of the company’s stock.
Institutional investors have recently made changes to their positions in the stock. Pinnacle Bank acquired a new stake in shares of Edwards Lifesciences during the 4th quarter worth about $65,000. Mackay Shields LLC increased its position in shares of Edwards Lifesciences by 58.8% during the 4th quarter. Mackay Shields LLC now owns 53,020 shares of the medical research company’s stock worth $8,121,000 after purchasing an additional 19,624 shares in the last quarter. Cetera Advisor Networks LLC grew its holdings in Edwards Lifesciences by 3.8% during the 4th quarter. Cetera Advisor Networks LLC now owns 1,573 shares of the medical research company’s stock worth $242,000 after acquiring an additional 57 shares during the last quarter. Mercer Global Advisors Inc. ADV bought a new stake in Edwards Lifesciences during the 1st quarter worth about $843,000. Finally, National Pension Service grew its holdings in Edwards Lifesciences by 5.4% during the 4th quarter. National Pension Service now owns 226,191 shares of the medical research company’s stock worth $39,837,000 after acquiring an additional 11,615 shares during the last quarter. Institutional investors and hedge funds own 82.12% of the company’s stock.
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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