Wright Medical Group (NASDAQ:WMGI) Cut to Neutral at Bank of America

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

A number of other analysts also recently weighed in on WMGI. BMO Capital Markets decreased their price target on Wright Medical Group from $36.00 to $30.00 and set an outperform rating on the stock in a research note on Thursday. Credit Suisse Group reduced their price objective on Wright Medical Group from $34.00 to $30.00 and set an outperform rating for the company in a report on Thursday. ValuEngine cut Wright Medical Group from a buy rating to a hold rating in a report on Tuesday, July 2nd. BidaskClub raised Wright Medical Group from a sell rating to a hold rating in a report on Thursday, August 1st. Finally, Oppenheimer reduced their price objective on Wright Medical Group from $34.00 to $29.00 and set an outperform rating for the company in a report on Thursday. Five investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. The stock currently has an average rating of Buy and an average target price of $32.08.

Shares of Wright Medical Group stock traded down $0.42 during trading on Friday, reaching $21.58. The company’s stock had a trading volume of 5,079,892 shares, compared to its average volume of 1,505,127. The company has a quick ratio of 0.70, a current ratio of 0.91 and a debt-to-equity ratio of 0.79. Wright Medical Group has a 12-month low of $20.82 and a 12-month high of $32.86. The firm has a market capitalization of $3.54 billion, a P/E ratio of 311.78, a P/E/G ratio of 8.72 and a beta of 0.69. The business’s 50 day simple moving average is $27.72.

Wright Medical Group (NASDAQ:WMGI) last posted its quarterly earnings results on Wednesday, August 7th. The medical device company reported $0.02 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.01 by $0.01. Wright Medical Group had a positive return on equity of 1.37% and a negative net margin of 14.65%. The firm had revenue of $229.73 million for the quarter, compared to the consensus estimate of $233.04 million. During the same period in the previous year, the business earned ($0.03) earnings per share. The company’s revenue for the quarter was up 11.8% compared to the same quarter last year. Analysts predict that Wright Medical Group will post 0.18 EPS for the current fiscal year.

In related news, CAO Julie Andrews sold 1,447 shares of Wright Medical Group stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $30.65, for a total transaction of $44,350.55. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Andrew C. Morton sold 2,173 shares of Wright Medical Group stock in a transaction on Thursday, May 16th. The stock was sold at an average price of $32.50, for a total value of $70,622.50. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 12,626 shares of company stock valued at $389,339. 3.80% of the stock is currently owned by insiders.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in WMGI. Quadrant Capital Group LLC acquired a new position in shares of Wright Medical Group in the first quarter worth $55,000. FNY Investment Advisers LLC bought a new stake in Wright Medical Group during the 2nd quarter worth about $56,000. Exane Derivatives lifted its position in Wright Medical Group by 78.6% during the 1st quarter. Exane Derivatives now owns 2,777 shares of the medical device company’s stock worth $87,000 after buying an additional 1,222 shares in the last quarter. Cullen Frost Bankers Inc. bought a new stake in Wright Medical Group during the 1st quarter worth about $94,000. Finally, Redhawk Wealth Advisors Inc. bought a new stake in Wright Medical Group during the 2nd quarter worth about $118,000.

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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