Edwards Lifesciences (NYSE:EW) Given New $77.00 Price Target at Citigroup

Edwards Lifesciences (NYSE:EW) had its price target reduced by equities research analysts at Citigroup from $83.00 to $77.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The firm presently has a “buy” rating on the medical research company’s stock. Citigroup’s price target points to a potential upside of 17.40% from the company’s current price.

Other equities analysts also recently issued reports about the company. Canaccord Genuity Group reduced their target price on Edwards Lifesciences from $85.00 to $77.00 and set a “hold” rating on the stock in a research report on Thursday, July 25th. Stifel Nicolaus cut their price objective on Edwards Lifesciences from $85.00 to $70.00 and set a “hold” rating on the stock in a report on Thursday, July 25th. JPMorgan Chase & Co. downgraded Edwards Lifesciences from an “overweight” rating to a “neutral” rating and cut their price objective for the stock from $105.00 to $72.00 in a report on Thursday, July 25th. Barclays cut their price objective on Edwards Lifesciences from $90.00 to $80.00 and set an “overweight” rating on the stock in a report on Monday, September 9th. Finally, Bank of America downgraded Edwards Lifesciences from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $105.00 to $75.00 in a report on Thursday, July 25th. Sixteen equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $78.23.

Edwards Lifesciences Trading Down 0.6 %

NYSE EW traded down $0.40 during trading hours on Tuesday, hitting $65.59. 1,708,766 shares of the company’s stock were exchanged, compared to its average volume of 4,490,429. The business’s 50 day moving average is $67.34 and its 200-day moving average is $81.69. Edwards Lifesciences has a 12-month low of $58.93 and a 12-month high of $96.12. The firm has a market capitalization of $39.52 billion, a P/E ratio of 28.28, a price-to-earnings-growth ratio of 2.80 and a beta of 1.13. 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 released its earnings results on Wednesday, July 24th. The medical research company reported $0.70 earnings per share for the quarter, topping the consensus estimate of $0.69 by $0.01. Edwards Lifesciences had a return on equity of 22.35% and a net margin of 24.55%. The firm had revenue of $1.63 billion for the quarter, compared to the consensus estimate of $1.65 billion. During the same period in the prior year, the business posted $0.66 earnings per share. The firm’s revenue for the quarter was up 6.7% compared to the same quarter last year. As a group, analysts anticipate that Edwards Lifesciences will post 2.71 EPS for the current fiscal year.

Insider Buying and Selling

In other news, 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 value of $87,437.50. Following the completion of the sale, the vice president now directly owns 29,333 shares in the company, valued at $2,051,843.35. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other news, VP Daveen Chopra sold 1,250 shares of the stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $69.95, for a total transaction of $87,437.50. Following the transaction, the vice president now owns 29,333 shares of the company’s stock, valued at approximately $2,051,843.35. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Donald E. Bobo, Jr. sold 5,000 shares of the 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 completion of the sale, the vice president now owns 46,936 shares of the company’s stock, valued at approximately $3,101,530.88. The disclosure for this sale can be found here. In the last quarter, insiders have sold 16,250 shares of company stock valued at $1,218,138. 1.29% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the business. Allspring Global Investments Holdings LLC boosted its holdings in Edwards Lifesciences by 4.4% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 330,711 shares of the medical research company’s stock valued at $31,603,000 after purchasing an additional 14,087 shares during the period. Empowered Funds LLC boosted its holdings in Edwards Lifesciences by 151.2% in the 1st quarter. Empowered Funds LLC now owns 20,123 shares of the medical research company’s stock valued at $1,923,000 after purchasing an additional 12,112 shares during the period. Cetera Advisors LLC lifted its holdings in shares of Edwards Lifesciences by 175.1% during the 1st quarter. Cetera Advisors LLC now owns 38,090 shares of the medical research company’s stock worth $3,640,000 after acquiring an additional 24,242 shares during the last quarter. Sei Investments Co. lifted its holdings in shares of Edwards Lifesciences by 10.8% during the 4th quarter. Sei Investments Co. now owns 558,031 shares of the medical research company’s stock worth $42,550,000 after acquiring an additional 54,595 shares during the last quarter. Finally, Cim LLC bought a new stake in shares of Edwards Lifesciences during the 4th quarter worth $13,724,000. 79.46% of the stock is currently owned by hedge funds and other institutional investors.

Edwards Lifesciences Company 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.