BidaskClub Upgrades Wright Medical Group (NASDAQ:WMGI) to “Hold”

BidaskClub upgraded shares of Wright Medical Group (NASDAQ:WMGI) from a sell rating to a hold rating in a research report report published on Thursday, BidAskClub reports.

A number of other research analysts have also weighed in on WMGI. Royal Bank of Canada lowered shares of Wright Medical Group from an outperform rating to a sector perform rating and dropped their price objective for the company from $34.00 to $24.00 in a research note on Thursday, August 8th. BMO Capital Markets dropped their price objective on shares of Wright Medical Group from $36.00 to $30.00 and set an outperform rating on the stock in a research note on Thursday, August 8th. Bank of America lowered shares of Wright Medical Group from a buy rating to a neutral rating and set a $25.00 price objective on the stock. in a research note on Friday, August 9th. Piper Jaffray Companies set a $27.00 price objective on shares of Wright Medical Group and gave the company a buy rating in a research note on Friday, August 16th. Finally, Credit Suisse Group dropped their price objective on shares of Wright Medical Group from $34.00 to $30.00 and set an outperform rating on the stock in a research note on Thursday, August 8th. Six equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. The company presently has a consensus rating of Buy and an average price target of $30.50.

Shares of NASDAQ WMGI opened at $20.83 on Thursday. The firm has a market cap of $2.69 billion, a PE ratio of 235.78, a P/E/G ratio of 8.60 and a beta of 0.78. Wright Medical Group has a 12-month low of $19.42 and a 12-month high of $32.86. The company’s fifty day simple moving average is $22.18 and its 200 day simple moving average is $28.08. The company has a quick ratio of 0.68, a current ratio of 0.91 and a debt-to-equity ratio of 0.80.

Wright Medical Group (NASDAQ:WMGI) last issued its earnings results on Wednesday, August 7th. The medical device company reported $0.02 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.01 by $0.01. Wright Medical Group had a negative net margin of 14.65% and a positive return on equity of 1.38%. The business had revenue of $229.73 million for the quarter, compared to analyst estimates of $233.04 million. During the same period in the prior year, the firm earned ($0.03) earnings per share. Wright Medical Group’s revenue was up 11.8% on a year-over-year basis. On average, equities analysts predict that Wright Medical Group will post 0.17 earnings per share for the current year.

In other news, insider Robert J. Palmisano bought 46,654 shares of the stock in a transaction dated Monday, August 12th. The stock was bought at an average price of $21.39 per share, for a total transaction of $997,929.06. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Barry J. Regan bought 10,000 shares of the stock in a transaction dated Tuesday, August 13th. The stock was purchased at an average price of $21.50 per share, with a total value of $215,000.00. The disclosure for this purchase can be found here. Over the last ninety days, insiders acquired 94,654 shares of company stock worth $2,021,859 and sold 3,357 shares worth $70,822. 3.80% of the stock is currently owned by company insiders.

Hedge funds have recently made changes to their positions in the company. FNY Investment Advisers LLC purchased a new stake in shares of Wright Medical Group in the second quarter valued at about $56,000. Redhawk Wealth Advisors Inc. purchased a new stake in shares of Wright Medical Group in the second quarter valued at about $118,000. Signition LP purchased a new stake in shares of Wright Medical Group in the second quarter valued at about $215,000. Quantamental Technologies LLC purchased a new stake in shares of Wright Medical Group in the second quarter valued at about $282,000. Finally, CIBC Private Wealth Group LLC purchased a new stake in shares of Wright Medical Group in the second quarter valued at about $301,000.

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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