Wright Medical Group (NASDAQ:WMGI) Downgraded to “Hold” at BidaskClub

BidaskClub lowered shares of Wright Medical Group (NASDAQ:WMGI) from a buy rating to a hold rating in a report published on Monday, April 1st, BidAskClub reports.

A number of other equities research analysts have also commented on the company. Cantor Fitzgerald restated a buy rating and set a $35.00 price target on shares of Wright Medical Group in a research report on Monday, December 10th. Wells Fargo & Co reaffirmed a buy rating on shares of Wright Medical Group in a report on Monday, March 11th. Needham & Company LLC reaffirmed a buy rating and set a $35.00 price objective on shares of Wright Medical Group in a report on Monday, January 7th. BMO Capital Markets upped their price objective on Wright Medical Group from $33.00 to $36.00 and gave the stock an outperform rating in a report on Thursday, March 14th. Finally, Credit Suisse Group initiated coverage on Wright Medical Group in a report on Monday, December 17th. They set an outperform rating and a $33.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and thirteen have assigned a buy rating to the company. The company presently has a consensus rating of Buy and a consensus price target of $34.62.

NASDAQ WMGI traded up $0.24 during trading hours on Monday, reaching $29.05. 1,174,900 shares of the company’s stock were exchanged, compared to its average volume of 1,441,577. Wright Medical Group has a one year low of $19.01 and a one year high of $32.86. The company has a debt-to-equity ratio of 0.98, a quick ratio of 0.90 and a current ratio of 1.29.

Wright Medical Group (NASDAQ:WMGI) last released its quarterly earnings results on Tuesday, February 26th. The medical device company reported $0.11 EPS for the quarter, topping the Zacks’ consensus estimate of $0.06 by $0.05. The business had revenue of $238.15 million for the quarter, compared to analyst estimates of $237.86 million. Wright Medical Group had a positive return on equity of 0.02% and a negative net margin of 20.27%. Wright Medical Group’s revenue for the quarter was up 9.4% on a year-over-year basis. During the same period in the prior year, the company earned $0.10 EPS. As a group, equities research analysts forecast that Wright Medical Group will post 0.21 EPS for the current fiscal year.

In other news, Director Kevin C. Oboyle sold 32,723 shares of the stock in a transaction on Thursday, January 31st. The stock was sold at an average price of $30.06, for a total value of $983,653.38. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director David D. Stevens sold 4,975 shares of the stock in a transaction on Thursday, March 7th. The shares were sold at an average price of $31.46, for a total value of $156,513.50. The disclosure for this sale can be found here. In the last three months, insiders sold 64,582 shares of company stock worth $1,997,258. 4.00% of the stock is currently owned by company insiders.

Hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. increased its position in shares of Wright Medical Group by 25.8% in the 3rd quarter. Vanguard Group Inc. now owns 11,553,595 shares of the medical device company’s stock valued at $317,015,000 after buying an additional 2,370,590 shares in the last quarter. Vanguard Group Inc increased its position in shares of Wright Medical Group by 18.6% in the 3rd quarter. Vanguard Group Inc now owns 10,891,023 shares of the medical device company’s stock valued at $316,058,000 after buying an additional 1,708,018 shares in the last quarter. BlackRock Inc. increased its position in shares of Wright Medical Group by 1.2% in the 4th quarter. BlackRock Inc. now owns 9,101,329 shares of the medical device company’s stock valued at $247,739,000 after buying an additional 105,840 shares in the last quarter. Fisher Asset Management LLC increased its position in shares of Wright Medical Group by 7.8% in the 4th 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 in the last quarter. Finally, Redmile Group LLC bought a new stake in shares of Wright Medical Group in the 3rd quarter valued at $63,081,000.

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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