Wright Medical Group (NASDAQ:WMGI) Raised to Hold at BidaskClub

BidaskClub upgraded shares of Wright Medical Group (NASDAQ:WMGI) from a sell rating to a hold rating in a research note released on Wednesday morning, BidAskClub reports.

A number of other research firms also recently commented on WMGI. Piper Jaffray Companies set a $27.00 price objective on shares of Wright Medical Group and gave the company a buy rating in a research note on Friday, August 16th. Bank of America downgraded 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 research note on Friday, August 9th. Oppenheimer reduced 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 research note on Thursday, August 8th. Wells Fargo & Co downgraded shares of Wright Medical Group from an outperform rating to a market perform rating and reduced their price objective for the company from $28.00 to $23.00 in a research note on Monday, August 12th. Finally, Royal Bank of Canada downgraded shares of Wright Medical Group from an outperform rating to a sector perform rating and reduced their price objective for the company from $34.00 to $24.00 in a research note on Thursday, August 8th. Six investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. The company presently has an average rating of Buy and a consensus target price of $30.50.

WMGI opened at $20.40 on Wednesday. The company has a fifty day simple moving average of $20.71 and a 200 day simple moving average of $26.88. The firm has a market cap of $2.58 billion, a price-to-earnings ratio of 223.50, a PEG ratio of 7.25 and a beta of 0.81. Wright Medical Group has a twelve month low of $19.04 and a twelve month high of $32.86. The company has a current ratio of 0.91, a quick ratio of 0.68 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 the Zacks’ consensus estimate of $0.01 by $0.01. Wright Medical Group had a negative net margin of 14.65% and a positive return on equity of 1.38%. The business had revenue of $229.73 million during the quarter, compared to analyst estimates of $233.04 million. During the same period last year, the business earned ($0.03) EPS. The business’s revenue was up 11.8% on a year-over-year basis. On average, analysts forecast that Wright Medical Group will post 0.17 earnings per share for the current fiscal year.

In other news, EVP Kevin D. Cordell sold 1,263 shares of the firm’s stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $21.21, for a total value of $26,788.23. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Robert J. Palmisano purchased 46,654 shares of Wright Medical Group stock in a transaction dated Monday, August 12th. The stock was acquired 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. Over the last 90 days, insiders bought 94,654 shares of company stock worth $2,021,859 and sold 3,357 shares worth $70,822. Company insiders own 3.80% of the company’s stock.

Several institutional investors have recently bought and sold shares of WMGI. BlackRock Inc. lifted its position in shares of Wright Medical Group by 15.4% in the 1st quarter. BlackRock Inc. now owns 10,498,608 shares of the medical device company’s stock worth $330,182,000 after buying an additional 1,397,279 shares during the last quarter. Swiss National Bank lifted its position in shares of Wright Medical Group by 3.2% in the 1st quarter. Swiss National Bank now owns 216,594 shares of the medical device company’s stock worth $6,812,000 after buying an additional 6,700 shares during the last quarter. FIL Ltd lifted its position in shares of Wright Medical Group by 0.4% in the 1st quarter. FIL Ltd now owns 352,891 shares of the medical device company’s stock worth $11,098,000 after buying an additional 1,399 shares during the last quarter. Clearbridge Investments LLC lifted its position in Wright Medical Group by 0.7% in the 1st quarter. Clearbridge Investments LLC now owns 509,016 shares of the medical device company’s stock valued at $16,009,000 after purchasing an additional 3,510 shares during the last quarter. Finally, Redmile Group LLC lifted its position in Wright Medical Group by 13.3% in the 1st quarter. Redmile Group LLC now owns 2,874,100 shares of the medical device company’s stock valued at $90,390,000 after purchasing an additional 336,800 shares during the last quarter.

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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