First Republic Investment Management Inc. decreased its position in shares of Edwards Lifesciences Corporation (NYSE:EW) by 2.7% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 218,923 shares of the medical research company’s stock after selling 5,988 shares during the period. First Republic Investment Management Inc. owned 0.10% of Edwards Lifesciences worth $23,931,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in EW. Magnetar Financial LLC bought a new position in Edwards Lifesciences during the third quarter valued at about $317,000. Asset Management One Co. Ltd. increased its stake in shares of Edwards Lifesciences by 0.6% in the third quarter. Asset Management One Co. Ltd. now owns 331,880 shares of the medical research company’s stock worth $36,269,000 after purchasing an additional 2,065 shares during the period. Nomura Asset Management Co. Ltd. bought a new position in shares of Edwards Lifesciences in the third quarter worth about $4,468,000. Caisse DE Depot ET Placement DU Quebec increased its stake in shares of Edwards Lifesciences by 1.9% in the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 26,902 shares of the medical research company’s stock worth $2,953,000 after purchasing an additional 500 shares during the period. Finally, Envestnet Asset Management Inc. increased its stake in shares of Edwards Lifesciences by 21.0% in the third quarter. Envestnet Asset Management Inc. now owns 177,580 shares of the medical research company’s stock worth $19,410,000 after purchasing an additional 30,803 shares during the period. 81.63% of the stock is owned by hedge funds and other institutional investors.
Shares of Edwards Lifesciences Corporation (NYSE:EW) traded up $4.09 on Friday, hitting $117.45. The stock had a trading volume of 2,258,600 shares, compared to its average volume of 1,643,873. The firm has a market cap of $23,989.23, a P/E ratio of 31.40, a P/E/G ratio of 2.03 and a beta of 0.51. The company has a quick ratio of 2.76, a current ratio of 3.49 and a debt-to-equity ratio of 0.33. Edwards Lifesciences Corporation has a fifty-two week low of $85.27 and a fifty-two week high of $121.45.
Edwards Lifesciences (NYSE:EW) last announced its earnings results on Tuesday, October 24th. The medical research company reported $0.84 EPS for the quarter, missing the consensus estimate of $0.86 by ($0.02). The business had revenue of $821.50 million during the quarter, compared to analyst estimates of $833.85 million. Edwards Lifesciences had a return on equity of 27.22% and a net margin of 22.47%. The firm’s revenue was up 11.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.68 earnings per share. sell-side analysts anticipate that Edwards Lifesciences Corporation will post 3.75 EPS for the current fiscal year.
Edwards Lifesciences declared that its board has authorized a stock repurchase program on Thursday, December 7th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the medical research company to buy shares of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.
In related news, CEO Michael A. Mussallem sold 32,900 shares of the business’s stock in a transaction that occurred on Monday, October 30th. The shares were sold at an average price of $100.93, for a total value of $3,320,597.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Larry L. Wood sold 18,960 shares of the business’s stock in a transaction that occurred on Friday, September 15th. The stock was sold at an average price of $112.58, for a total transaction of $2,134,516.80. The disclosure for this sale can be found here. Insiders sold a total of 139,580 shares of company stock worth $14,849,205 over the last three months. 2.13% of the stock is owned by company insiders.
EW has been the topic of a number of recent analyst reports. BMO Capital Markets reiterated a “buy” rating and issued a $132.00 price objective on shares of Edwards Lifesciences in a research note on Friday, September 1st. William Blair reissued an “outperform” rating on shares of Edwards Lifesciences in a research report on Monday, August 28th. Royal Bank Of Canada reissued a “buy” rating and set a $130.00 target price on shares of Edwards Lifesciences in a research report on Friday, September 1st. SunTrust Banks set a $124.00 target price on Edwards Lifesciences and gave the stock a “buy” rating in a research report on Wednesday, October 25th. Finally, Morgan Stanley decreased their target price on Edwards Lifesciences from $133.00 to $120.00 and set an “overweight” rating on the stock in a research report on Thursday, October 26th. Seven equities research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the company. The stock has a consensus rating of “Buy” and a consensus target price of $125.78.
About Edwards Lifesciences
Edwards Lifesciences Corporation is a manufacturer of heart valve systems and repair products used to replace or repair a patient’s diseased or defective heart valve. The Company is engaged in patient-focused innovations for structural heart disease and critical care monitoring. Its segments include United States, Europe, Japan and Rest of World.
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