Cornerstone Wealth Management LLC reduced its holdings in Edwards Lifesciences Corp (NYSE:EW) by 80.8% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 19,068 shares of the medical research company’s stock after selling 80,029 shares during the period. Cornerstone Wealth Management LLC’s holdings in Edwards Lifesciences were worth $173,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also modified their holdings of the business. Principal Financial Group Inc. raised its holdings in Edwards Lifesciences by 5.4% during the first quarter. Principal Financial Group Inc. now owns 461,654 shares of the medical research company’s stock worth $64,409,000 after buying an additional 23,652 shares during the last quarter. State of Alaska Department of Revenue raised its holdings in Edwards Lifesciences by 28.9% during the second quarter. State of Alaska Department of Revenue now owns 36,175 shares of the medical research company’s stock worth $5,265,000 after buying an additional 8,110 shares during the last quarter. Handelsbanken Fonder AB acquired a new position in Edwards Lifesciences during the second quarter worth $11,354,000. Xact Kapitalforvaltning AB raised its holdings in Edwards Lifesciences by 2.6% during the second quarter. Xact Kapitalforvaltning AB now owns 42,018 shares of the medical research company’s stock worth $6,117,000 after buying an additional 1,084 shares during the last quarter. Finally, First Citizens Bank & Trust Co. raised its holdings in Edwards Lifesciences by 26.7% during the second quarter. First Citizens Bank & Trust Co. now owns 3,896 shares of the medical research company’s stock worth $567,000 after buying an additional 820 shares during the last quarter. 82.71% of the stock is currently owned by institutional investors.
Several research analysts have weighed in on the stock. SunTrust Banks upped their price objective on shares of Edwards Lifesciences to $200.00 and gave the stock a “buy” rating in a report on Friday, September 28th. Guggenheim downgraded shares of Edwards Lifesciences from a “buy” rating to a “neutral” rating in a report on Tuesday, October 2nd. Bank of America downgraded shares of Edwards Lifesciences from a “buy” rating to a “neutral” rating in a report on Tuesday, October 2nd. Zacks Investment Research upgraded shares of Edwards Lifesciences from a “hold” rating to a “buy” rating and set a $185.00 price objective on the stock in a report on Wednesday, September 26th. Finally, JPMorgan Chase & Co. upped their target price on shares of Edwards Lifesciences from $133.00 to $150.00 and gave the stock a “neutral” rating in a research note on Friday, July 27th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and thirteen have given a buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $156.79.
Edwards Lifesciences (NYSE:EW) last posted its earnings results on Tuesday, October 23rd. The medical research company reported $1.07 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.02 by $0.05. Edwards Lifesciences had a net margin of 20.67% and a return on equity of 30.11%. The firm had revenue of $906.60 million during the quarter, compared to analyst estimates of $927.56 million. During the same quarter in the prior year, the business posted $0.84 EPS. The business’s revenue was up 10.4% compared to the same quarter last year. Analysts forecast that Edwards Lifesciences Corp will post 4.7 earnings per share for the current fiscal year.
In related news, CEO Michael A. Mussallem sold 32,900 shares of the stock in a transaction dated Wednesday, September 12th. The shares were sold at an average price of $144.02, for a total transaction of $4,738,258.00. Following the completion of the transaction, the chief executive officer now owns 76,026 shares in the company, valued at $10,949,264.52. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, VP Huimin Wang sold 33,800 shares of the stock in a transaction dated Tuesday, November 6th. The shares were sold at an average price of $150.43, for a total transaction of $5,084,534.00. Following the transaction, the vice president now owns 81,665 shares of the company’s stock, valued at approximately $12,284,865.95. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 150,311 shares of company stock valued at $21,718,936. 1.84% of the stock is owned by company insiders.
About Edwards Lifesciences
Edwards Lifesciences Corporation provides products and technologies to treat structural heart disease and critically ill patients in the United States and internationally. It offers transcatheter heart valve therapy products comprising transcatheter aortic heart valves and related delivery systems for the nonsurgical replacement of heart valves.
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