Wright Medical Group (WMGI) Rating Lowered to D+ at TheStreet

Wright Medical Group (NASDAQ:WMGI) was downgraded by equities researchers at TheStreet from a “c-” rating to a “d+” rating in a note issued to investors on Wednesday.

Other analysts have also recently issued reports about the stock. Barclays reduced their price objective on shares of Wright Medical Group from $33.00 to $30.00 and set an “overweight” rating for the company in a research note on Thursday, November 2nd. BidaskClub cut shares of Wright Medical Group from a “hold” rating to a “sell” rating in a research note on Thursday, December 7th. ValuEngine cut shares of Wright Medical Group from a “hold” rating to a “sell” rating in a research note on Thursday, December 7th. Jefferies Group reissued a “buy” rating on shares of Wright Medical Group in a research note on Friday, November 3rd. Finally, Royal Bank of Canada reissued a “buy” rating and issued a $31.00 price objective on shares of Wright Medical Group in a research note on Tuesday, October 3rd. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and eight have issued a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $32.22.

Shares of Wright Medical Group (WMGI) traded down $0.09 during mid-day trading on Wednesday, reaching $22.72. 419,000 shares of the company’s stock were exchanged, compared to its average volume of 1,027,741. Wright Medical Group has a twelve month low of $22.14 and a twelve month high of $31.53. The stock has a market capitalization of $2,410.50, a PE ratio of -8.57 and a beta of 0.60. The company has a current ratio of 1.31, a quick ratio of 0.96 and a debt-to-equity ratio of 1.52.

Wright Medical Group (NASDAQ:WMGI) last announced its earnings results on Wednesday, November 1st. The medical device company reported ($0.16) EPS for the quarter, meeting the Zacks’ consensus estimate of ($0.16). The business had revenue of $170.50 million during the quarter, compared to analysts’ expectations of $173.50 million. Wright Medical Group had a negative net margin of 38.40% and a negative return on equity of 6.27%. The firm’s revenue was up 8.4% on a year-over-year basis. During the same period in the prior year, the company earned ($0.19) earnings per share. sell-side analysts predict that Wright Medical Group will post -0.27 earnings per share for the current year.

In related news, SVP Gregory Morrison sold 92,140 shares of the company’s stock in a transaction on Monday, November 13th. The shares were sold at an average price of $23.70, for a total transaction of $2,183,718.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Richard F. Wallman bought 4,000 shares of the company’s stock in a transaction that occurred on Friday, November 10th. The shares were bought at an average price of $24.00 per share, with a total value of $96,000.00. The disclosure for this purchase can be found here. In the last 90 days, insiders have sold 92,440 shares of company stock valued at $2,191,103. 9.30% of the stock is owned by company insiders.

A number of hedge funds have recently added to or reduced their stakes in the business. FMR LLC lifted its position in Wright Medical Group by 5.7% during the second quarter. FMR LLC now owns 15,644,806 shares of the medical device company’s stock valued at $430,075,000 after purchasing an additional 845,909 shares during the last quarter. Vanguard Group Inc. lifted its position in Wright Medical Group by 1.8% during the second quarter. Vanguard Group Inc. now owns 8,232,880 shares of the medical device company’s stock valued at $226,321,000 after purchasing an additional 145,930 shares during the last quarter. Fisher Asset Management LLC lifted its position in Wright Medical Group by 20.9% during the third quarter. Fisher Asset Management LLC now owns 2,890,789 shares of the medical device company’s stock valued at $74,785,000 after purchasing an additional 500,583 shares during the last quarter. Capital Research Global Investors lifted its position in Wright Medical Group by 60.9% during the second quarter. Capital Research Global Investors now owns 2,775,000 shares of the medical device company’s stock valued at $76,285,000 after purchasing an additional 1,050,000 shares during the last quarter. Finally, Palo Alto Investors LLC lifted its position in Wright Medical Group by 1.8% during the second quarter. Palo Alto Investors LLC now owns 2,676,393 shares of the medical device company’s stock valued at $73,574,000 after purchasing an additional 48,200 shares during the last quarter.

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About Wright Medical Group

Wright Medical Group, Inc is a global specialty orthopaedic company. The Company through Wright Medical Technology, Inc (WMT) and other subsidiaries provides extremity and biologic solutions that enable clinicians to alleviate pain and restore the patients’ lifestyles. The Company operates through three segments: U.S., International and BioMimetic.

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