Brokerages Set Wright Medical Group Inc (WMGI) Target Price at $28.38

Wright Medical Group Inc (NASDAQ:WMGI) has earned an average rating of “Buy” from the thirteen research firms that are presently covering the firm. Four analysts have rated the stock with a hold recommendation and nine have assigned a buy recommendation to the company. The average 12-month price target among brokerages that have covered the stock in the last year is $29.14.

WMGI has been the topic of a number of research reports. Guggenheim downgraded shares of Wright Medical Group from a “buy” rating to a “neutral” rating in a research note on Tuesday, January 3rd. Needham & Company LLC downgraded shares of Wright Medical Group from a “buy” rating to a “hold” rating in a research report on Wednesday, February 15th. BMO Capital Markets increased their target price on shares of Wright Medical Group to $31.00 and gave the stock a “buy” rating in a research report on Wednesday, February 22nd. Jefferies Group LLC reissued a “buy” rating and set a $30.00 target price on shares of Wright Medical Group in a research report on Wednesday, February 22nd. Finally, Northcoast Research upgraded shares of Wright Medical Group from a “neutral” rating to a “buy” rating and set a $36.00 price target for the company in a report on Tuesday, March 21st.

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In other Wright Medical Group news, Director John L. Miclot sold 20,618 shares of the firm’s stock in a transaction dated Monday, March 6th. The shares were sold at an average price of $28.50, for a total transaction of $587,613.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Richard F. Wallman sold 9,000 shares of the firm’s stock in a transaction dated Wednesday, February 8th. The stock was sold at an average price of $26.25, for a total transaction of $236,250.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 57,800 shares of company stock valued at $1,617,171. 9.30% of the stock is owned by corporate insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in WMGI. Thrivent Financial for Lutherans boosted its position in shares of Wright Medical Group by 61.6% in the fourth quarter. Thrivent Financial for Lutherans now owns 313,360 shares of the medical device company’s stock worth $7,201,000 after buying an additional 119,480 shares in the last quarter. Peregrine Capital Management LLC acquired a new position in shares of Wright Medical Group during the third quarter worth approximately $21,380,000. Teachers Advisors LLC boosted its position in shares of Wright Medical Group by 3.4% in the third quarter. Teachers Advisors LLC now owns 655,752 shares of the medical device company’s stock worth $16,086,000 after buying an additional 21,828 shares in the last quarter. Rhumbline Advisers boosted its position in shares of Wright Medical Group by 2.3% in the third quarter. Rhumbline Advisers now owns 128,220 shares of the medical device company’s stock worth $3,145,000 after buying an additional 2,925 shares in the last quarter. Finally, D. E. Shaw & Co. Inc. boosted its position in shares of Wright Medical Group by 105.3% in the third quarter. D. E. Shaw & Co. Inc. now owns 1,074,132 shares of the medical device company’s stock worth $26,348,000 after buying an additional 550,990 shares in the last quarter.

Shares of Wright Medical Group (NASDAQ:WMGI) traded down 0.13% during mid-day trading on Tuesday, hitting $30.29. The company had a trading volume of 86,646 shares. The firm has a 50-day moving average price of $29.91 and a 200 day moving average price of $25.66. The firm’s market capitalization is $3.09 billion. Wright Medical Group has a 12 month low of $15.85 and a 12 month high of $31.53.

Wright Medical Group (NASDAQ:WMGI) last posted its quarterly earnings results on Tuesday, February 21st. The medical device company reported ($0.06) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.11) by $0.05. Wright Medical Group had a negative net margin of 71.90% and a negative return on equity of 6.48%. The business had revenue of $193.02 million for the quarter, compared to the consensus estimate of $183.59 million. During the same period in the prior year, the business posted ($0.08) earnings per share. Wright Medical Group’s revenue for the quarter was up 15.7% compared to the same quarter last year. On average, equities research analysts forecast that Wright Medical Group will post ($0.29) earnings per share for the current fiscal year.

Wright Medical Group Company Profile

Wright Medical Group, Inc is a global specialty orthopaedic company. The Company through Wright Medical Technology, Inc (WMT) and other subsidiaries provides extremity and biologic solutions that enable clinicians to alleviate pain and restore the patients’ lifestyles. The Company operates through three segments: U.S., International and BioMimetic.

5 Day Chart for NASDAQ:WMGI

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