Wright Medical Group (WMGI) Upgraded to Buy by BidaskClub

Wright Medical Group (NASDAQ:WMGI) was upgraded by equities research analysts at BidaskClub from a “hold” rating to a “buy” rating in a note issued to investors on Friday.

Other equities analysts have also recently issued reports about the company. Cantor Fitzgerald lifted their price objective on Wright Medical Group from $30.00 to $35.00 and gave the company an “overweight” rating in a report on Thursday, August 9th. BMO Capital Markets raised Wright Medical Group from a “market perform” rating to an “outperform” rating and lifted their price objective for the company from $28.00 to $31.00 in a report on Wednesday, August 29th. Oppenheimer set a $28.00 price target on Wright Medical Group and gave the stock a “hold” rating in a report on Thursday, August 9th. Piper Jaffray Companies boosted their price target on Wright Medical Group to $32.00 and gave the stock an “overweight” rating in a report on Thursday, August 9th. Finally, Jefferies Financial Group boosted their price target on Wright Medical Group from $28.00 to $30.00 and gave the stock a “buy” rating in a report on Thursday, August 9th. One equities research analyst has rated the stock with a hold rating and fourteen have given a buy rating to the company. The company presently has an average rating of “Buy” and an average price target of $31.08.

Shares of NASDAQ WMGI opened at $28.28 on Friday. The firm has a market capitalization of $3.10 billion, a price-to-earnings ratio of -128.55 and a beta of 1.12. The company has a quick ratio of 1.57, a current ratio of 2.06 and a debt-to-equity ratio of 1.87. Wright Medical Group has a fifty-two week low of $19.01 and a fifty-two week high of $29.50.

Wright Medical Group (NASDAQ:WMGI) last announced its quarterly earnings data on Wednesday, August 8th. The medical device company reported ($0.03) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.06) by $0.03. The firm had revenue of $205.40 million during the quarter, compared to analysts’ expectations of $197.20 million. Wright Medical Group had a negative return on equity of 1.94% and a negative net margin of 24.74%. The company’s quarterly revenue was up 14.3% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.07) EPS. As a group, equities research analysts forecast that Wright Medical Group will post -0.15 EPS for the current fiscal year.

In other news, SVP Jennifer S. Walker sold 11,466 shares of the business’s stock in a transaction on Thursday, August 9th. The stock was sold at an average price of $28.60, for a total transaction of $327,927.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Lance A. Berry sold 1,182 shares of the business’s stock in a transaction on Thursday, August 16th. The stock was sold at an average price of $27.19, for a total value of $32,138.58. The disclosure for this sale can be found here. Insiders have sold a total of 14,305 shares of company stock valued at $405,239 in the last three months. 4.00% of the stock is owned by insiders.

Several institutional investors have recently bought and sold shares of the company. Peregrine Capital Management LLC increased its holdings in Wright Medical Group by 8.0% in the 3rd quarter. Peregrine Capital Management LLC now owns 962,124 shares of the medical device company’s stock worth $27,921,000 after purchasing an additional 71,013 shares in the last quarter. Seven Eight Capital LP increased its holdings in Wright Medical Group by 334.0% in the 3rd quarter. Seven Eight Capital LP now owns 62,500 shares of the medical device company’s stock worth $1,814,000 after purchasing an additional 48,100 shares in the last quarter. Fox Run Management L.L.C. acquired a new position in Wright Medical Group in the 3rd quarter worth about $483,000. FMR LLC increased its holdings in Wright Medical Group by 1.6% in the 2nd quarter. FMR LLC now owns 15,895,471 shares of the medical device company’s stock worth $412,647,000 after purchasing an additional 256,310 shares in the last quarter. Finally, Nomura Holdings Inc. increased its holdings in Wright Medical Group by 184.6% in the 2nd quarter. Nomura Holdings Inc. now owns 1,010,663 shares of the medical device company’s stock worth $26,237,000 after purchasing an additional 655,514 shares in the last quarter.

About Wright Medical Group

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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Analyst Recommendations for Wright Medical Group (NASDAQ:WMGI)

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