Traders Buy Edwards Lifesciences (EW) on Weakness Following Insider Selling
Traders purchased shares of Edwards Lifesciences Corp (NYSE:EW) on weakness during trading on Tuesday after an insider sold shares in the company. $45.55 million flowed into the stock on the tick-up and $22.58 million flowed out of the stock on the tick-down, for a money net flow of $22.97 million into the stock. Of all equities tracked, Edwards Lifesciences had the 16th highest net in-flow for the day. Edwards Lifesciences traded down ($0.34) for the day and closed at $145.95Specifically, CFO Scott B. Ullem sold 25,036 shares of the firm’s stock in a transaction dated Wednesday, September 5th. The shares were sold at an average price of $140.04, for a total value of $3,506,041.44. Following the transaction, the chief financial officer now directly owns 41,019 shares of the company’s stock, valued at approximately $5,744,300.76. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Larry L. Wood sold 6,300 shares of Edwards Lifesciences stock in a transaction that occurred on Monday, July 16th. The shares were sold at an average price of $148.02, for a total transaction of $932,526.00. Following the sale, the vice president now directly owns 121,950 shares in the company, valued at $18,051,039. The disclosure for this sale can be found here. Over the last three months, insiders sold 183,811 shares of company stock worth $26,346,476. Insiders own 1.84% of the company’s stock.
Several brokerages recently issued reports on EW. JPMorgan Chase & Co. lifted their price target on shares of Edwards Lifesciences from $133.00 to $150.00 and gave the company a “neutral” rating in a report on Friday, July 27th. Northland Securities reaffirmed a “hold” rating and set a $120.00 price target on shares of Edwards Lifesciences in a report on Friday, July 27th. Jefferies Financial Group reaffirmed a “buy” rating and set a $168.00 price target on shares of Edwards Lifesciences in a report on Friday, July 27th. Sanford C. Bernstein began coverage on shares of Edwards Lifesciences in a report on Wednesday, June 27th. They set a “market perform” rating and a $165.00 price target on the stock. Finally, ValuEngine raised shares of Edwards Lifesciences from a “hold” rating to a “buy” rating in a report on Tuesday, June 12th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and fourteen have assigned a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $152.45.
The company has a current ratio of 1.86, a quick ratio of 1.47 and a debt-to-equity ratio of 0.19. The firm has a market capitalization of $30.99 billion, a price-to-earnings ratio of 38.57, a P/E/G ratio of 2.05 and a beta of 0.57.
A number of institutional investors and hedge funds have recently bought and sold shares of EW. Schwab Charles Investment Management Inc. lifted its position in shares of Edwards Lifesciences by 3.4% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 794,667 shares of the medical research company’s stock worth $115,680,000 after purchasing an additional 26,346 shares during the period. Summit Global Investments acquired a new position in shares of Edwards Lifesciences in the 2nd quarter worth approximately $2,923,000. HighPoint Advisor Group LLC lifted its position in shares of Edwards Lifesciences by 38.0% in the 1st quarter. HighPoint Advisor Group LLC now owns 2,897 shares of the medical research company’s stock worth $414,000 after purchasing an additional 798 shares during the period. Fulcrum Capital LLC acquired a new position in shares of Edwards Lifesciences in the 2nd quarter worth approximately $2,920,000. Finally, CIBC Private Wealth Group LLC lifted its position in shares of Edwards Lifesciences by 7.2% in the 2nd quarter. CIBC Private Wealth Group LLC now owns 995,781 shares of the medical research company’s stock worth $144,956,000 after purchasing an additional 66,544 shares during the period. 82.06% of the stock is currently owned by hedge funds and other institutional investors.
Edwards Lifesciences Company Profile (NYSE:EW)
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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