Edwards Lifesciences (NYSE:EW) Price Target Cut to $66.00 by Analysts at Canaccord Genuity Group

Edwards Lifesciences (NYSE:EW) had its price target lowered by Canaccord Genuity Group from $77.00 to $66.00 in a report released on Monday, Benzinga reports. The brokerage presently has a “hold” rating on the medical research company’s stock. Canaccord Genuity Group’s price target would suggest a potential downside of 3.72% from the stock’s previous close.

A number of other equities analysts have also recently issued reports on EW. Citigroup cut their target price on shares of Edwards Lifesciences from $83.00 to $77.00 and set a “buy” rating for the company in a research report on Tuesday, October 1st. Robert W. Baird cut shares of Edwards Lifesciences from an “outperform” rating to a “neutral” rating and cut their target price for the stock from $102.00 to $70.00 in a research report on Thursday, July 25th. Barclays cut their target price on shares of Edwards Lifesciences from $90.00 to $80.00 and set an “overweight” rating for the company in a research report on Monday, September 9th. Truist Financial cut their target price on shares of Edwards Lifesciences from $82.00 to $71.00 and set a “hold” rating for the company in a research report on Friday, September 13th. Finally, Royal Bank of Canada cut their target price on shares of Edwards Lifesciences from $101.00 to $85.00 and set an “outperform” rating for the company in a research report on Thursday, July 25th. Sixteen analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $77.27.

Edwards Lifesciences Stock Up 6.2 %

EW stock opened at $68.55 on Monday. The company has a market cap of $41.31 billion, a P/E ratio of 29.55, a P/E/G ratio of 2.80 and a beta of 1.13. Edwards Lifesciences has a 52 week low of $58.93 and a 52 week high of $96.12. The company’s 50-day moving average price is $66.66 and its 200 day moving average price is $80.70. The company has a current ratio of 3.71, a quick ratio of 2.87 and a debt-to-equity ratio of 0.08.

Edwards Lifesciences (NYSE:EW) last released its quarterly earnings data on Wednesday, July 24th. The medical research company reported $0.70 EPS for the quarter, topping analysts’ consensus estimates of $0.69 by $0.01. The firm had revenue of $1.63 billion for the quarter, compared to the consensus estimate of $1.65 billion. Edwards Lifesciences had a net margin of 24.55% and a return on equity of 22.35%. The firm’s revenue was up 6.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.66 earnings per share. On average, research analysts expect that Edwards Lifesciences will post 2.71 earnings per share for the current fiscal year.

Insider Activity at Edwards Lifesciences

In related news, VP Donald E. Bobo, Jr. sold 5,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 11th. The shares were sold at an average price of $66.77, for a total value of $333,850.00. Following the completion of the sale, the vice president now directly owns 46,936 shares in the company, valued at approximately $3,133,916.72. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Edwards Lifesciences news, VP Donald E. Bobo, Jr. sold 5,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 11th. The shares were sold at an average price of $66.77, for a total transaction of $333,850.00. Following the completion of the sale, the vice president now directly owns 46,936 shares in the company, valued at $3,133,916.72. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Daveen Chopra sold 1,250 shares of the business’s stock in a transaction that occurred 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 sale, the vice president now owns 29,333 shares of the company’s stock, valued at approximately $2,051,843.35. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 11,250 shares of company stock worth $751,688. 1.29% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in EW. Price T Rowe Associates Inc. MD boosted its stake in shares of Edwards Lifesciences by 57.9% in the first quarter. Price T Rowe Associates Inc. MD now owns 6,516,260 shares of the medical research company’s stock valued at $622,695,000 after purchasing an additional 2,390,137 shares during the period. CCLA Investment Management boosted its stake in shares of Edwards Lifesciences by 100,739.7% in the first quarter. CCLA Investment Management now owns 1,406,714 shares of the medical research company’s stock valued at $134,092,000 after purchasing an additional 1,405,319 shares during the period. Swedbank AB purchased a new position in shares of Edwards Lifesciences in the first quarter valued at $124,511,000. Sei Investments Co. boosted its stake in shares of Edwards Lifesciences by 162.7% in the first quarter. Sei Investments Co. now owns 1,465,719 shares of the medical research company’s stock valued at $140,064,000 after purchasing an additional 907,688 shares during the period. Finally, Bank of New York Mellon Corp boosted its stake in shares of Edwards Lifesciences by 4.3% in the second quarter. Bank of New York Mellon Corp now owns 19,782,909 shares of the medical research company’s stock valued at $1,827,347,000 after purchasing an additional 809,605 shares during the period. 79.46% of the stock is currently owned by hedge funds and other institutional investors.

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.