Zacks Investment Research Lowers Edwards Lifesciences (EW) to Hold
Zacks Investment Research lowered shares of Edwards Lifesciences (NYSE:EW) from a buy rating to a hold rating in a research report report published on Thursday morning.
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 analysts also recently issued reports about the company. Guggenheim reiterated a buy rating and set a $170.00 target price on shares of Edwards Lifesciences in a research report on Friday, July 27th. Jefferies Financial Group restated a buy rating and issued a $168.00 price objective on shares of Edwards Lifesciences in a report on Friday, July 27th. SunTrust Banks lifted their price objective on Edwards Lifesciences to $200.00 and gave the company a buy rating in a report on Friday, September 28th. ValuEngine upgraded Edwards Lifesciences from a hold rating to a buy rating in a report on Wednesday, September 19th. Finally, Northland Securities restated a hold rating and issued a $120.00 price objective on shares of Edwards Lifesciences in a report on Friday, July 27th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and thirteen have given a buy rating to the company. Edwards Lifesciences has a consensus rating of Buy and a consensus target price of $156.79.
Edwards Lifesciences (NYSE:EW) last released its earnings results on Tuesday, October 23rd. The medical research company reported $1.07 earnings per share for the quarter, topping the consensus estimate of $1.02 by $0.05. Edwards Lifesciences had a return on equity of 30.11% and a net margin of 20.67%. The business had revenue of $906.60 million during the quarter, compared to the consensus estimate of $927.56 million. During the same period last year, the company earned $0.84 earnings per share. The business’s revenue for the quarter was up 10.4% compared to the same quarter last year. As a group, equities research analysts predict that Edwards Lifesciences will post 4.69 EPS for the current fiscal year.
In related news, CEO Michael A. Mussallem sold 32,900 shares of the company’s stock in a transaction that occurred on Tuesday, August 7th. The stock was sold at an average price of $142.37, for a total value of $4,683,973.00. Following the sale, the chief executive officer now owns 76,026 shares in the company, valued at $10,823,821.62. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Catherine M. Szyman sold 700 shares of the company’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 value 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 have sold 153,211 shares of company stock worth $21,906,185 in the last 90 days. Insiders own 1.84% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of EW. FMR LLC boosted its position in 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 buying an additional 1,663,511 shares during the last quarter. MERIAN GLOBAL INVESTORS UK Ltd boosted its position in 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 buying an additional 712,537 shares during the last quarter. WCM Investment Management CA boosted its position in 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 buying an additional 453,031 shares during the last quarter. Morgan Stanley boosted its position in 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 buying an additional 369,027 shares during the last quarter. Finally, First Trust Advisors LP boosted its position in 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 buying an additional 315,144 shares during the last quarter. Hedge funds and other institutional investors own 82.34% of the company’s stock.
Edwards Lifesciences Company Profile
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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