Edwards Lifesciences, Apple: S&P Gainers
The S&P 500 rose 18.72 points, or 1.36%, Wednesday to 1,390.69.
Shares of Edwards Lifesciences increased 11.61% Wednesday to $81.84. The medical supplies company reported first-quarter earnings of $65.1 million, or 55 cents a share, up from year-earlier earnings of $63.9 million, or 53 cents a share. Sales in the quarter increased 13.5% to $459.2 million in the quarter.
Edwards Lifesciences' stock is trading at an estimated price-to-earnings ratio for next year of 24X; the average for medical supplies companies is 19.3X. For comparison, Becton Dickinson has a lower forward P/E of 12.44X.
Fourteen of the 25 analysts who cover Edwards Lifesciences rate it at buy; 11 analysts give the stock a hold rating.
TheStreet Ratings gives Edwards Lifesciences a B grade with a buy rating and $84.23 price target. The stock has risen 15.76% year to date.