Wells Fargo & Co downgraded shares of Wright Medical Group (NASDAQ:WMGI) from an outperform rating to a market perform rating in a research report released on Monday, BenzingaRatingsTable reports. They currently have $23.00 target price on the medical device company’s stock, down from their previous target price of $28.00.
Other equities analysts have also issued research reports about the stock. BidaskClub upgraded shares of Wright Medical Group from a sell rating to a hold rating in a report on Thursday, August 1st. ValuEngine lowered shares of Wright Medical Group from a buy rating to a hold rating in a report on Tuesday, July 2nd. Bank of America lowered shares of Wright Medical Group from a buy rating to a neutral rating and set a $25.00 price objective on the stock. in a report on Friday, August 9th. Oppenheimer cut their price objective on shares of Wright Medical Group from $34.00 to $29.00 and set an outperform rating on the stock in a report on Thursday, August 8th. Finally, BMO Capital Markets cut their price objective on shares of Wright Medical Group from $36.00 to $30.00 and set an outperform rating on the stock in a report on Thursday, August 8th. Six research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. The stock has an average rating of Buy and an average price target of $31.38.
Shares of WMGI stock opened at $21.01 on Monday. Wright Medical Group has a 12 month low of $20.46 and a 12 month high of $32.86. The company has a debt-to-equity ratio of 0.79, a current ratio of 0.91 and a quick ratio of 0.70. The firm has a market capitalization of $2.63 billion, a P/E ratio of 230.78, a P/E/G ratio of 8.54 and a beta of 0.69. The company’s fifty day moving average price is $26.69 and its two-hundred day moving average price is $29.77.
Wright Medical Group (NASDAQ:WMGI) last issued its quarterly earnings data on Wednesday, August 7th. The medical device company reported $0.02 EPS for the quarter, topping analysts’ consensus estimates of $0.01 by $0.01. Wright Medical Group had a negative net margin of 14.65% and a positive return on equity of 1.37%. The firm had revenue of $229.73 million for the quarter, compared to analyst estimates of $233.04 million. During the same quarter in the previous year, the business posted ($0.03) EPS. The firm’s revenue was up 11.8% compared to the same quarter last year. On average, sell-side analysts anticipate that Wright Medical Group will post 0.17 EPS for the current year.
In other news, EVP Kevin D. Cordell sold 2,685 shares of the company’s stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $30.47, for a total value of $81,811.95. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Robert J. Palmisano bought 46,654 shares of the business’s stock in a transaction dated Monday, August 12th. The stock was bought at an average price of $21.39 per share, for a total transaction of $997,929.06. The disclosure for this purchase can be found here. In the last 90 days, insiders bought 94,654 shares of company stock worth $2,021,859 and sold 10,453 shares worth $318,717. Corporate insiders own 3.80% of the company’s stock.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Voleon Capital Management LP bought a new position in shares of Wright Medical Group in the second quarter valued at approximately $1,014,000. Nuveen Asset Management LLC bought a new position in shares of Wright Medical Group in the second quarter valued at approximately $58,939,000. UBS Asset Management Americas Inc. boosted its holdings in shares of Wright Medical Group by 32.2% in the second quarter. UBS Asset Management Americas Inc. now owns 258,483 shares of the medical device company’s stock valued at $7,708,000 after acquiring an additional 62,981 shares in the last quarter. Cubist Systematic Strategies LLC boosted its holdings in shares of Wright Medical Group by 47.4% in the second quarter. Cubist Systematic Strategies LLC now owns 95,893 shares of the medical device company’s stock valued at $2,860,000 after acquiring an additional 30,821 shares in the last quarter. Finally, Marshall Wace LLP bought a new position in shares of Wright Medical Group in the second quarter valued at approximately $4,691,000.
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.
Further Reading: Why are percentage decliners important?
Receive News & Ratings for Wright Medical Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Wright Medical Group and related companies with MarketBeat.com's FREE daily email newsletter.