Investors bought shares of Edwards Lifesciences Corp (NYSE:EW) on weakness during trading hours on Friday following insider selling activity. $109.43 million flowed into the stock on the tick-up and $36.05 million flowed out of the stock on the tick-down, for a money net flow of $73.38 million into the stock. Of all stocks tracked, Edwards Lifesciences had the 33rd highest net in-flow for the day. Edwards Lifesciences traded down ($0.09) for the day and closed at $114.22Specifically, VP Donald E. Bobo, Jr. sold 5,300 shares of the business’s stock in a transaction dated Wednesday, November 29th. The stock was sold at an average price of $116.45, for a total transaction of $617,185.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Larry L. Wood sold 18,960 shares of the business’s stock in a transaction dated Monday, October 16th. The stock was sold at an average price of $108.54, for a total value of $2,057,918.40. The disclosure for this sale can be found here. Insiders have sold a total of 139,580 shares of company stock valued at $14,887,125 in the last ninety days. Insiders own 2.13% of the company’s stock.
EW has been the subject of several recent analyst reports. BidaskClub lowered Edwards Lifesciences from a “buy” rating to a “hold” rating in a report on Friday, August 25th. William Blair reissued an “outperform” rating on shares of Edwards Lifesciences in a report on Monday, August 28th. BMO Capital Markets reissued a “buy” rating and set a $132.00 price objective on shares of Edwards Lifesciences in a report on Friday, September 1st. Royal Bank of Canada reissued a “buy” rating and set a $130.00 price objective on shares of Edwards Lifesciences in a report on Friday, September 1st. Finally, Zacks Investment Research lowered Edwards Lifesciences from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, September 26th. Six analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the company. Edwards Lifesciences presently has an average rating of “Buy” and an average price target of $126.43.
The company has a market cap of $24,175.47, a P/E ratio of 31.65, a PEG ratio of 2.04 and a beta of 0.51. The company has a quick ratio of 2.76, a current ratio of 3.49 and a debt-to-equity ratio of 0.33.
Edwards Lifesciences announced that its Board of Directors has authorized a stock buyback plan on Thursday, December 7th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the medical research company to reacquire shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.
A number of hedge funds have recently made changes to their positions in the business. Parametric Portfolio Associates LLC lifted its position in Edwards Lifesciences by 7.2% in the third quarter. Parametric Portfolio Associates LLC now owns 533,627 shares of the medical research company’s stock valued at $58,331,000 after purchasing an additional 36,044 shares during the last quarter. GSA Capital Partners LLP lifted its position in Edwards Lifesciences by 594.9% in the third quarter. GSA Capital Partners LLP now owns 22,565 shares of the medical research company’s stock valued at $2,467,000 after purchasing an additional 19,318 shares during the last quarter. Belpointe Asset Management LLC bought a new stake in Edwards Lifesciences in the third quarter valued at approximately $354,000. IFM Investors Pty Ltd bought a new stake in Edwards Lifesciences in the third quarter valued at approximately $637,000. Finally, Dana Investment Advisors Inc. lifted its position in Edwards Lifesciences by 772.9% in the third quarter. Dana Investment Advisors Inc. now owns 27,462 shares of the medical research company’s stock valued at $3,002,000 after purchasing an additional 24,316 shares during the last quarter. Hedge funds and other institutional investors own 81.82% of the company’s stock.
About Edwards Lifesciences
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.
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