Glenview Trust Co. Reduces Stake in Edwards Lifesciences

Glenview Trust Co. has decreased its shares in Edwards Lifesciences Co. (NYSE:EW) by 14.0% during the fourth quarter, as reported in the latest filing with the Securities and Exchange Commission (SEC). After selling 57,982 shares, the institutional investor now holds 357,562 shares of the medical research company. At the end of the reporting period, Glenview Trust Co. owned approximately 0.06% of Edwards Lifesciences, valued at $26,470,000.

Multiple large investors have also adjusted their holdings in Edwards Lifesciences recently. Wellington Management Group LLP increased its investment by 86.3% during the third quarter, now owning 31,532,725 shares valued at $2,080,845,000 after acquiring an additional 14,610,123 shares. Likewise, State Street Corp raised its shareholdings by 1.0%, bringing their total to 26,265,633 shares worth $1,733,270,000 after adding 256,538 shares in the last quarter. Geode Capital Management LLC increased its stake by 2.2%, now holding 13,521,147 shares valued at $889,050,000.

Fisher Asset Management LLC boosted its position in Edwards Lifesciences by 7.7% in the fourth quarter, now having 9,775,276 shares valued at $723,664,000 following the purchase of 696,965 additional shares. Lastly, Jennison Associates LLC made a new investment valued at about $555,939,000 during the fourth quarter. Overall, institutional investors hold 79.46% of the company’s stock.

Insider Transactions at Edwards Lifesciences

In other news, Vice President Daniel J. Lippis sold 2,500 shares of the company on December 16th, receiving $185,200 at an average price of $74.08 per share. After this sale, Lippis now directly owns 23,189 shares, valued at approximately $1,717,841.12, marking a 9.73% decrease in his ownership. Another vice president, Donald E. Bobo, Jr., sold 9,500 shares on March 13th, totaling $645,620 at an average price of $67.96. After this transaction, Bobo owns 46,936 shares worth about $3,189,770.56, representing a 16.83% decrease in his stake. In total, insiders sold 53,803 shares valued at $3,900,976 over the past three months, while company insiders hold 1.29% of the stock.

Price Targets from Analysts

Several equity analysts have recently published reports on Edwards Lifesciences shares. Piper Sandler raised their price target from $70.00 to $73.00 while assigning a “neutral” rating. Stifel Nicolaus upgraded the stock from a “hold” to a “buy” rating, increasing their price target from $75.00 to $90.00. Canaccord Genuity Group boosted their price target from $68.00 to $71.00 with a “hold” rating. Additionally, Citigroup raised their target from $81.00 to $83.00, maintaining a “buy” rating. Lastly, Wolfe Research downgraded the stock from “hold” to “strong sell.” Currently, one analyst has given a sell rating, fourteen have rated the stock as holds, and twelve analysts have issued buy ratings. According to MarketBeat.com, the average rating for Edwards Lifesciences is a “Hold” with a price target of $79.95.

Edwards Lifesciences Stock Performance

Edwards Lifesciences stock opened at $69.37 on Friday, with a fifty-two week low of $58.93 and a high of $96.12. The company has a market capitalization of $40.78 billion, a price-to-earnings (P/E) ratio of 9.95, and a price-to-earnings growth (PEG) ratio of 4.82. The business's 50-day moving average price is at $71.74, while the 200-day moving average stands at $70.33. Their debt-to-equity ratio is 0.06, with a quick ratio of 2.89 and a current ratio of 3.46.

In its last quarterly earnings report, released on February 11th, Edwards Lifesciences reported earnings per share (EPS) of $0.59, exceeding analysts' predictions of $0.55 by $0.04. The company achieved a return on equity of 19.40% and a net margin of 72.93%. Analysts currently predict that Edwards Lifesciences Co. will post EPS of 2.45 for the fiscal year.

About Edwards Lifesciences

Edwards Lifesciences Corporation specializes in developing products and technologies for treating structural heart disease and providing critical care monitoring, both domestically and internationally, including Europe, Japan, and beyond. The company’s offerings include transcatheter heart valve replacement products for minimally invasive aortic heart valve replacement under the Edwards SAPIEN brand, and transcatheter valve repair and replacement products for mitral and tricuspid valve diseases marketed under the PASCAL PRECISION and Cardioband brands.

Glenview, Edwards, Investors