Wright Medical Group (WMGI) Posts Quarterly Earnings Results, Beats Estimates By $0.06 EPS

Wright Medical Group (NASDAQ:WMGI) released its quarterly earnings data on Wednesday. The medical device company reported ($0.09) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.15) by $0.06, Briefing.com reports. Wright Medical Group had a negative return on equity of 1.94% and a negative net margin of 24.74%. The company had revenue of $194.11 million during the quarter, compared to the consensus estimate of $186.09 million. During the same quarter in the prior year, the firm posted ($0.16) earnings per share. The firm’s revenue was up 13.8% compared to the same quarter last year. Wright Medical Group updated its FY 2018 guidance to $-0.08–0.03 EPS and its FY18 guidance to ($0.08)-($0.03) EPS.

Wright Medical Group stock opened at $29.75 on Friday. The company has a market cap of $2.93 billion, a price-to-earnings ratio of -135.23 and a beta of 1.06. Wright Medical Group has a 52-week low of $19.01 and a 52-week high of $30.75. The company has a current ratio of 2.06, a quick ratio of 1.57 and a debt-to-equity ratio of 1.87.

Several research firms have recently issued reports on WMGI. Piper Jaffray Companies upped their price objective on Wright Medical Group to $35.00 and gave the company an “overweight” rating in a research note on Thursday. Needham & Company LLC upped their price objective on Wright Medical Group from $30.00 to $35.00 and gave the company a “buy” rating in a research note on Thursday, October 25th. Oppenheimer set a $30.00 price objective on Wright Medical Group and gave the company a “hold” rating in a research note on Thursday. Wells Fargo & Co upped their price objective on Wright Medical Group from $30.00 to $32.00 and gave the company an “outperform” rating in a research note on Thursday. Finally, Jefferies Financial Group upped their price objective on Wright Medical Group from $31.00 to $35.00 and gave the company a “buy” rating in a research note on Thursday. One research analyst has rated the stock with a hold rating and fourteen have given a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus price target of $32.75.

In related news, CFO Lance A. Berry sold 1,182 shares of the 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 SEC, which can be accessed through this link. Also, insider Peter Cooke sold 13,478 shares of the stock in a transaction on Friday, November 2nd. The stock was 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 have sold a total of 16,317 shares of company stock worth $455,100 over the last 90 days. Company insiders own 4.00% of the company’s stock.

Institutional investors and hedge funds have recently modified their holdings of the stock. Strs Ohio lifted its holdings in shares of Wright Medical Group by 850.0% in 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. Parametrica Management Ltd bought a new position in shares of Wright Medical Group in the 3rd quarter worth $204,000. Vishria Bird Financial Group LLC bought a new position in shares of Wright Medical Group in the 3rd quarter worth $214,000. Cortina Asset Management LLC bought a new position in shares of Wright Medical Group in the 2nd quarter worth $221,000. Finally, Jane Street Group LLC bought a new position in shares of Wright Medical Group in the 1st quarter worth $235,000.

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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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Earnings History for Wright Medical Group (NASDAQ:WMGI)

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