Wright Medical Group Inc (WMGI) Expected to Post Quarterly Sales of $180.91 Million

Analysts expect that Wright Medical Group Inc (NASDAQ:WMGI) will post $180.91 million in sales for the current fiscal quarter, Zacks reports. Sixteen analysts have issued estimates for Wright Medical Group’s earnings. The lowest sales estimate is $177.49 million and the highest is $187.25 million. Wright Medical Group posted sales of $170.72 million in the same quarter last year, which suggests a positive year over year growth rate of 6%. The firm is scheduled to report its next quarterly earnings report on Tuesday, August 1st.

On average, analysts expect that Wright Medical Group will report full year sales of $180.91 million for the current financial year, with estimates ranging from $754.8 million to $765.55 million. For the next fiscal year, analysts anticipate that the business will post sales of $855.94 million per share, with estimates ranging from $822.7 million to $889.3 million. Zacks’ sales calculations are a mean average based on a survey of research firms that that provide coverage for Wright Medical Group.

Wright Medical Group (NASDAQ:WMGI) last announced its earnings results on Wednesday, May 3rd. The medical device company reported ($0.09) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.08) by $0.01. The company had revenue of $177.19 million during the quarter, compared to the consensus estimate of $182.42 million. Wright Medical Group had a negative net margin of 71.90% and a negative return on equity of 6.48%.

Several research firms have recently issued reports on WMGI. Oppenheimer Holdings Inc. set a $29.00 target price on Wright Medical Group and gave the stock a “hold” rating in a research report on Thursday, May 4th. Jefferies Group LLC boosted their target price on Wright Medical Group from $30.00 to $33.00 and gave the stock a “buy” rating in a research report on Thursday, May 4th. BMO Capital Markets restated a “buy” rating and set a $34.00 target price on shares of Wright Medical Group in a research report on Thursday, May 4th. Needham & Company LLC restated a “hold” rating on shares of Wright Medical Group in a research report on Thursday, May 4th. Finally, Bank of America Corp lowered Wright Medical Group from a “buy” rating to a “neutral” rating in a research report on Tuesday, April 11th. They noted that the move was a valuation call. Five equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Wright Medical Group has an average rating of “Buy” and a consensus target price of $28.36.

In other Wright Medical Group news, Director John L. Miclot sold 20,618 shares of the company’s stock in a transaction on Monday, March 6th. The stock was sold at an average price of $28.50, for a total value of $587,613.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Richard F. Wallman sold 16,375 shares of the company’s stock in a transaction on Wednesday, February 22nd. The shares were sold at an average price of $28.25, for a total value of $462,593.75. The disclosure for this sale can be found here. Insiders have sold a total of 48,800 shares of company stock worth $1,380,921 over the last three months. 9.30% of the stock is owned by insiders.

Hedge funds and other institutional investors have recently modified their holdings of the stock. Peregrine Capital Management LLC purchased a new position in shares of Wright Medical Group during the third quarter worth approximately $21,380,000. Granite Investment Partners LLC raised its position in shares of Wright Medical Group by 0.3% in the third quarter. Granite Investment Partners LLC now owns 405,269 shares of the medical device company’s stock worth $9,942,000 after buying an additional 1,346 shares in the last quarter. US Bancorp DE raised its position in shares of Wright Medical Group by 15.1% in the third quarter. US Bancorp DE now owns 5,686 shares of the medical device company’s stock worth $140,000 after buying an additional 746 shares in the last quarter. BlackRock Advisors LLC raised its position in shares of Wright Medical Group by 14.4% in the third quarter. BlackRock Advisors LLC now owns 53,689 shares of the medical device company’s stock worth $1,317,000 after buying an additional 6,766 shares in the last quarter. Finally, BlackRock Inc. raised its position in shares of Wright Medical Group by 3.5% in the third quarter. BlackRock Inc. now owns 27,669 shares of the medical device company’s stock worth $679,000 after buying an additional 940 shares in the last quarter.

Wright Medical Group (NASDAQ:WMGI) opened at 27.90 on Wednesday. The company’s market cap is $2.89 billion. Wright Medical Group has a 12 month low of $15.85 and a 12 month high of $31.53. The company has a 50-day moving average of $30.17 and a 200-day moving average of $26.19.

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About Wright Medical Group

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.

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