BidaskClub Downgrades Wright Medical Group (WMGI) to Hold

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BidaskClub downgraded shares of Wright Medical Group (NASDAQ:WMGI) from a buy rating to a hold rating in a research note published on Thursday morning, BidAskClub reports.

Several other brokerages also recently commented on WMGI. Needham & Company LLC reiterated a buy rating and issued a $38.00 target price on shares of Wright Medical Group in a report on Wednesday, April 10th. BMO Capital Markets increased their target price on shares of Wright Medical Group from $33.00 to $36.00 and gave the company an outperform rating in a report on Thursday, March 14th. Cantor Fitzgerald increased their target price on shares of Wright Medical Group from $35.00 to $39.00 and gave the company an overweight rating in a report on Wednesday, February 27th. Wells Fargo & Co reiterated a buy rating on shares of Wright Medical Group in a report on Monday, March 11th. Finally, Jefferies Financial Group increased their target price on shares of Wright Medical Group to $40.00 and gave the company a buy rating in a report on Wednesday, February 27th. Three equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. The stock has a consensus rating of Buy and an average price target of $34.92.

WMGI traded up $0.38 during trading on Thursday, hitting $30.70. 2,902 shares of the company’s stock were exchanged, compared to its average volume of 1,394,764. The company has a current ratio of 0.91, a quick ratio of 0.70 and a debt-to-equity ratio of 0.79. Wright Medical Group has a fifty-two week low of $24.00 and a fifty-two week high of $32.86. The company has a market cap of $3.94 billion, a price-to-earnings ratio of 781.50, a PEG ratio of 9.70 and a beta of 0.97.

Wright Medical Group (NASDAQ:WMGI) last released its quarterly earnings data on Tuesday, May 7th. The medical device company reported $0.05 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.03 by $0.02. Wright Medical Group had a negative net margin of 20.81% and a positive return on equity of 0.84%. The firm had revenue of $230.13 million for the quarter, compared to the consensus estimate of $226.10 million. During the same quarter in the prior year, the company posted ($0.01) earnings per share. The business’s revenue was up 15.9% on a year-over-year basis. As a group, equities analysts forecast that Wright Medical Group will post 0.22 earnings per share for the current fiscal year.

In related news, CFO Lance A. Berry sold 6,575 shares of the stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $31.43, for a total transaction of $206,652.25. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Kevin C. Oboyle sold 6,417 shares of the stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $32.00, for a total transaction of $205,344.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 30,449 shares of company stock valued at $969,536. 4.00% of the stock is currently owned by corporate insiders.

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. BlackRock Inc. grew its position in Wright Medical Group by 15.4% during the first quarter. BlackRock Inc. now owns 10,498,608 shares of the medical device company’s stock valued at $330,182,000 after buying an additional 1,397,279 shares during the period. Fisher Asset Management LLC grew its position in Wright Medical Group by 7.8% during the fourth quarter. Fisher Asset Management LLC now owns 2,973,694 shares of the medical device company’s stock valued at $80,944,000 after buying an additional 215,833 shares during the period. Redmile Group LLC grew its position in Wright Medical Group by 13.3% during the first quarter. Redmile Group LLC now owns 2,874,100 shares of the medical device company’s stock valued at $90,390,000 after buying an additional 336,800 shares during the period. Loomis Sayles & Co. L P grew its position in Wright Medical Group by 3.2% during the first quarter. Loomis Sayles & Co. L P now owns 1,777,191 shares of the medical device company’s stock valued at $55,893,000 after buying an additional 55,690 shares during the period. Finally, Fiera Capital Corp bought a new position in Wright Medical Group during the fourth quarter valued at about $43,211,000.

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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