Edwards Lifesciences (NYSE:EW) Issues Earnings Results, Beats Expectations By $0.01 EPS

Edwards Lifesciences (NYSE:EW) released its earnings results on Wednesday. The medical research company reported $0.70 earnings per share for the quarter, beating the consensus estimate of $0.69 by $0.01, Briefing.com reports. The firm had revenue of $1.63 billion for the quarter, compared to analyst estimates of $1.65 billion. Edwards Lifesciences had a return on equity of 22.35% and a net margin of 24.55%. The company’s quarterly revenue was up 6.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.66 earnings per share. Edwards Lifesciences updated its Q3 guidance to $0.67-0.71 EPS and its Q3 2024 guidance to 0.670-0.710 EPS.

Edwards Lifesciences Stock Performance

NYSE EW opened at $62.37 on Friday. The stock has a market cap of $37.58 billion, a PE ratio of 26.88, a P/E/G ratio of 2.22 and a beta of 1.11. The company has a debt-to-equity ratio of 0.08, a quick ratio of 2.67 and a current ratio of 3.71. The firm has a 50-day moving average of $87.98 and a 200-day moving average of $86.84. Edwards Lifesciences has a 52-week low of $58.93 and a 52-week high of $96.12.

Analysts Set New Price Targets

A number of brokerages recently issued reports on EW. Piper Sandler decreased their price objective on shares of Edwards Lifesciences from $88.00 to $73.00 and set a “neutral” rating for the company in a report on Thursday. JPMorgan Chase & Co. cut shares of Edwards Lifesciences from an “overweight” rating to a “neutral” rating and lowered their price objective for the company from $105.00 to $72.00 in a research report on Thursday. Wells Fargo & Company reduced their target price on Edwards Lifesciences from $99.00 to $90.00 and set an “overweight” rating on the stock in a report on Thursday. Canaccord Genuity Group lowered their price target on Edwards Lifesciences from $85.00 to $77.00 and set a “hold” rating for the company in a report on Thursday. Finally, Barclays cut their price objective on Edwards Lifesciences from $101.00 to $90.00 and set an “overweight” rating on the stock in a report on Friday. One research analyst has rated the stock with a sell rating, thirteen have issued a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat.com, Edwards Lifesciences currently has an average rating of “Hold” and a consensus price target of $82.10.

Insider Activity at Edwards Lifesciences

In other news, CFO Scott B. Ullem sold 7,250 shares of the business’s stock in a transaction that occurred on Tuesday, April 30th. The stock was sold at an average price of $85.80, for a total transaction of $622,050.00. Following the completion of the sale, the chief financial officer now owns 19,074 shares in the company, valued at $1,636,549.20. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, CFO Scott B. Ullem sold 7,250 shares of the business’s stock in a transaction dated Tuesday, April 30th. The shares were sold at an average price of $85.80, for a total value of $622,050.00. Following the completion of the sale, the chief financial officer now owns 19,074 shares of the company’s stock, valued at $1,636,549.20. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Donald E. Bobo, Jr. sold 5,000 shares of Edwards Lifesciences stock in a transaction dated Wednesday, July 10th. The stock was sold at an average price of $93.29, for a total transaction of $466,450.00. Following the completion of the sale, the vice president now owns 46,936 shares of the company’s stock, valued at approximately $4,378,659.44. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 81,099 shares of company stock worth $7,003,553. Insiders own 1.29% of the company’s stock.

Edwards Lifesciences Company Profile

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.