Wright Medical Group (WMGI) Receives Buy Rating from Needham & Company LLC

Needham & Company LLC reissued their buy rating on shares of Wright Medical Group (NASDAQ:WMGI) in a research note issued to investors on Monday. The firm currently has a $35.00 price target on the medical device company’s stock.

“On 1/7/19, WMGI guided to above consensus 4Q18 preliminary revenue and provided new long-term financial targets for 2019 through 2021. Organic revenue growth slowed to 10% (adjusting for selling days) in 4Q18 from 14% in 3Q18. Strong US Lower Extremities growth was slightly offset by a slowdown in the US Upper Extremities business though we note that US Upper Extremities faced its toughest comp of the year. And WMGI announced two management changes that we think may be CEO succession planning. While we currently model ~11% organic growth in 2019, we expect Cartiva, a stronger US Lower Extremities sales force, and recently launched products to drive upside to consensus and we reiterate our Buy rating.”,” the firm’s analyst commented.

A number of other equities analysts also recently commented on the company. BidaskClub upgraded Wright Medical Group from a hold rating to a buy rating in a report on Friday, December 21st. Credit Suisse Group assumed coverage on Wright Medical Group in a report on Monday, December 17th. They issued an outperform rating and a $33.00 price objective on the stock. Cantor Fitzgerald restated a buy rating and issued a $35.00 price objective on shares of Wright Medical Group in a report on Monday, December 10th. UBS Group assumed coverage on Wright Medical Group in a report on Wednesday, November 28th. They issued a neutral rating and a $31.00 price objective on the stock. Finally, Robert W. Baird increased their price objective on Wright Medical Group from $32.00 to $35.00 and gave the stock an outperform rating in a report on Thursday, November 8th. Two analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. The company presently has a consensus rating of Buy and a consensus price target of $32.64.

Shares of WMGI opened at $29.28 on Monday. The stock has a market capitalization of $3.62 billion, a PE ratio of -133.09, a price-to-earnings-growth ratio of 10.78 and a beta of 1.02. Wright Medical Group has a fifty-two week low of $19.01 and a fifty-two week high of $30.75. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.07 and a current ratio of 1.24.

Wright Medical Group (NASDAQ:WMGI) last issued its earnings results on Wednesday, November 7th. The medical device company reported ($0.09) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.15) by $0.06. The company had revenue of $194.11 million for the quarter, compared to the consensus estimate of $186.09 million. Wright Medical Group had a negative return on equity of 0.60% and a negative net margin of 13.07%. The firm’s quarterly revenue was up 13.8% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.16) EPS. On average, sell-side analysts expect that Wright Medical Group will post -0.07 EPS for the current fiscal year.

In other Wright Medical Group news, insider Patrick Fisher sold 9,000 shares of the company’s stock in a transaction that occurred on Thursday, December 13th. The stock was sold at an average price of $27.62, for a total transaction of $248,580.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Peter Cooke sold 13,478 shares of the company’s stock in a transaction that occurred on Friday, November 2nd. The stock was sold at an average price of $28.03, for a total value of $377,788.34. The disclosure for this sale can be found here. Insiders have sold 76,366 shares of company stock valued at $2,208,182 in the last ninety days. Company insiders own 4.00% of the company’s stock.

Institutional investors have recently made changes to their positions in the business. Strs Ohio boosted its position in shares of Wright Medical Group by 850.0% in the second quarter. Strs Ohio now owns 5,700 shares of the medical device company’s stock valued at $147,000 after acquiring an additional 5,100 shares during the period. Parametrica Management Ltd bought a new stake in shares of Wright Medical Group in the third quarter valued at approximately $204,000. Vishria Bird Financial Group LLC bought a new stake in shares of Wright Medical Group in the third quarter valued at approximately $214,000. Paloma Partners Management Co bought a new stake in shares of Wright Medical Group in the third quarter valued at approximately $252,000. Finally, Partner Investment Management L.P. bought a new stake in shares of Wright Medical Group in the third quarter valued at approximately $282,000.

Wright Medical Group Company Profile

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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