Wright Medical Group (NASDAQ:WMGI) Stock Rating Lowered by Bank of America

Bank of America downgraded shares of Wright Medical Group (NASDAQ:WMGI) from a buy rating to a neutral rating in a research report sent to investors on Friday morning, BenzingaRatingsTable reports. They currently have $25.00 target price on the medical device company’s stock.

Several other brokerages have also recently weighed in on WMGI. BMO Capital Markets reduced their price target on Wright Medical Group from $36.00 to $30.00 and set an outperform rating for the company in a research report on Thursday, August 8th. Royal Bank of Canada cut Wright Medical Group from an outperform rating to a sector perform rating and reduced their price target for the company from $34.00 to $24.00 in a research report on Thursday, August 8th. BidaskClub upgraded Wright Medical Group from a sell rating to a hold rating in a research report on Thursday, August 1st. ValuEngine cut Wright Medical Group from a buy rating to a hold rating in a research report on Tuesday, July 2nd. Finally, Oppenheimer reduced their price target on Wright Medical Group from $34.00 to $29.00 and set an outperform rating for the company in a research report on Thursday, August 8th. Six research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. The company currently has a consensus rating of Buy and an average price target of $31.38.

Shares of NASDAQ WMGI opened at $20.77 on Friday. The stock has a market capitalization of $2.77 billion, a PE ratio of 244.44, a PEG ratio of 8.35 and a beta of 0.69. Wright Medical Group has a fifty-two week low of $20.54 and a fifty-two week high of $32.86. The company has a debt-to-equity ratio of 0.79, a quick ratio of 0.70 and a current ratio of 0.91. The company has a fifty day moving average of $27.20.

Wright Medical Group (NASDAQ:WMGI) last announced its quarterly earnings results on Wednesday, August 7th. The medical device company reported $0.02 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.01 by $0.01. The company had revenue of $229.73 million during the quarter, compared to analysts’ expectations of $233.04 million. Wright Medical Group had a positive return on equity of 1.37% and a negative net margin of 14.65%. The firm’s quarterly revenue was up 11.8% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.03) earnings per share. Analysts predict that Wright Medical Group will post 0.17 EPS for the current fiscal year.

In related news, SVP Andrew C. Morton sold 2,173 shares of the business’s stock in a transaction dated Thursday, May 16th. The stock was sold at an average price of $32.50, for a total transaction of $70,622.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Robert J. Palmisano bought 46,654 shares of Wright Medical Group stock in a transaction that occurred on Monday, August 12th. The shares were acquired at an average price of $21.39 per share, with a total value of $997,929.06. The disclosure for this purchase can be found here. Over the last 90 days, insiders have sold 12,626 shares of company stock valued at $389,339. 3.80% of the stock is owned by company insiders.

A number of institutional investors have recently bought and sold shares of WMGI. Canada Pension Plan Investment Board bought a new stake in shares of Wright Medical Group in the 2nd quarter valued at about $8,499,000. Quantamental Technologies LLC bought a new stake in shares of Wright Medical Group in the 2nd quarter valued at about $282,000. First Mercantile Trust Co. lifted its stake in shares of Wright Medical Group by 3.1% in the 2nd quarter. First Mercantile Trust Co. now owns 16,754 shares of the medical device company’s stock valued at $500,000 after acquiring an additional 502 shares during the last quarter. Redhawk Wealth Advisors Inc. bought a new stake in shares of Wright Medical Group in the 2nd quarter valued at about $118,000. Finally, Charles Schwab Investment Management Inc. lifted its stake in shares of Wright Medical Group by 3.8% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 747,863 shares of the medical device company’s stock valued at $22,302,000 after acquiring an additional 27,305 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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Analyst Recommendations for Wright Medical Group (NASDAQ:WMGI)

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