B&L Asset Management LLC Takes New Stake in Edwards Lifesciences Co.

B&L Asset Management LLC has recently acquired a new stake in Edwards Lifesciences Co. (NYSE:EW), as reported in its latest filing with the SEC. During the third quarter, the firm purchased 46,998 shares of the medical research company, with a total value estimated at around $3,101,000. This investment now represents 2.0% of B&L Asset Management LLC's overall investment portfolio, making it the 16th largest holding.

Several other institutional investors have also made changes to their positions in Edwards Lifesciences. For instance, First Community Trust NA acquired a new stake in the second quarter, valued at approximately $29,000. Similarly, Prospera Private Wealth LLC invested in the company during the third quarter, worth around $32,000. Furthermore, Avior Wealth Management LLC increased its holdings in Edwards Lifesciences by 138.7% in the same quarter, now owning 530 shares valued at $35,000 after adding 308 shares. Webster Bank N. A. and Peoples Bank KS also took new stakes in the company, valued at $39,000 and $40,000, respectively. Notably, institutional investors and hedge funds now own about 79.46% of the company's total stock.

Stock Performance

As of Friday, Edwards Lifesciences shares opened at $71.35. The company's 50-day moving average stands at $68.10 while the 200-day moving average is $75.15. Over the past year, the stock has reached a low of $58.93 and a high of $96.12. Financially, Edwards Lifesciences reports a quick ratio of 2.89, a current ratio of 3.46, and a debt-to-equity ratio of 0.06. The firm has a market capitalization of $42.08 billion, a price-to-earnings ratio of 10.30, and a price-to-earnings growth ratio of 4.01 with a beta of 1.12.

Earnings Report

On October 24, Edwards Lifesciences released its quarterly earnings results, reporting $0.67 per share, which met analyst expectations. The company generated $1.35 billion in revenue for the quarter, slightly below the anticipated $1.57 billion. The firm showcased a net margin of 70.82% and a return on equity of 20.76%. Revenue increased by 8.9% compared to the same quarter last year, up from $0.59 EPS in the previous year. Analysts project that Edwards Lifesciences will achieve an EPS of 2.57 for the current fiscal year.

Insider Activity

Recent transactions by insiders at Edwards Lifesciences include VP Donald E. Bobo, Jr. selling 5,000 shares on September 11 at an average price of $66.77, totaling $333,850. Post-transaction, he holds 46,936 shares valued at approximately $3,133,916.72. Additionally, insider Larry L. Wood sold 25,000 shares on November 5 at an average of $65.91 for $1,647,750. This sale brought his ownership to 198,526 shares worth about $13,084,848.66. In total, insiders have sold 40,000 shares worth $2,657,000 over the last ninety days. Currently, insiders own 1.29% of the stock.

Analyst Ratings

Recently, several analysts have updated their ratings for Edwards Lifesciences. Evercore ISI reduced its target price from $76.00 to $70.00 and maintained an "in-line" rating. Daiwa America downgraded the stock from "strong-buy" to "hold". However, Sanford C. Bernstein upgraded its stance from "strong sell" to "hold". Truist Financial also decreased its target price from $71.00 to $70.00, setting a "hold" rating. Oppenheimer reaffirmed an "outperform" rating with a target price of $90.00. Overall, there are 17 hold ratings and 10 buy ratings for Edwards Lifesciences, leading to an average rating of "Hold" with a consensus target price of $76.85.

Company Overview

Edwards Lifesciences Corporation specializes in developing products and technologies for structural heart disease and critical care monitoring across various regions including the United States, Europe, and Japan. The company is recognized for its transcatheter heart valve replacement products and transcatheter heart valve repair and replacement solutions.

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