Wright Medical Group (WMGI) Sets New 1-Year High on Strong Earnings

Shares of Wright Medical Group NV (NASDAQ:WMGI) hit a new 52-week high during mid-day trading on Thursday following a stronger than expected earnings report. The stock traded as high as $30.75 and last traded at $29.88, with a volume of 251416 shares changing hands. The stock had previously closed at $27.73.

The medical device company reported ($0.09) earnings per share for the quarter, beating 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 for the quarter, compared to analyst estimates of $186.09 million. During the same quarter in the prior year, the business earned ($0.16) earnings per share. The business’s quarterly revenue was up 13.8% compared to the same quarter last year.

WMGI has been the topic of several research reports. BMO Capital Markets upgraded shares of Wright Medical Group from a “market perform” rating to an “outperform” rating and upped their price objective for the company from $28.00 to $31.00 in a report on Wednesday, August 29th. Needham & Company LLC upgraded shares of Wright Medical Group from a “hold” rating to a “buy” rating and set a $30.00 price objective on the stock in a report on Tuesday, August 28th. Oppenheimer set a $28.00 price objective on shares of Wright Medical Group and gave the company a “hold” rating in a report on Thursday, August 9th. BidaskClub upgraded shares of Wright Medical Group from a “hold” rating to a “buy” rating in a report on Friday, October 19th. Finally, Stifel Nicolaus initiated coverage on shares of Wright Medical Group in a report on Tuesday, August 21st. They set a “buy” rating and a $34.00 price objective on the stock. One research analyst has rated the stock with a hold rating and fourteen have given a buy rating to the company. Wright Medical Group currently has a consensus rating of “Buy” and a consensus price target of $32.75.

In related news, insider Peter Cooke sold 20,662 shares of the company’s stock in a transaction dated Thursday, November 8th. The shares were sold at an average price of $29.28, for a total value of $604,983.36. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Lance A. Berry sold 1,182 shares of the company’s stock in a transaction dated Thursday, August 16th. The stock was sold at an average price of $27.19, for a total transaction of $32,138.58. The disclosure for this sale can be found here. Insiders sold a total of 36,979 shares of company stock worth $1,060,083 in the last 90 days. 4.00% of the stock is currently owned by company insiders.

Institutional investors and hedge funds have recently bought and sold shares of the stock. Strs Ohio raised 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 acquiring an additional 5,100 shares during the last quarter. Parametrica Management Ltd acquired a new stake in shares of Wright Medical Group in the 3rd quarter worth about $204,000. Vishria Bird Financial Group LLC acquired a new stake in shares of Wright Medical Group in the 3rd quarter worth about $214,000. Cortina Asset Management LLC acquired a new stake in shares of Wright Medical Group in the 2nd quarter worth about $221,000. Finally, Hartford Investment Management Co. acquired a new stake in shares of Wright Medical Group in the 2nd quarter worth about $280,000.

The company has a current ratio of 2.06, a quick ratio of 1.57 and a debt-to-equity ratio of 1.87. The stock has a market capitalization of $2.93 billion, a PE ratio of -137.23 and a beta of 1.06.

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Wright Medical Group Company Profile (NASDAQ:WMGI)

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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