Edwards Lifesciences Corporation $EW Shares Sold by Factory Mutual Insurance Co.

Key Points

• Factory Mutual Insurance Co. cut its Edwards Lifesciences stake by 62% in the third quarter, selling 46,090 shares and retaining 28,210 shares valued at about $2.44 million.
• Edwards reported quarterly earnings of $0.80 per share and revenue of $1.72 billion, beating analyst estimates; revenue rose 10.5% year over year.
• Institutional investors and hedge funds own 79.46% of the stock. Analysts’ consensus rating is “Moderate Buy,” with an average price target of $101.88.

Factory Mutual Insurance Co. trimmed its position in shares of Edwards Lifesciences Corporation (NYSE:EW - Free Report) by 62.0% during the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 28,210 shares of the medical research company's stock after selling 46,090 shares during the period. Factory Mutual Insurance Co.'s holdings in Edwards Lifesciences were worth $2,435,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new position in Edwards Lifesciences during the 2nd quarter valued at about $5,318,092,000. Bank of New York Mellon Corp purchased a new stake in shares of Edwards Lifesciences in the second quarter worth approximately $1,274,082,000. Bank of America Corp DE purchased a new stake in shares of Edwards Lifesciences in the second quarter worth approximately $605,397,000. Deutsche Bank AG acquired a new stake in shares of Edwards Lifesciences during the second quarter worth approximately $516,552,000. Finally, Legal & General Group Plc purchased a new position in Edwards Lifesciences during the second quarter valued at approximately $389,089,000. 79.46% of the stock is owned by institutional investors and hedge funds.

Edwards Lifesciences Stock Up 4.4%

Edwards Lifesciences stock opened at $99.39 on Thursday. The company has a market capitalization of $57.23 billion, a P/E ratio of 57.12, a P/E/G ratio of 2.49 and a beta of 0.85. Edwards Lifesciences Corporation has a 1-year low of $74.66 and a 1-year high of $100.25. The firm's fifty day simple moving average is $88.48 and its 200-day simple moving average is $85.61. The company has a current ratio of 4.52, a quick ratio of 3.77 and a debt-to-equity ratio of 0.06.

Edwards Lifesciences (NYSE:EW - Get Free Report) last posted its earnings results on Wednesday, November 4th. The medical research company reported $0.80 earnings per share for the quarter, beating the consensus estimate of $0.74 by $0.06. Edwards Lifesciences had a return on equity of 15.68% and a net margin of 15.43%. The company had revenue of $1.72 billion for the quarter, compared to analyst estimates of $1.68 billion. During the same period last year, the company earned $0.67 earnings per share. The business's revenue was up 10.5% compared to the same quarter last year. Sell-side analysts forecast that Edwards Lifesciences Corporation will post 3.00 earnings per share for the current fiscal year.

Key Headlines Impacting Edwards Lifesciences

Here are the key news stories impacting Edwards Lifesciences this week:

• Positive Sentiment: Edwards reported third-quarter adjusted earnings of $0.80 per share, above the $0.74 consensus, and revenue of $1.72 billion versus $1.68 billion expected. Revenue grew 10.5% year over year, providing a fundamental boost to sentiment. Earnings results
• Positive Sentiment: New CLASP II TR data showed the PASCAL system for tricuspid valve repair outperformed medical therapy, with benefits sustained through one year. The findings may strengthen the case for the product and support future growth. PASCAL trial results
• Positive Sentiment: Results from the PROGRESS trial indicated TAVR reduced the risk of death or heart-failure events in patients with moderate aortic stenosis, potentially supporting use of the procedure in additional patients. PROGRESS trial results
• Negative Sentiment: RBC said the PROGRESS findings are unlikely to meaningfully expand the market for transcatheter aortic valve replacement, tempering expectations for the trial’s commercial impact. RBC analysis

Insider Transactions at Edwards Lifesciences

In related news, SVP Andrew M. Dahl sold 544 shares of the stock in a transaction dated Monday, August 31st. The shares were sold at an average price of $91.06, for a total value of $49,536.64. Following the completion of the transaction, the senior vice president owned 14,868 shares of the company's stock, valued at $1,353,880.08. This represents a 3.53% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Annette Brüls sold 2,644 shares of the firm's stock in a transaction that occurred on Friday, August 28th. The stock was sold at an average price of $89.98, for a total value of $237,907.12. Following the transaction, the vice president owned 17,984 shares of the company's stock, valued at $1,618,200.32. This trade represents a 12.82% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 5,045 shares of company stock worth $451,596 over the last three months. 0.31% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the stock. Weiss Ratings reiterated a "hold (c)" rating on shares of Edwards Lifesciences in a research report on Thursday, October 15th. Argus lifted their target price on shares of Edwards Lifesciences from $105.00 to $115.00 and gave the company a "buy" rating in a research note on Friday, August 21st. TD Cowen restated a "buy" rating on shares of Edwards Lifesciences in a report on Tuesday, October 27th. Robert W. Baird cut their price objective on Edwards Lifesciences from $94.00 to $90.00 and set a "neutral" rating for the company in a report on Thursday, October 15th. Finally, BTIG Research reiterated a "buy" rating and set a $110.00 price objective on shares of Edwards Lifesciences in a report on Friday, September 11th. One equities research analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat, Edwards Lifesciences currently has an average rating of "Moderate Buy" and a consensus price target of $101.88.

Edwards Lifesciences Profile

Edwards Lifesciences Corporation NYSE: EW is a medical technology company focused on therapies for structural heart disease and critical care. The company develops and manufactures products designed to treat conditions affecting the heart's valves, including aortic, mitral and tricuspid valve disorders.

Its portfolio includes transcatheter aortic valve replacement systems, transcatheter mitral and tricuspid therapies, surgical heart valves and valve-repair technologies. Edwards also provides related delivery systems and other medical devices used by physicians in minimally invasive and open-heart procedures.

Founded in 1958 by Miles Lowell Edwards, the company is headquartered in Irvine, California, and serves healthcare providers and patients internationally.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.