State of Michigan Retirement System Sells 6,700 Shares of Edwards Lifesciences Co. (NYSE:EW)

State of Michigan Retirement System lowered its stake in shares of Edwards Lifesciences Co. (NYSE:EW) by 2.5% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 266,151 shares of the medical research company’s stock after selling 6,700 shares during the quarter. State of Michigan Retirement System’s holdings in Edwards Lifesciences were worth $19,703,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. FSA Wealth Management LLC bought a new position in Edwards Lifesciences during the third quarter valued at $30,000. Migdal Insurance & Financial Holdings Ltd. purchased a new position in shares of Edwards Lifesciences during the 4th quarter worth about $30,000. Prospera Private Wealth LLC bought a new position in Edwards Lifesciences during the 3rd quarter valued at about $32,000. Avior Wealth Management LLC raised its position in Edwards Lifesciences by 138.7% in the 3rd quarter. Avior Wealth Management LLC now owns 530 shares of the medical research company’s stock worth $35,000 after purchasing an additional 308 shares during the period. Finally, Roble Belko & Company Inc bought a new stake in Edwards Lifesciences in the fourth quarter worth about $46,000. Hedge funds and other institutional investors own 79.46% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. Piper Sandler upped their target price on Edwards Lifesciences from $70.00 to $73.00 and gave the company a “neutral” rating in a research note on Wednesday, February 12th. Evercore ISI reduced their target price on Edwards Lifesciences from $75.00 to $73.00 and set an “in-line” rating on the stock in a research note on Wednesday, February 12th. Royal Bank of Canada reiterated an “outperform” rating and set a $85.00 target price on shares of Edwards Lifesciences in a research report on Wednesday, February 12th. Citigroup upped their price target on shares of Edwards Lifesciences from $81.00 to $83.00 and gave the stock a “buy” rating in a report on Wednesday, December 11th. Finally, Barclays lifted their price objective on shares of Edwards Lifesciences from $88.00 to $90.00 and gave the company an “overweight” rating in a report on Thursday, February 13th. One analyst has rated the stock with a sell rating, fourteen have given a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $79.95.

Edwards Lifesciences Price Performance

EW opened at $71.38 on Wednesday. The firm has a market capitalization of $42.10 billion, a PE ratio of 10.24, a price-to-earnings-growth ratio of 4.82 and a beta of 1.10. The company has a debt-to-equity ratio of 0.06, a current ratio of 3.46 and a quick ratio of 2.89. The business’s 50-day moving average is $72.50 and its two-hundred day moving average is $70.33. Edwards Lifesciences Co. has a 1 year low of $58.93 and a 1 year high of $96.12.

Edwards Lifesciences (NYSE:EW) last issued its quarterly earnings data on Tuesday, February 11th. The medical research company reported $0.59 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.55 by $0.04. Edwards Lifesciences had a net margin of 72.93% and a return on equity of 19.40%. Research analysts anticipate that Edwards Lifesciences Co. will post 2.45 earnings per share for the current fiscal year.

Insider Transactions at Edwards Lifesciences

In related news, Director Steven R. Loranger sold 5,739 shares of Edwards Lifesciences stock in a transaction that occurred on Friday, February 14th. The shares were sold at an average price of $76.42, for a total value of $438,574.38. Following the completion of the sale, the director now directly owns 60,372 shares in the company, valued at $4,613,628.24. This trade represents a 8.68 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Daniel J. Lippis sold 2,500 shares of the company’s stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $74.08, for a total transaction of $185,200.00. Following the transaction, the vice president now owns 23,189 shares in the company, valued at $1,717,841.12. The trade was a 9.73 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 37,739 shares of company stock valued at $2,799,104. Corporate insiders own 1.29% 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.