Wright Medical Group (WMGI) Given New $35.00 Price Target at Piper Jaffray Companies

Wright Medical Group (NASDAQ:WMGI) had its target price upped by Piper Jaffray Companies to $35.00 in a research note issued to investors on Thursday, The Fly reports. The firm currently has an “overweight” rating on the medical device company’s stock. Piper Jaffray Companies’ price target indicates a potential upside of 16.86% from the company’s previous close.

WMGI has been the topic of a number of other research reports. BidaskClub upgraded Wright Medical Group from a “hold” rating to a “buy” rating in a research report on Friday, October 19th. Needham & Company LLC lifted their target price on Wright Medical Group from $30.00 to $35.00 and gave the company a “buy” rating in a research report on Thursday, October 25th. Stifel Nicolaus initiated coverage on Wright Medical Group in a research report on Tuesday, August 21st. They issued a “buy” rating and a $34.00 target price on the stock. ValuEngine upgraded Wright Medical Group from a “hold” rating to a “buy” rating in a research report on Wednesday, September 19th. Finally, Robert W. Baird lifted their target price on Wright Medical Group from $28.00 to $32.00 and gave the company an “outperform” rating in a research report on Thursday, August 9th. One research analyst has rated the stock with a hold rating and fourteen have issued a buy rating to the company. Wright Medical Group currently has an average rating of “Buy” and a consensus target price of $32.08.

Wright Medical Group stock traded up $2.22 during trading on Thursday, reaching $29.95. 205,693 shares of the company were exchanged, compared to its average volume of 1,208,783. Wright Medical Group has a 52-week low of $19.01 and a 52-week high of $29.50. The company has a market cap of $2.93 billion, a price-to-earnings ratio of -136.00 and a beta of 1.06. 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 (NASDAQ:WMGI) last announced its quarterly earnings data on Wednesday, November 7th. The medical device company reported ($0.09) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.15) by $0.06. Wright Medical Group had a negative return on equity of 1.94% and a negative net margin of 24.74%. The firm had revenue of $194.11 million for the quarter, compared to the consensus estimate of $186.09 million. During the same quarter last year, the business posted ($0.16) earnings per share. The firm’s revenue was up 13.8% compared to the same quarter last year. On average, analysts predict that Wright Medical Group will post -0.15 EPS for the current fiscal year.

In other news, CFO Lance A. Berry sold 1,182 shares of Wright Medical Group stock in a transaction on Thursday, August 16th. The stock was sold at an average price of $27.19, for a total value of $32,138.58. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed 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 value of $377,788.34. The disclosure for this sale can be found here. Insiders sold 16,317 shares of company stock valued at $455,100 over the last ninety days. Insiders own 4.00% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the company. Amalgamated Bank grew its stake in Wright Medical Group by 14.9% during the 2nd quarter. Amalgamated Bank now owns 16,232 shares of the medical device company’s stock worth $421,000 after purchasing an additional 2,102 shares in the last quarter. Rhumbline Advisers grew its stake in Wright Medical Group by 4.5% during the 2nd quarter. Rhumbline Advisers now owns 99,783 shares of the medical device company’s stock worth $2,590,000 after purchasing an additional 4,294 shares in the last quarter. Strs Ohio grew its stake 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 purchasing an additional 5,100 shares in the last quarter. Principal Financial Group Inc. grew its stake in Wright Medical Group by 7.0% during the 1st quarter. Principal Financial Group Inc. now owns 92,781 shares of the medical device company’s stock worth $1,841,000 after purchasing an additional 6,084 shares in the last quarter. Finally, Parametrica Management Ltd acquired a new position in Wright Medical Group during the 3rd quarter worth $204,000.

Wright Medical Group Company Profile

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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The Fly

Analyst Recommendations for Wright Medical Group (NASDAQ:WMGI)

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