PNC Financial Services Group Inc. Has $42.12 Million Stock Position in Edwards Lifesciences Corporation (NYSE:EW)

Key Points

• PNC Financial Services Group Inc. reduced its stake in Edwards Lifesciences Corporation by 3.9%, now holding approximately 581,079 shares valued at $42.12 million.
• Insider selling activity was noted, with CFO Scott B. Ullem selling 11,250 shares for around $837,000, representing a 21.49% reduction in his ownership.
• Analysts have raised their price targets for Edwards Lifesciences, with Mizuho setting a new target of $95.00 and several others following suit, indicating a general optimistic outlook on the stock.

PNC Financial Services Group Inc. trimmed its holdings in shares of Edwards Lifesciences Corporation (NYSE:EW - Free Report) by 3.9% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 581,079 shares of the medical research company's stock after selling 23,499 shares during the period. PNC Financial Services Group Inc. owned approximately 0.10% of Edwards Lifesciences worth $42,117,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently bought and sold shares of the company. Sound View Wealth Advisors Group LLC boosted its position in Edwards Lifesciences by 4.8% during the first quarter. Sound View Wealth Advisors Group LLC now owns 4,914 shares of the medical research company's stock valued at $356,000 after purchasing an additional 223 shares during the last quarter. North Star Asset Management Inc. boosted its position in Edwards Lifesciences by 34.9% during the first quarter. North Star Asset Management Inc. now owns 47,564 shares of the medical research company's stock valued at $3,447,000 after purchasing an additional 12,293 shares during the last quarter. Wellington Shields & Co. LLC boosted its position in Edwards Lifesciences by 15.0% during the first quarter. Wellington Shields & Co. LLC now owns 1,150 shares of the medical research company's stock valued at $83,000 after purchasing an additional 150 shares during the last quarter. First National Trust Co boosted its position in Edwards Lifesciences by 4.9% during the first quarter. First National Trust Co now owns 3,704 shares of the medical research company's stock valued at $268,000 after purchasing an additional 172 shares during the last quarter. Finally, XTX Topco Ltd boosted its position in Edwards Lifesciences by 32.2% during the first quarter. XTX Topco Ltd now owns 27,622 shares of the medical research company's stock valued at $2,002,000 after purchasing an additional 6,722 shares during the last quarter. 79.46% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, CFO Scott B. Ullem sold 11,250 shares of the business's stock in a transaction dated Friday, May 9th. The stock was sold at an average price of $74.40, for a total transaction of $837,000.00. Following the transaction, the chief financial officer directly owned 41,098 shares in the company, valued at $3,057,691.20. The trade was a 21.49% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Larry L. Wood sold 8,950 shares of the business's stock in a transaction dated Monday, June 16th. The shares were sold at an average price of $75.23, for a total value of $673,308.50. Following the transaction, the insider owned 206,900 shares in the company, valued at $15,565,087. This represents a 4.15% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 28,982 shares of company stock valued at $2,193,425. Corporate insiders own 0.34% of the company's stock.

Analysts Set New Price Targets

A number of analysts recently issued reports on EW shares. 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, July 25th. Canaccord Genuity Group lifted their price objective on Edwards Lifesciences from $75.00 to $81.00 and gave the company a "hold" rating in a research report on Friday, July 25th. Royal Bank Of Canada lifted 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, July 25th. Morgan Stanley raised their target price on Edwards Lifesciences from $75.00 to $81.00 and gave the company an "equal weight" rating in a report on Tuesday, July 15th. Finally, Citigroup restated a "buy" rating and set a $95.00 target price (up from $84.00) on shares of Edwards Lifesciences in a report on Thursday, May 22nd. One research analyst has rated the stock with a sell rating, ten have given a hold rating, thirteen have issued a buy rating and three have given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $85.71.

Edwards Lifesciences Trading Down 0.0%

Shares of EW opened at $79.30 on Monday. Edwards Lifesciences Corporation has a 12-month low of $59.41 and a 12-month high of $83.00. The company has a quick ratio of 3.66, a current ratio of 4.45 and a debt-to-equity ratio of 0.06. The firm has a market capitalization of $46.52 billion, a price-to-earnings ratio of 11.41, a P/E/G ratio of 3.84 and a beta of 1.08. The stock'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 issued its quarterly earnings results on Thursday, July 24th. The medical research company reported $0.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.62 by $0.05. Edwards Lifesciences had a return on equity of 15.25% and a net margin of 72.96%. The firm had revenue of $1.53 billion for the quarter, compared to analyst estimates of $1.49 billion. During the same period in the previous year, the company posted $0.70 earnings per share. The company's quarterly revenue was up 11.9% compared to the same quarter last year. As a group, research analysts predict that Edwards Lifesciences Corporation will post 2.45 earnings per share for the current year.

Edwards Lifesciences Company Profile

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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