Wells Fargo & Co Increases Wright Medical Group (WMGI) Price Target to $32.00

Wright Medical Group (NASDAQ:WMGI) had its price objective lifted by research analysts at Wells Fargo & Co from $30.00 to $32.00 in a research report issued on Thursday. The brokerage presently has an “outperform” rating on the medical device company’s stock. Wells Fargo & Co’s price target would suggest a potential upside of 6.95% from the stock’s previous close.

Several other research analysts have also issued reports on WMGI. Oppenheimer set a $30.00 price target on shares of Wright Medical Group and gave the stock a “hold” rating in a report on Thursday. Needham & Company LLC raised their price objective on shares of Wright Medical Group from $30.00 to $35.00 and gave the stock a “buy” rating in a research report on Thursday, October 25th. Piper Jaffray Companies raised their price objective on shares of Wright Medical Group to $32.00 and gave the stock an “overweight” rating in a research report on Thursday, August 9th. BidaskClub raised shares of Wright Medical Group from a “hold” rating to a “buy” rating in a research report on Tuesday, August 14th. Finally, Robert W. Baird raised their price objective on shares of Wright Medical Group from $28.00 to $32.00 and gave the stock an “outperform” rating in a research report on Thursday, August 9th. One equities research analyst has rated the stock with a hold rating and fourteen have assigned a buy rating to the company. The company has a consensus rating of “Buy” and an average target price of $31.83.

Wright Medical Group stock traded up $2.19 during mid-day trading on Thursday, hitting $29.92. 92,702 shares of the stock were exchanged, compared to its average volume of 1,208,783. The company has a debt-to-equity ratio of 1.87, a quick ratio of 1.57 and a current ratio of 2.06. Wright Medical Group has a 12 month low of $19.01 and a 12 month high of $29.50. The firm has a market cap of $2.93 billion, a price-to-earnings ratio of -136.23 and a beta of 1.06.

Wright Medical Group (NASDAQ:WMGI) last released its quarterly earnings results on Wednesday, November 7th. The medical device company reported ($0.09) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.15) by $0.06. Wright Medical Group had a negative net margin of 24.74% and a negative return on equity of 1.94%. The firm had revenue of $194.11 million during the quarter, compared to analyst estimates of $186.09 million. During the same quarter last year, the business earned ($0.16) EPS. The company’s revenue was up 13.8% compared to the same quarter last year. As a group, equities research analysts predict that Wright Medical Group will post -0.15 EPS for the current fiscal year.

In related news, CFO Lance A. Berry sold 1,182 shares of Wright Medical Group stock in a transaction on Thursday, August 16th. The shares were sold at an average price of $27.19, for a total value of $32,138.58. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Peter Cooke sold 13,478 shares of Wright Medical Group stock in a transaction on Friday, November 2nd. The shares were sold at an average price of $28.03, for a total transaction of $377,788.34. The disclosure for this sale can be found here. In the last three months, insiders sold 16,317 shares of company stock valued at $455,100. 4.00% of the stock is currently owned by insiders.

A number of hedge funds and other institutional investors have recently bought and sold shares of WMGI. Strs Ohio boosted its holdings in Wright Medical Group by 850.0% during the 2nd quarter. Strs Ohio now owns 5,700 shares of the medical device company’s stock worth $147,000 after acquiring an additional 5,100 shares during the last quarter. Parametrica Management Ltd purchased a new position in Wright Medical Group during the 3rd quarter worth $204,000. Vishria Bird Financial Group LLC purchased a new position in Wright Medical Group during the 3rd quarter worth $214,000. Cortina Asset Management LLC purchased a new position in Wright Medical Group during the 2nd quarter worth $221,000. Finally, Hartford Investment Management Co. purchased a new position in Wright Medical Group during the 2nd quarter worth $280,000.

About Wright Medical Group

Wright Medical Group N.V., a medical device company, designs, manufactures, markets, and sells extremities and biologics products. 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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