LPL Financial LLC Raises Position in Edwards Lifesciences Corporation (NYSE:EW)

Key Points

• LPL Financial LLC increased its position in Edwards Lifesciences Corporation by 23.9%, acquiring a total of 324,351 shares worth approximately $23.5 million.
• The medical research company reported earnings of $0.67 per share, surpassing expectations, alongside revenues of $1.53 billion for the quarter, indicating an 11.9% increase compared to the previous year.
• A number of analysts recently raised their price targets for Edwards Lifesciences, with Deutsche Bank setting a new target of $94.00 and Citigroup adjusting theirs to $95.00, both maintaining a "buy" rating.

LPL Financial LLC raised its holdings in shares of Edwards Lifesciences Corporation (NYSE:EW - Free Report) by 23.9% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 324,351 shares of the medical research company's stock after buying an additional 62,671 shares during the quarter. LPL Financial LLC owned about 0.06% of Edwards Lifesciences worth $23,509,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Vega Investment Solutions purchased a new stake in shares of Edwards Lifesciences during the 4th quarter valued at $27,000. Rossby Financial LCC bought a new position in Edwards Lifesciences in the first quarter valued at $29,000. Global X Japan Co. Ltd. raised its position in Edwards Lifesciences by 116.1% during the first quarter. Global X Japan Co. Ltd. now owns 402 shares of the medical research company's stock valued at $29,000 after purchasing an additional 216 shares in the last quarter. Tradewinds Capital Management LLC lifted its stake in Edwards Lifesciences by 102.5% during the first quarter. Tradewinds Capital Management LLC now owns 405 shares of the medical research company's stock worth $29,000 after purchasing an additional 205 shares during the last quarter. Finally, ORG Wealth Partners LLC bought a new stake in Edwards Lifesciences during the first quarter worth about $38,000. 79.46% of the stock is currently owned by hedge funds and other institutional investors.

Edwards Lifesciences Price Performance

Shares of EW stock opened at $79.30 on Monday. The company has a debt-to-equity ratio of 0.06, a quick ratio of 3.66 and a current ratio of 4.45. Edwards Lifesciences Corporation has a fifty-two week low of $59.41 and a fifty-two week high of $83.00. The firm has a market cap of $46.52 billion, a P/E ratio of 11.41, a P/E/G ratio of 3.84 and a beta of 1.08. The business's 50 day moving average price is $76.91 and its 200-day moving average price is $73.85.

Edwards Lifesciences (NYSE:EW - Get Free Report) last released its quarterly earnings results on Thursday, July 24th. The medical research company reported $0.67 earnings per share for the quarter, beating the consensus estimate of $0.62 by $0.05. The business had revenue of $1.53 billion for the quarter, compared to analysts' expectations of $1.49 billion. Edwards Lifesciences had a net margin of 72.96% and a return on equity of 15.25%. The firm's revenue for the quarter was up 11.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.70 earnings per share. On average, equities research analysts anticipate that Edwards Lifesciences Corporation will post 2.45 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on EW. Deutsche Bank Aktiengesellschaft raised their price objective on Edwards Lifesciences from $85.00 to $94.00 and gave the company a "buy" rating in a report on Friday, July 25th. Citigroup reissued a "buy" rating and set a $95.00 price target (up from $84.00) on shares of Edwards Lifesciences in a research note on Thursday, May 22nd. William Blair raised shares of Edwards Lifesciences to a "strong-buy" rating in a research note on Friday, July 25th. Robert W. Baird increased their target price on shares of Edwards Lifesciences from $78.00 to $79.00 and gave the company a "neutral" rating in a report on Friday, July 25th. Finally, Canaccord Genuity Group boosted their price target on shares of Edwards Lifesciences from $75.00 to $81.00 and gave the stock a "hold" rating in a research note on Friday, July 25th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating, thirteen have given a buy rating and three have given a strong buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $85.71.

Insider Activity at Edwards Lifesciences

In other Edwards Lifesciences news, insider Larry L. Wood sold 8,950 shares of the company's stock in a transaction that occurred 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 transaction, the insider owned 206,900 shares in the company, valued at approximately $15,565,087. This represents a 4.15% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Scott B. Ullem sold 11,250 shares of the firm's stock in a transaction that occurred on Friday, May 9th. The shares were sold at an average price of $74.40, for a total value of $837,000.00. Following the completion of the transaction, the chief financial officer owned 41,098 shares of the company's stock, valued at approximately $3,057,691.20. The trade was a 21.49% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 28,982 shares of company stock valued at $2,193,425 over the last three months. Corporate insiders own 0.34% 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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