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Several other research analysts also recently issued reports on the stock. Royal Bank of Canada downgraded shares of Wright Medical Group from an outperform rating to a sector perform rating and dropped their price objective for the stock from $34.00 to $24.00 in a report on Thursday, August 8th. Needham & Company LLC reaffirmed a buy rating and issued a $33.00 target price (down from $38.00) on shares of Wright Medical Group in a research note on Tuesday, July 23rd. Wells Fargo & Co downgraded shares of Wright Medical Group from an outperform rating to a market perform rating and dropped their price target for the stock from $28.00 to $23.00 in a research note on Monday, August 12th. Cantor Fitzgerald downgraded shares of Wright Medical Group from an overweight rating to a neutral rating in a research note on Monday, November 4th. Finally, Piper Jaffray Companies downgraded shares of Wright Medical Group from an overweight rating to a neutral rating in a research note on Monday, November 4th. Seven equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. The stock currently has an average rating of Hold and a consensus price target of $30.09.
NASDAQ:WMGI traded up $0.07 during trading hours on Wednesday, reaching $29.43. 6,641,200 shares of the company’s stock were exchanged, compared to its average volume of 2,444,006. The business’s 50-day simple moving average is $21.47 and its two-hundred day simple moving average is $25.77. The company has a market capitalization of $3.72 billion, a P/E ratio of 326.67, a price-to-earnings-growth ratio of 10.68 and a beta of 0.78. Wright Medical Group has a 12 month low of $19.04 and a 12 month high of $32.86. The company has a quick ratio of 0.68, a current ratio of 0.91 and a debt-to-equity ratio of 0.80.
Wright Medical Group (NASDAQ:WMGI) last released its quarterly earnings results on Wednesday, August 7th. The medical device company reported $0.02 earnings per share for the quarter, beating analysts’ consensus estimates of $0.01 by $0.01. The business had revenue of $229.73 million for the quarter, compared to the consensus estimate of $233.04 million. Wright Medical Group had a negative net margin of 14.65% and a positive return on equity of 1.38%. Wright Medical Group’s revenue for the quarter was up 11.8% on a year-over-year basis. During the same quarter last year, the firm earned ($0.03) EPS. As a group, sell-side analysts anticipate that Wright Medical Group will post 0.16 earnings per share for the current fiscal year.
In other news, SVP Barry J. Regan acquired 10,000 shares of the firm’s stock in a transaction dated Tuesday, August 13th. The stock was purchased at an average price of $21.50 per share, for a total transaction of $215,000.00. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Kevin D. Cordell sold 1,263 shares of the business’s stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $21.21, for a total value of $26,788.23. The disclosure for this sale can be found here. Over the last ninety days, insiders purchased 94,654 shares of company stock worth $2,021,859 and sold 3,357 shares worth $70,822. 3.80% of the stock is owned by insiders.
A number of large investors have recently made changes to their positions in WMGI. Tower Research Capital LLC TRC lifted its position in shares of Wright Medical Group by 13,009.1% during the 3rd quarter. Tower Research Capital LLC TRC now owns 2,884 shares of the medical device company’s stock valued at $59,000 after buying an additional 2,862 shares during the last quarter. GW&K Investment Management LLC increased its stake in Wright Medical Group by 24.7% in the 3rd quarter. GW&K Investment Management LLC now owns 1,300,058 shares of the medical device company’s stock worth $26,820,000 after acquiring an additional 257,590 shares during the last quarter. Public Employees Retirement Association of Colorado bought a new position in Wright Medical Group in the 3rd quarter worth about $6,765,000. SG Americas Securities LLC bought a new position in shares of Wright Medical Group during the 3rd quarter valued at about $609,000. Finally, Mitsubishi UFJ Asset Management UK Ltd. bought a new position in Wright Medical Group during the 3rd quarter worth approximately $1,032,000.
Wright Medical Group Company Profile
Wright Medical Group N.V., a medical device company, designs, manufactures, markets, and sells upper and lower extremities, and biologics products in the United States, Europe, the Middle East, Africa, Canada, Asia, Australia, and Latin America. The company offers joint implants and bone fixation devices for the shoulder, elbow, wrist, hand, foot, and ankle; and biologics products that are used for supporting the treatment of damaged or diseased bones, tendons, and soft tissues, as well as to stimulate bone growth.
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