Edwards Lifesciences (EW) to Repurchase $1.00 billion in Shares
Edwards Lifesciences (NYSE:EW) declared that its board has approved a stock buyback plan, which authorizes the company to buyback $1.00 billion in shares on Thursday, December 7th, EventVestor reports. This buyback authorization authorizes the medical research company to purchase shares of its stock through open market purchases. Shares buyback plans are usually a sign that the company’s management believes its shares are undervalued.
Shares of Edwards Lifesciences (NYSE:EW) traded up $0.31 during midday trading on Thursday, reaching $113.36. The company’s stock had a trading volume of 1,530,300 shares, compared to its average volume of 1,641,257. The company has a current ratio of 3.49, a quick ratio of 2.76 and a debt-to-equity ratio of 0.33. The company has a market cap of $23,923.63, a price-to-earnings ratio of 31.32, a P/E/G ratio of 2.02 and a beta of 0.51. Edwards Lifesciences has a 52-week low of $81.90 and a 52-week high of $121.45.
Edwards Lifesciences (NYSE:EW) last issued its quarterly earnings results on Tuesday, October 24th. The medical research company reported $0.84 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.86 by ($0.02). The firm had revenue of $821.50 million for the quarter, compared to the consensus estimate of $833.85 million. Edwards Lifesciences had a net margin of 22.47% and a return on equity of 27.22%. The business’s revenue for the quarter was up 11.1% compared to the same quarter last year. During the same period in the previous year, the business posted $0.68 earnings per share. analysts predict that Edwards Lifesciences will post 3.75 EPS for the current year.
EW has been the subject of several recent research reports. Zacks Investment Research lowered Edwards Lifesciences from a “strong-buy” rating to a “hold” rating in a report on Tuesday, September 26th. BidaskClub lowered Edwards Lifesciences from a “buy” rating to a “hold” rating in a report on Friday, August 25th. Cowen reissued a “buy” rating and issued a $135.00 price objective on shares of Edwards Lifesciences in a report on Thursday, October 12th. BMO Capital Markets reissued a “buy” rating and issued a $132.00 price objective on shares of Edwards Lifesciences in a report on Friday, September 1st. Finally, Deutsche Bank decreased their price objective on Edwards Lifesciences from $122.00 to $115.00 and set a “hold” rating for the company in a report on Thursday, October 26th. Seven equities research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $125.53.
In other news, VP Donald E. Bobo, Jr. sold 5,300 shares of the stock in a transaction on 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 filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Larry L. Wood sold 18,960 shares of the stock in a transaction on Friday, September 15th. The shares were sold at an average price of $112.58, for a total value of $2,134,516.80. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 139,580 shares of company stock valued at $14,849,205. 2.13% of the stock is currently owned by corporate insiders.
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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.
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