Evercore ISI Initiates Coverage on Edwards Lifesciences (NYSE:EW)

Equities researchers at Evercore ISI started coverage on shares of Edwards Lifesciences (NYSE:EW) in a report released on Wednesday, January 3rd, Marketbeat reports. The brokerage set an “outperform” rating and a $140.00 price target on the medical research company’s stock. Evercore ISI’s target price points to a potential upside of 9.24% from the company’s current price.

Several other brokerages have also recently commented on EW. Cowen set a $135.00 price target on Edwards Lifesciences and gave the stock a “buy” rating in a research report on Sunday, December 10th. BMO Capital Markets restated a “buy” rating and issued a $137.00 target price on shares of Edwards Lifesciences in a report on Friday, December 8th. Canaccord Genuity restated a “buy” rating and issued a $137.00 target price on shares of Edwards Lifesciences in a report on Wednesday, November 29th. SunTrust Banks set a $124.00 target price on Edwards Lifesciences and gave the company a “buy” rating in a report on Wednesday, October 25th. Finally, JPMorgan Chase & Co. cut Edwards Lifesciences from an “overweight” rating to a “neutral” rating in a report on Tuesday, January 2nd. Six analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the company. Edwards Lifesciences currently has an average rating of “Buy” and a consensus price target of $129.57.

Shares of Edwards Lifesciences (NYSE:EW) traded up $1.92 on Wednesday, hitting $128.16. The company had a trading volume of 826,295 shares, compared to its average volume of 1,190,000. The company has a debt-to-equity ratio of 0.33, a current ratio of 3.49 and a quick ratio of 2.76. Edwards Lifesciences has a 52-week low of $86.55 and a 52-week high of $128.19. The stock has a market capitalization of $27,120.00, a PE ratio of 37.26, a price-to-earnings-growth ratio of 2.02 and a beta of 0.51.

Edwards Lifesciences declared that its board has initiated a stock buyback program on Thursday, December 7th that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the medical research company to reacquire shares of its stock through open market purchases. Shares buyback programs are generally an indication that the company’s management believes its shares are undervalued.

In other Edwards Lifesciences news, CEO Michael A. Mussallem sold 32,900 shares of the stock in a transaction dated Monday, October 30th. The stock was sold at an average price of $100.93, for a total value of $3,320,597.00. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, VP Larry L. Wood sold 6,300 shares of the stock in a transaction dated Tuesday, January 16th. The shares were sold at an average price of $121.00, for a total value of $762,300.00. Following the completion of the sale, the vice president now directly owns 116,148 shares in the company, valued at approximately $14,053,908. The disclosure for this sale can be found here. In the last three months, insiders have sold 197,820 shares of company stock worth $21,760,908. 2.13% of the stock is owned by corporate insiders.

A number of hedge funds have recently bought and sold shares of the business. Veritable L.P. raised its position in Edwards Lifesciences by 1.2% in the 2nd quarter. Veritable L.P. now owns 6,244 shares of the medical research company’s stock valued at $738,000 after purchasing an additional 71 shares in the last quarter. Stephens Inc. AR raised its position in Edwards Lifesciences by 1.2% in the 2nd quarter. Stephens Inc. AR now owns 7,831 shares of the medical research company’s stock valued at $926,000 after purchasing an additional 91 shares in the last quarter. Johnson Financial Group Inc. raised its position in Edwards Lifesciences by 7.1% in the 2nd quarter. Johnson Financial Group Inc. now owns 1,639 shares of the medical research company’s stock valued at $194,000 after purchasing an additional 109 shares in the last quarter. Advisory Services Network LLC raised its position in Edwards Lifesciences by 0.9% in the 2nd quarter. Advisory Services Network LLC now owns 12,565 shares of the medical research company’s stock valued at $1,486,000 after purchasing an additional 112 shares in the last quarter. Finally, Kingfisher Capital LLC raised its position in Edwards Lifesciences by 1.9% in the 2nd quarter. Kingfisher Capital LLC now owns 8,454 shares of the medical research company’s stock valued at $1,000,000 after purchasing an additional 159 shares in the last quarter. 81.52% of the stock is currently owned by institutional investors.

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Edwards Lifesciences Company Profile

Edwards Lifesciences Corporation is a manufacturer of heart valve systems and repair products used to replace or repair a patient’s diseased or defective heart valve. The Company is engaged in patient-focused innovations for structural heart disease and critical care monitoring. Its segments include United States, Europe, Japan and Rest of World.

Analyst Recommendations for Edwards Lifesciences (NYSE:EW)

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