Patten & Patten Inc. TN Sells 5,419 Shares of Edwards Lifesciences Corporation (NYSE:EW)

Key Points

• Patten & Patten Inc. TN reduced its stake in Edwards Lifesciences Corporation by 3.5% during the first quarter, now holding 148,761 shares worth approximately $10.78 million.
• Edwards Lifesciences reported a quarterly revenue of $1.53 billion, exceeding analysts' estimates, and achieved an earnings per share of $0.67.
• Several analysts have adjusted their price targets for Edwards Lifesciences, with new targets ranging from $79.00 to $95.00, indicating a mixed sentiment towards the stock.

Patten & Patten Inc. TN cut its holdings in shares of Edwards Lifesciences Corporation (NYSE:EW - Free Report) by 3.5% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 148,761 shares of the medical research company's stock after selling 5,419 shares during the quarter. Patten & Patten Inc. TN's holdings in Edwards Lifesciences were worth $10,782,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of EW. Prosperity Consulting Group LLC raised its position in shares of Edwards Lifesciences by 3.6% during the 4th quarter. Prosperity Consulting Group LLC now owns 3,906 shares of the medical research company's stock valued at $289,000 after acquiring an additional 134 shares in the last quarter. Arlington Trust Co LLC increased its position in Edwards Lifesciences by 1.2% in the first quarter. Arlington Trust Co LLC now owns 11,092 shares of the medical research company's stock worth $804,000 after buying an additional 135 shares during the period. Valeo Financial Advisors LLC increased its position in Edwards Lifesciences by 2.8% in the first quarter. Valeo Financial Advisors LLC now owns 5,136 shares of the medical research company's stock worth $372,000 after buying an additional 142 shares during the period. Versant Capital Management Inc increased its position in Edwards Lifesciences by 9.3% in the first quarter. Versant Capital Management Inc now owns 1,698 shares of the medical research company's stock worth $123,000 after buying an additional 145 shares during the period. Finally, Allspring Global Investments Holdings LLC increased its position in Edwards Lifesciences by 0.5% in the first quarter. Allspring Global Investments Holdings LLC now owns 30,195 shares of the medical research company's stock worth $2,170,000 after buying an additional 145 shares during the period. 79.46% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Edwards Lifesciences

In related news, VP Donald E. Bobo, Jr. sold 2,570 shares of the firm's stock in a transaction that occurred on Monday, June 2nd. The stock was sold at an average price of $77.40, for a total transaction of $198,918.00. Following the completion of the sale, the vice president owned 50,356 shares of the company's stock, valued at $3,897,554.40. This trade represents a 4.86% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP Daniel J. Lippis sold 4,114 shares of the firm's stock in a transaction that occurred on Monday, July 28th. The shares were sold at an average price of $79.46, for a total value of $326,898.44. Following the completion of the sale, the vice president directly owned 22,002 shares of the company's stock, valued at $1,748,278.92. This trade represents a 15.75% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 34,962 shares of company stock valued at $2,641,387 over the last ninety days. Insiders own 0.34% of the company's stock.

Edwards Lifesciences Price Performance

EW traded down $1.54 on Monday, reaching $78.46. The stock had a trading volume of 6,024,534 shares, compared to its average volume of 4,283,557. 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 50-day moving average of $76.58 and a 200-day moving average of $73.59. The company has a current ratio of 4.45, a quick ratio of 3.66 and a debt-to-equity ratio of 0.06. The company has a market capitalization of $46.02 billion, a price-to-earnings ratio of 11.29, a price-to-earnings-growth ratio of 4.00 and a beta of 1.11.

Edwards Lifesciences (NYSE:EW - Get Free Report) last posted its quarterly earnings data on Thursday, July 24th. The medical research company reported $0.67 EPS for the quarter, topping analysts' consensus estimates of $0.62 by $0.05. The company had revenue of $1.53 billion for the quarter, compared to analyst estimates of $1.49 billion. Edwards Lifesciences had a return on equity of 15.25% and a net margin of 72.96%. The firm's quarterly revenue was up 11.9% on a year-over-year basis. During the same period in the previous year, the firm earned $0.70 earnings per share. As a group, sell-side analysts anticipate that Edwards Lifesciences Corporation will post 2.45 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on EW shares. Royal Bank Of Canada increased their target price on Edwards Lifesciences from $85.00 to $89.00 and gave the stock an "outperform" rating in a research report on Friday. Stifel Nicolaus increased their target price on Edwards Lifesciences from $90.00 to $95.00 and gave the stock a "buy" rating in a research report on Friday. Evercore ISI increased their target price on Edwards Lifesciences from $77.00 to $80.00 and gave the stock an "in-line" rating in a research report on Friday. Morgan Stanley increased 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. Finally, Citigroup reissued a "buy" rating and issued a $95.00 price target (up previously from $84.00) on shares of Edwards Lifesciences in a research note on Thursday, May 22nd. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Edwards Lifesciences currently has a consensus rating of "Moderate Buy" and an average target price of $85.00.

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.