Zacks Investment Research lowered shares of Edwards Lifesciences (NYSE:EW) from a buy rating to a hold rating in a report released on Thursday.
According to Zacks, “Edwards Lifesciences exited the third quarter on a mixed note with earnings ahead of the Zacks Consensus Estimate and revenues lagging the same. Strong transcatheter valve sales in the domestic and overseas markets are a major positive. The company also registered strong sales within its Critical Care division banking on which it has raised Critical Care guidance. Further, management is upbeat about CMS opening a National Coverage Analysis to reconsider the National Coverage Determination released in 2012 for transcatheter aortic valve replacement. On the flip side, management expects underlying sales growth in THVT for 2018 to remain at around 12.5% because of limited contribution from Cardioband and a newly-revised rollout strategy for SAPIEN 3 Ultra. Also, tough competition in the cardiac devices market and reimbursement issues continue to raise concern. Overall, in the past three months, Edwards Lifesciences underperformed its industry.”
Other equities analysts have also recently issued research reports about the stock. SunTrust Banks increased their price target on shares of Edwards Lifesciences to $200.00 and gave the stock a buy rating in a research report on Friday, September 28th. Guggenheim cut shares of Edwards Lifesciences from a buy rating to a neutral rating in a research report on Tuesday, October 2nd. Bank of America cut shares of Edwards Lifesciences from a buy rating to a neutral rating in a research report on Tuesday, October 2nd. JPMorgan Chase & Co. increased their price target on shares of Edwards Lifesciences from $133.00 to $150.00 and gave the stock a neutral rating in a research report on Friday, July 27th. Finally, Northland Securities reaffirmed a hold rating and set a $120.00 price target on shares of Edwards Lifesciences in a research report on Friday, July 27th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and thirteen have given a buy rating to the company’s stock. The company has an average rating of Buy and an average price target of $154.70.
Edwards Lifesciences (NYSE:EW) last posted its quarterly earnings data on Tuesday, October 23rd. The medical research company reported $1.07 earnings per share for the quarter, beating analysts’ consensus estimates of $1.02 by $0.05. The company had revenue of $906.60 million during the quarter, compared to analysts’ expectations of $927.56 million. Edwards Lifesciences had a net margin of 19.59% and a return on equity of 29.11%. The firm’s revenue for the quarter was up 10.4% on a year-over-year basis. During the same period in the prior year, the company posted $0.84 EPS. As a group, equities analysts expect that Edwards Lifesciences will post 4.67 earnings per share for the current year.
In other Edwards Lifesciences news, CFO Scott B. Ullem sold 25,036 shares of the firm’s stock in a transaction that occurred on Wednesday, September 5th. The shares were sold at an average price of $140.04, for a total value of $3,506,041.44. Following the sale, the chief financial officer now owns 41,019 shares in the company, valued at $5,744,300.76. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Catherine M. Szyman sold 700 shares of the firm’s stock in a transaction that occurred on Monday, October 15th. The shares were sold at an average price of $142.64, for a total transaction of $99,848.00. Following the completion of the sale, the vice president now owns 27,772 shares in the company, valued at approximately $3,961,398.08. The disclosure for this sale can be found here. Insiders sold 153,211 shares of company stock worth $21,906,185 in the last three months. 1.84% of the stock is currently owned by corporate insiders.
Several large investors have recently made changes to their positions in EW. FMR LLC increased its stake in shares of Edwards Lifesciences by 32.9% in the second quarter. FMR LLC now owns 6,714,684 shares of the medical research company’s stock valued at $977,456,000 after purchasing an additional 1,663,511 shares during the period. MERIAN GLOBAL INVESTORS UK Ltd increased its stake in shares of Edwards Lifesciences by 211.7% in the third quarter. MERIAN GLOBAL INVESTORS UK Ltd now owns 1,049,182 shares of the medical research company’s stock valued at $182,662,000 after purchasing an additional 712,537 shares during the period. WCM Investment Management CA increased its stake in shares of Edwards Lifesciences by 19,310.8% in the second quarter. WCM Investment Management CA now owns 455,377 shares of the medical research company’s stock valued at $66,290,000 after purchasing an additional 453,031 shares during the period. Morgan Stanley increased its stake in shares of Edwards Lifesciences by 38.4% in the second quarter. Morgan Stanley now owns 1,329,458 shares of the medical research company’s stock valued at $193,531,000 after purchasing an additional 369,027 shares during the period. Finally, First Trust Advisors LP increased its stake in shares of Edwards Lifesciences by 633.6% in the second quarter. First Trust Advisors LP now owns 364,884 shares of the medical research company’s stock valued at $53,116,000 after purchasing an additional 315,144 shares during the period. Institutional investors own 82.34% of the company’s stock.
About Edwards Lifesciences
Edwards Lifesciences Corporation provides products and technologies to treat structural heart disease and critically ill patients in the United States and internationally. It offers transcatheter heart valve therapy products comprising transcatheter aortic heart valves and related delivery systems for the nonsurgical replacement of heart valves.
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