Truist Financial Corp Decreases Stock Position in Edwards Lifesciences Co. (NYSE:EW)

Truist Financial Corp reduced its position in Edwards Lifesciences Co. (NYSE:EW) by 35.0% in the fourth quarter, Holdings Channel.com reports. The fund owned 92,363 shares of the medical research company’s stock after selling 49,788 shares during the period. Truist Financial Corp’s holdings in Edwards Lifesciences were worth $7,043,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. AustralianSuper Pty Ltd purchased a new stake in Edwards Lifesciences during the 4th quarter valued at $168,519,000. Nordea Investment Management AB raised its stake in Edwards Lifesciences by 1,224.1% during the 4th quarter. Nordea Investment Management AB now owns 1,610,412 shares of the medical research company’s stock valued at $123,261,000 after buying an additional 1,488,791 shares during the last quarter. Wellington Management Group LLP raised its stake in Edwards Lifesciences by 9.2% during the 3rd quarter. Wellington Management Group LLP now owns 16,434,401 shares of the medical research company’s stock valued at $1,138,575,000 after buying an additional 1,390,427 shares during the last quarter. FMR LLC raised its stake in Edwards Lifesciences by 61.1% during the 3rd quarter. FMR LLC now owns 3,111,385 shares of the medical research company’s stock valued at $215,557,000 after buying an additional 1,179,637 shares during the last quarter. Finally, J.P. Morgan Private Wealth Advisors LLC purchased a new stake in Edwards Lifesciences during the 3rd quarter valued at $60,971,000. 79.46% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, Director Michael A. Mussallem sold 29,350 shares of the company’s stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $84.77, for a total transaction of $2,487,999.50. Following the sale, the director now directly owns 4,486 shares of the company’s stock, valued at approximately $380,278.22. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, Director Michael A. Mussallem sold 29,350 shares of the company’s stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $84.77, for a total transaction of $2,487,999.50. Following the sale, the director now directly owns 4,486 shares of the company’s stock, valued at approximately $380,278.22. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Scott B. Ullem sold 7,255 shares of the company’s stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $94.89, for a total value of $688,426.95. Following the sale, the chief financial officer now directly owns 19,074 shares in the company, valued at $1,809,931.86. The disclosure for this sale can be found here. In the last three months, insiders have sold 237,749 shares of company stock valued at $20,920,934. Corporate insiders own 1.29% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on EW shares. Royal Bank of Canada boosted their target price on shares of Edwards Lifesciences from $95.00 to $101.00 and gave the company an “outperform” rating in a research note on Monday, April 15th. OTR Global upgraded shares of Edwards Lifesciences from a “mixed” rating to a “positive” rating in a research note on Tuesday, March 26th. Bank of America upgraded Edwards Lifesciences from a “neutral” rating to a “buy” rating in a research note on Thursday, March 7th. Citigroup upped their price objective on Edwards Lifesciences from $90.00 to $98.00 and gave the stock a “neutral” rating in a research note on Wednesday, April 3rd. Finally, Piper Sandler upped their price objective on Edwards Lifesciences from $85.00 to $88.00 and gave the stock a “neutral” rating in a research note on Friday, April 26th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Edwards Lifesciences currently has a consensus rating of “Moderate Buy” and a consensus price target of $92.71.

Edwards Lifesciences Stock Up 0.2 %

NYSE EW opened at $85.24 on Friday. The stock’s 50 day moving average is $90.13 and its 200 day moving average is $79.23. The company has a current ratio of 3.75, a quick ratio of 2.67 and a debt-to-equity ratio of 0.08. Edwards Lifesciences Co. has a 12 month low of $60.57 and a 12 month high of $96.12. The stock has a market cap of $51.37 billion, a PE ratio of 36.74, a P/E/G ratio of 3.55 and a beta of 1.10.

Edwards Lifesciences (NYSE:EW) last posted its quarterly earnings results on Thursday, April 25th. The medical research company reported $0.66 EPS for the quarter, topping analysts’ consensus estimates of $0.64 by $0.02. Edwards Lifesciences had a return on equity of 22.86% and a net margin of 23.01%. The company had revenue of $1.60 billion for the quarter, compared to analysts’ expectations of $1.58 billion. Research analysts predict that Edwards Lifesciences Co. will post 2.77 EPS for the current fiscal year.

About Edwards Lifesciences

Edwards Lifesciences Corporation provides products and technologies for structural heart disease and critical care monitoring in the United States, Europe, Japan, and internationally. It offers transcatheter heart valve replacement products for the minimally invasive replacement of aortic heart valves under the Edwards SAPIEN family of valves system; and transcatheter heart valve repair and replacement products to treat mitral and tricuspid valve diseases under the PASCAL PRECISION and Cardioband names.