Fred Alger Management LLC Cuts Stock Holdings in Edwards Lifesciences Co. (NYSE:EW)

Fred Alger Management LLC reduced its position in Edwards Lifesciences Co. (NYSE:EW) by 21.6% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 296,275 shares of the medical research company’s stock after selling 81,722 shares during the period. Fred Alger Management LLC’s holdings in Edwards Lifesciences were worth $27,367,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently added to or reduced their stakes in the company. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its holdings in Edwards Lifesciences by 58.5% in the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 115,167 shares of the medical research company’s stock worth $10,638,000 after purchasing an additional 42,527 shares during the period. Bank of Montreal Can increased its position in shares of Edwards Lifesciences by 1.7% in the second quarter. Bank of Montreal Can now owns 1,227,199 shares of the medical research company’s stock valued at $112,706,000 after buying an additional 20,240 shares in the last quarter. Integral Health Asset Management LLC acquired a new position in shares of Edwards Lifesciences during the 2nd quarter worth approximately $13,856,000. Public Sector Pension Investment Board raised its stake in shares of Edwards Lifesciences by 73.6% during the 2nd quarter. Public Sector Pension Investment Board now owns 23,267 shares of the medical research company’s stock worth $2,149,000 after buying an additional 9,863 shares during the period. Finally, Steel Grove Capital Advisors LLC purchased a new position in shares of Edwards Lifesciences during the 2nd quarter valued at approximately $225,000. 79.46% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Edwards Lifesciences

In other news, VP Donald E. Bobo, Jr. sold 5,000 shares of the stock in a transaction that occurred on Wednesday, August 14th. The stock was sold at an average price of $66.08, for a total transaction of $330,400.00. Following the completion of the transaction, the vice president now directly owns 46,936 shares of the company’s stock, valued at approximately $3,101,530.88. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other Edwards Lifesciences news, VP Donald E. Bobo, Jr. sold 5,000 shares of the company’s stock in a transaction dated Wednesday, August 14th. The shares were sold at an average price of $66.08, for a total transaction of $330,400.00. Following the transaction, the vice president now directly owns 46,936 shares in the company, valued at $3,101,530.88. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Daveen Chopra sold 1,250 shares of Edwards Lifesciences stock in a transaction that occurred on Tuesday, August 20th. The shares were 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 $2,051,843.35. The disclosure for this sale can be found here. Insiders have sold a total of 16,250 shares of company stock worth $1,218,138 in the last three months. Insiders own 1.29% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on EW. Wolfe Research raised shares of Edwards Lifesciences from an “underperform” rating to a “peer perform” rating in a research note on Monday, July 29th. Truist Financial dropped their price objective on shares of Edwards Lifesciences from $82.00 to $71.00 and set a “hold” rating for the company in a report on Friday, September 13th. Deutsche Bank Aktiengesellschaft reduced their target price on shares of Edwards Lifesciences from $103.00 to $85.00 and set a “buy” rating on the stock in a research note on Thursday, July 25th. Daiwa America upgraded shares of Edwards Lifesciences to a “strong-buy” rating in a report on Wednesday, July 31st. Finally, Citigroup upped their price objective on Edwards Lifesciences from $105.00 to $106.00 and gave the company a “buy” rating in a report on Wednesday, July 10th. Sixteen analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $79.82.

Edwards Lifesciences Trading Down 1.5 %

NYSE EW opened at $66.34 on Wednesday. Edwards Lifesciences Co. has a one year low of $58.93 and a one year high of $96.12. The firm has a market cap of $39.96 billion, a PE ratio of 28.59, a P/E/G ratio of 2.80 and a beta of 1.13. The firm’s fifty day moving average is $69.02 and its two-hundred day moving average is $82.43. The company has a debt-to-equity ratio of 0.08, a quick ratio of 2.87 and a current ratio of 3.71.

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

Edwards Lifesciences Profile

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.