Edwards Lifesciences Corporation $EW Shares Sold by Kornitzer Capital Management Inc. KS

Key Points

• Kornitzer Capital Management cut its Edwards Lifesciences stake by 16.7% in the third quarter, selling 16,608 shares; it retained 82,952 shares valued at about $7.16 million.
• Edwards reported quarterly revenue of $1.72 billion and EPS of $0.80, beating analyst estimates. Sales rose year over year, and the company raised its sales outlook and forecast adjusted full-year EPS of $2.97–$3.05.
• Positive trial results could support earlier use of TAVR and broaden Edwards’ market opportunity, though management expects increased competition in the segment.

Kornitzer Capital Management Inc. KS reduced its holdings in shares of Edwards Lifesciences Corporation (NYSE:EW - Free Report) by 16.7% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 82,952 shares of the medical research company's stock after selling 16,608 shares during the quarter. Kornitzer Capital Management Inc. KS's holdings in Edwards Lifesciences were worth $7,160,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. RMG Wealth Management LLC bought a new position in shares of Edwards Lifesciences in the first quarter valued at approximately $26,000. Pin Oak Investment Advisors Inc. bought a new stake in Edwards Lifesciences during the 2nd quarter worth approximately $26,000. GK Wealth Management LLC bought a new stake in Edwards Lifesciences during the 3rd quarter worth approximately $26,000. TrinityBridge Ltd purchased a new stake in Edwards Lifesciences in the 2nd quarter worth approximately $27,000. Finally, Meeder Asset Management Inc. lifted its stake in Edwards Lifesciences by 175.2% in the 1st quarter. Meeder Asset Management Inc. now owns 366 shares of the medical research company's stock worth $29,000 after purchasing an additional 233 shares in the last quarter. 79.46% of the stock is owned by institutional investors.

Edwards Lifesciences Stock Down 0.2%

Shares of NYSE:EW opened at $101.91 on Monday. The firm has a market capitalization of $58.60 billion, a PE ratio of 57.58, a price-to-earnings-growth ratio of 2.72 and a beta of 0.85. The company has a debt-to-equity ratio of 0.05, a quick ratio of 3.86 and a current ratio of 4.60. Edwards Lifesciences Corporation has a 52-week low of $74.66 and a 52-week high of $104.17. The firm has a fifty day moving average of $88.92 and a 200 day moving average of $85.78.

Edwards Lifesciences (NYSE:EW - Get Free Report) last issued its quarterly earnings results on Wednesday, November 4th. The medical research company reported $0.80 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.74 by $0.06. Edwards Lifesciences had a return on equity of 16.06% and a net margin of 15.30%. The firm had revenue of $1.72 billion during the quarter, compared to analyst estimates of $1.68 billion. During the same quarter in the previous year, the company posted $0.67 earnings per share. The company's revenue was up 10.5% compared to the same quarter last year. As a group, research analysts anticipate that Edwards Lifesciences Corporation will post 3.02 EPS for the current fiscal year.

Insider Activity at Edwards Lifesciences

In related news, VP Annette Brüls sold 2,644 shares of the stock in a transaction dated Friday, August 28th. The stock was sold at an average price of $89.98, for a total transaction of $237,907.12. Following the completion of the sale, the vice president directly owned 17,984 shares in the company, valued at $1,618,200.32. This represents a 12.82% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Daniel J. Lippis sold 619 shares of the firm's stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $92.03, for a total value of $56,966.57. Following the transaction, the vice president owned 40,034 shares in the company, valued at approximately $3,684,329.02. The trade was a 1.52% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 5,045 shares of company stock valued at $451,596. Insiders own 0.31% of the company's stock.

Key Stories Impacting Edwards Lifesciences

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

• Positive Sentiment: Edwards reported Q3 sales growth of 11.2% to $1.72 billion, with adjusted earnings and revenue beating estimates. TMTT sales rose 45.6% and TAVR sales grew 8.8%; the company raised its sales outlook and set adjusted full-year EPS guidance of $2.97–$3.05. Edwards Q3 earnings call highlights
• Positive Sentiment: PROGRESS Trial results found TAVR outperformed active surveillance for at-risk patients with moderate aortic stenosis, including fewer combined death or heart-failure outcomes. The findings could support earlier use of the procedure and expand Edwards’ potential market. Trial data points to earlier TAVR use
• Positive Sentiment: Analysts lifted price targets following the results: UBS raised its target to $118 and JPMorgan to $120, while Piper Sandler reaffirmed its buy-equivalent rating with a $115 target. The latest target increases and reaffirmations add to bullish sentiment. UBS reaffirms buy rating Piper Sandler keeps buy rating
• Negative Sentiment: Management has acknowledged that more competition is coming in TAVR, a potential pressure on market share and future growth, although the recent results and trial data provide positive offsets. CEO comments on TAVR competition

Analysts Set New Price Targets

EW has been the subject of a number of recent analyst reports. Jefferies Financial Group boosted their price target on shares of Edwards Lifesciences from $102.00 to $105.00 and gave the company a "buy" rating in a research report on Friday, July 24th. Raymond James Financial increased their price objective on Edwards Lifesciences from $100.00 to $103.00 and gave the stock an "outperform" rating in a research report on Friday, July 24th. Argus lifted their price objective on Edwards Lifesciences from $105.00 to $115.00 and gave the company a "buy" rating in a research note on Friday, August 21st. Truist Financial set a $113.00 target price on Edwards Lifesciences and gave the stock a "buy" rating in a research report on Wednesday. Finally, Citigroup boosted their target price on Edwards Lifesciences from $110.00 to $117.00 and gave the stock a "buy" rating in a research report on Thursday. Twenty-three research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, Edwards Lifesciences presently has an average rating of "Moderate Buy" and a consensus price target of $108.88.

Edwards Lifesciences Company Profile

Edwards Lifesciences is a medical technology company focused on therapies for structural heart disease and critical care. Its products include transcatheter and surgical heart valves, as well as technologies used to monitor patients during intensive care and surgery.

The company traces its origins to 1958, when engineer Lowell Edwards and surgeon Albert Starr began developing an artificial heart valve. Their work led to the Starr-Edwards valve, introduced in 1960. Edwards Lifesciences is headquartered in Irvine, California, and serves clinicians and patients around the world.

Its structural heart portfolio includes transcatheter aortic valve replacement (TAVR) systems and therapies addressing mitral and tricuspid valve disease.

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