Canaccord Genuity Group Increases Edwards Lifesciences (NYSE:EW) Price Target to $81.00

Key Points

• Canaccord Genuity Group has raised the target price for Edwards Lifesciences from $75.00 to $81.00, indicating a potential upside of 2.57% from its previous close.
• Several analysts have positively revised their price targets for the stock, with Royal Bank Of Canada raising it to $89.00 and Mizuho to $95.00.
• The stock traded up $3.17 to reach $78.97 on Friday, with significant trading volume exceeding its average.
• Edwards Lifesciences reported strong earnings, with $0.67 earnings per share, beating expectations of $0.62 and showing a revenue growth of 11.9% year-over-year.

Edwards Lifesciences (NYSE:EW - Get Free Report) had its target price boosted by equities research analysts at Canaccord Genuity Group from $75.00 to $81.00 in a report issued on Friday,Benzinga reports. The brokerage currently has a "hold" rating on the medical research company's stock. Canaccord Genuity Group's target price indicates a potential upside of 2.57% from the stock's previous close.

Several other analysts also recently weighed in on the company. Royal Bank Of Canada boosted their price objective on Edwards Lifesciences from $85.00 to $89.00 and gave the company an "outperform" rating in a research report on Friday. Truist Financial increased their price objective on Edwards Lifesciences from $81.00 to $82.00 and gave the company a "hold" rating in a research report on Friday. Morgan Stanley raised their target price on Edwards Lifesciences from $75.00 to $81.00 and gave the stock an "equal weight" rating in a research report on Tuesday, July 15th. Mizuho lifted their price objective on Edwards Lifesciences from $87.00 to $95.00 and gave the company an "outperform" rating in a research report on Friday. Finally, Evercore ISI lifted their target price on Edwards Lifesciences from $77.00 to $80.00 and gave the company an "in-line" rating in a research note on Friday. One research analyst has rated the stock with a sell rating, fourteen have given a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $83.95.

Edwards Lifesciences Stock Performance

Shares of EW stock traded up $3.17 on Friday, hitting $78.97. The company's stock had a trading volume of 9,697,557 shares, compared to its average volume of 4,520,949. The company has a debt-to-equity ratio of 0.06, a quick ratio of 3.66 and a current ratio of 4.45. The stock's 50 day moving average is $76.54 and its 200-day moving average is $73.52. Edwards Lifesciences has a fifty-two week low of $59.41 and a fifty-two week high of $83.00. The company has a market capitalization of $46.32 billion, a PE ratio of 11.27, a PEG ratio of 3.86 and a beta of 1.11.

Edwards Lifesciences (NYSE:EW - Get Free Report) last released its earnings results on Thursday, July 24th. The medical research company reported $0.67 earnings per share for the quarter, beating analysts' consensus estimates of $0.62 by $0.05. The business had revenue of $1.53 billion during the quarter, compared to the consensus estimate of $1.49 billion. Edwards Lifesciences had a net margin of 75.48% and a return on equity of 16.62%. The company's revenue for the quarter was up 11.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.70 EPS. Equities research analysts expect that Edwards Lifesciences will post 2.45 earnings per share for the current fiscal year.

Insider Activity at Edwards Lifesciences

In other Edwards Lifesciences news, VP Daveen Chopra sold 1,500 shares of the company's stock in a transaction that occurred on Thursday, May 22nd. The shares were sold at an average price of $75.08, for a total value of $112,620.00. Following the completion of the transaction, the vice president directly owned 33,496 shares in the company, valued at approximately $2,514,879.68. This represents a 4.29% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Larry L. Wood sold 8,950 shares of the stock in a transaction on Monday, June 16th. The stock was sold at an average price of $75.23, for a total transaction of $673,308.50. Following the sale, the insider owned 206,900 shares of the company's stock, valued at approximately $15,565,087. This trade represents a 4.15% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 30,848 shares of company stock worth $2,314,488 in the last 90 days. Corporate insiders own 1.29% of the company's stock.

Hedge Funds Weigh In On Edwards Lifesciences

Several large investors have recently modified their holdings of the business. Allspring Global Investments Holdings LLC lifted its holdings in shares of Edwards Lifesciences by 0.5% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 30,195 shares of the medical research company's stock worth $2,170,000 after acquiring an additional 145 shares during the last quarter. Alyeska Investment Group L.P. purchased a new stake in shares of Edwards Lifesciences in the 4th quarter worth about $49,038,000. Dynamic Advisor Solutions LLC grew its position in shares of Edwards Lifesciences by 2.4% in the 1st quarter. Dynamic Advisor Solutions LLC now owns 15,506 shares of the medical research company's stock worth $1,124,000 after buying an additional 370 shares during the period. Wealth Enhancement Advisory Services LLC grew its position in shares of Edwards Lifesciences by 13.5% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 77,016 shares of the medical research company's stock worth $5,582,000 after buying an additional 9,188 shares during the period. Finally, Advanced Portfolio Management LLC purchased a new stake in Edwards Lifesciences during the 4th quarter valued at about $328,000. Hedge funds and other institutional investors own 79.46% of the company's stock.

About Edwards Lifesciences

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.

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