Brown Advisory Reduces Stake in Edwards Lifesciences by 10.5%

Brown Advisory Inc. has reduced its stake in Edwards Lifesciences Corporation (NYSE: EW) by 10.5% during the second quarter of 2023. According to a report from Holdings Channel, the firm now holds 7,312,494 shares after selling 861,339 shares in this period. As of the latest filing with the Securities and Exchange Commission, the value of Brown Advisory’s holdings in the company stands at approximately $571.91 million.

Several other institutional investors have also adjusted their positions in Edwards Lifesciences. For instance, Brighton Jones LLC acquired a new stake valued at $266,000 in the fourth quarter. Additionally, Federated Hermes Inc. increased its stake by 128.2% during the first quarter, bringing its total to 2,592 shares worth $188,000. Costello Asset Management Inc. purchased a new position worth around $29,000, while Cary Street Partners Investment Advisory LLC boosted its stake by 71.5%, now holding 1,034 shares valued at $75,000. Wealthspire Advisors LLC also increased its holdings by 6.5%, now owning 10,379 shares worth $752,000. Overall, institutional investors and hedge funds own approximately 79.46% of the company’s stock.

Insider Transactions and Stock Performance

In related news, Vice President Daniel J. Lippis sold 1,020 shares of Edwards Lifesciences on November 10, 2023, for an average price of $82.55, totaling $84,201. Following this transaction, Lippis retains 22,002 shares valued at around $1.82 million, marking a 4.43% decrease in his ownership.

Chief Financial Officer Scott B. Ullem also sold 13,000 shares on the same day, fetching an average price of $83.08 for a total value of $1,080,040. Post-transaction, Ullem holds 39,898 shares valued at approximately $3.31 million, representing a 24.58% decline in his position. Corporate insiders collectively own 1.29% of the company’s stock.

On October 30, 2023, Edwards Lifesciences reported its quarterly earnings, revealing an earnings per share (EPS) of $0.67, surpassing analysts’ expectations of $0.59 by $0.08. The company reported revenues of $1.55 billion, exceeding the anticipated $1.49 billion. With a net margin of 23.25% and a return on equity of 14.70%, Edwards Lifesciences demonstrated a year-over-year revenue increase of 14.7%. The company has set guidance for fiscal year 2025 at an EPS range of $2.560-$2.620 and for the fourth quarter of 2025 at $0.580-$0.640. Analysts forecast an EPS of $2.45 for the current fiscal year.

Analyst Ratings and Future Outlook

Recent research reports have provided insights into the stock’s trajectory. Robert W. Baird set a price target of $83.00 on October 31, 2023. Canaccord Genuity Group maintained a “hold” rating, revising its target to $84.00 from a previous $81.00. Barclays reaffirmed an “overweight” rating with a target of $99.00, up from $95.00. Truist Financial increased its price objective from $87.00 to $90.00, while The Goldman Sachs Group established a target price of $104.00 with a “buy” rating.

MarketBeat.com reports that the consensus rating for Edwards Lifesciences is “Moderate Buy,” with an average price target of $91.52. The stock has garnered three “Strong Buy” ratings, fourteen “Buy” ratings, ten “Hold” ratings, and one “Sell” rating from various analysts.

Edwards Lifesciences Corporation specializes in products and technologies for structural heart disease and critical care monitoring, operating in markets including the United States, Europe, Japan, and beyond. The company’s offerings include transcatheter heart valve replacement products, particularly under the Edwards SAPIEN family, and transcatheter heart valve repair and replacement solutions for mitral and tricuspid valve diseases, marketed under the PASCAL PRECISION and Cardioband brands.