Edwards Lifesciences (EW) Raised to “Buy” at Zacks Investment Research
Edwards Lifesciences (NYSE:EW) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Wednesday. The brokerage currently has a $185.00 price objective on the medical research company’s stock. Zacks Investment Research‘s target price indicates a potential upside of 7.46% from the company’s previous close.
According to Zacks, “Over the past year, Edwards Lifesciences has outperformed its industry. The company continues to see strong transcatheter valve sales in the domestic market as well as overseas. Edwards Lifesciences' raised 2018 EPS guidance buoys optimism. Further, management seems to be upbeat about CMS opening a National Coverage Analysis to reconsider the National Coverage Determination released in 2012 for transcatheter aortic valve replacement. The company expects to gain traction in the ever-expanding TAVR market based on increasing preference for transcatheter aortic valve replacement as well as compelling clinical evidence. Management believes that the huge untapped potential in emerging markets is likely to act as a positive catalyst. The company is striving to strengthen its hold in the markets of Asia, especially Japan. However, tough competitive landscape and reimbursement issues continue to pose challenges.”
Several other research analysts have also issued reports on the company. ValuEngine upgraded Edwards Lifesciences from a “hold” rating to a “buy” rating in a report on Wednesday, September 19th. SunTrust Banks cut their price target on Edwards Lifesciences to $170.00 and set a “buy” rating on the stock in a report on Friday, August 10th. Citigroup increased their price target on Edwards Lifesciences from $115.00 to $118.00 and gave the stock a “sell” rating in a report on Tuesday, July 31st. Guggenheim reiterated a “buy” rating and issued a $170.00 price target on shares of Edwards Lifesciences in a report on Friday, July 27th. Finally, Morgan Stanley increased their price target on Edwards Lifesciences from $138.00 to $150.00 and gave the stock an “overweight” rating in a report on Friday, July 27th. One research analyst has rated the stock with a sell rating, four have given a hold rating and sixteen have assigned a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus price target of $153.45.
Edwards Lifesciences (NYSE:EW) last announced its quarterly earnings results on Thursday, July 26th. The medical research company reported $1.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.13 by $0.11. The business had revenue of $972.00 million for the quarter, compared to analyst estimates of $968.32 million. Edwards Lifesciences had a return on equity of 29.11% and a net margin of 19.59%. The company’s quarterly revenue was up 10.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.08 earnings per share. equities research analysts anticipate that Edwards Lifesciences will post 4.67 earnings per share for the current year.
In related news, VP Huimin Wang sold 3,800 shares of the stock in a transaction that occurred on Thursday, July 5th. The stock was sold at an average price of $146.60, for a total transaction of $557,080.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Scott B. Ullem sold 25,000 shares of the stock in a transaction that occurred on Tuesday, July 3rd. The shares were sold at an average price of $145.67, for a total value of $3,641,750.00. Following the sale, the chief financial officer now directly owns 41,265 shares of the company’s stock, valued at $6,011,072.55. The disclosure for this sale can be found here. Over the last three months, insiders sold 183,811 shares of company stock valued at $26,346,476. Company insiders own 1.84% of the company’s stock.
Several institutional investors and hedge funds have recently modified their holdings of the stock. Royal London Asset Management Ltd. purchased a new stake in shares of Edwards Lifesciences during the second quarter valued at approximately $12,616,000. WCM Investment Management CA increased its position in shares of Edwards Lifesciences by 19,310.8% during 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 acquiring an additional 453,031 shares during the last quarter. Advisors Asset Management Inc. increased its position in shares of Edwards Lifesciences by 25.8% during the second quarter. Advisors Asset Management Inc. now owns 27,880 shares of the medical research company’s stock valued at $4,058,000 after acquiring an additional 5,725 shares during the last quarter. Public Employees Retirement System of Ohio increased its position in shares of Edwards Lifesciences by 0.6% during the second quarter. Public Employees Retirement System of Ohio now owns 315,324 shares of the medical research company’s stock valued at $45,902,000 after acquiring an additional 1,860 shares during the last quarter. Finally, Global X Management Co LLC increased its position in shares of Edwards Lifesciences by 13.4% during the second quarter. Global X Management Co LLC now owns 11,327 shares of the medical research company’s stock valued at $1,649,000 after acquiring an additional 1,342 shares during the last quarter. 82.06% of the stock is owned by institutional investors.
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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