Wright Medical Group (NASDAQ:WMGI) Stock Rating Upgraded by BidaskClub

Wright Medical Group (NASDAQ:WMGI) was upgraded by equities researchers at BidaskClub from a “sell” rating to a “hold” rating in a research report issued on Thursday, BidAskClub reports.

WMGI has been the subject of several other research reports. Needham & Company LLC reiterated a “buy” rating and issued a $33.00 price objective (down previously from $38.00) on shares of Wright Medical Group in a research report on Tuesday, July 23rd. Oppenheimer set a $34.00 price objective on Wright Medical Group and gave the company a “hold” rating in a research report on Wednesday, May 8th. Finally, ValuEngine downgraded Wright Medical Group from a “buy” rating to a “hold” rating in a research report on Tuesday, July 2nd. Four investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $34.75.

NASDAQ:WMGI traded up $0.70 during mid-day trading on Thursday, reaching $29.06. The stock had a trading volume of 1,532,075 shares, compared to its average volume of 1,646,185. The company has a 50 day moving average price of $28.37. The company has a market capitalization of $3.64 billion, a PE ratio of 721.50, a P/E/G ratio of 8.96 and a beta of 0.69. Wright Medical Group has a one year low of $24.72 and a one year high of $32.86. The company has a quick ratio of 0.70, a current ratio of 0.91 and a debt-to-equity ratio of 0.79.

Wright Medical Group (NASDAQ:WMGI) last released its earnings results on Tuesday, May 7th. The medical device company reported $0.05 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.03 by $0.02. The company had revenue of $230.13 million during the quarter, compared to the consensus estimate of $226.10 million. Wright Medical Group had a positive return on equity of 0.84% and a negative net margin of 20.81%. Wright Medical Group’s quarterly revenue was up 15.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.01) EPS. Equities research analysts anticipate that Wright Medical Group will post 0.22 earnings per share for the current year.

In other Wright Medical Group news, CAO Julie Andrews sold 1,447 shares of the business’s stock in a transaction that occurred on Monday, June 3rd. The stock was sold at an average price of $30.65, for a total value of $44,350.55. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Kevin D. Cordell sold 2,685 shares of the business’s stock in a transaction that occurred on Monday, June 3rd. The shares were sold at an average price of $30.47, for a total value of $81,811.95. The disclosure for this sale can be found here. Insiders sold 12,626 shares of company stock valued at $389,339 in the last quarter. Corporate insiders own 3.80% of the company’s stock.

Several institutional investors have recently made changes to their positions in the stock. Hillsdale Investment Management Inc. raised its holdings in shares of Wright Medical Group by 24.4% during the second quarter. Hillsdale Investment Management Inc. now owns 25,000 shares of the medical device company’s stock valued at $746,000 after acquiring an additional 4,900 shares in the last quarter. Swiss National Bank raised its holdings in shares of Wright Medical Group by 2.7% during the second quarter. Swiss National Bank now owns 222,494 shares of the medical device company’s stock valued at $6,635,000 after acquiring an additional 5,900 shares in the last quarter. Pendal Group Ltd bought a new position in shares of Wright Medical Group during the second quarter valued at approximately $1,450,000. CIBC Private Wealth Group LLC bought a new position in shares of Wright Medical Group during the second quarter valued at approximately $301,000. Finally, Stevens Capital Management LP bought a new position in shares of Wright Medical Group during the second quarter valued at approximately $311,000.

About Wright Medical Group

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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Analyst Recommendations for Wright Medical Group (NASDAQ:WMGI)

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