Wright Medical Group Inc. (NASDAQ:WMGI) Receives Average Recommendation of “Buy” from Brokerages
Shares of Wright Medical Group Inc. (NASDAQ:WMGI) have received an average rating of “Buy” from the seventeen research firms that are currently covering the stock. Three research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. The average 12-month price objective among brokers that have updated their coverage on the stock in the last year is $25.09.
A number of equities research analysts have weighed in on WMGI shares. Guggenheim started coverage on Wright Medical Group in a report on Wednesday, June 8th. They issued a “buy” rating and a $22.00 target price on the stock. Zacks Investment Research raised Wright Medical Group from a “hold” rating to a “buy” rating and set a $18.00 target price on the stock in a report on Wednesday, June 29th. Needham & Company LLC reaffirmed a “buy” rating and issued a $24.00 target price on shares of Wright Medical Group in a report on Monday, July 11th. Leerink Swann reaffirmed an “outperform” rating and issued a $25.00 target price on shares of Wright Medical Group in a report on Tuesday, July 12th. Finally, Piper Jaffray Cos. raised Wright Medical Group from a “neutral” rating to an “overweight” rating and set a $23.00 target price on the stock in a report on Wednesday, July 13th.
Several hedge funds and other institutional investors have recently bought and sold shares of WMGI. BlackRock Inc. raised its position in Wright Medical Group by 123.0% in the first quarter. BlackRock Inc. now owns 6,052 shares of the medical device company’s stock valued at $100,000 after buying an additional 3,338 shares during the period. BNP Paribas Arbitrage SA raised its position in Wright Medical Group by 139.6% in the second quarter. BNP Paribas Arbitrage SA now owns 5,987 shares of the medical device company’s stock valued at $104,000 after buying an additional 3,488 shares during the period. HighTower Advisors LLC acquired a new position in Wright Medical Group during the second quarter valued at $182,000. Fairfield Bush & CO. raised its position in Wright Medical Group by 3.5% in the first quarter. Fairfield Bush & CO. now owns 11,075 shares of the medical device company’s stock valued at $184,000 after buying an additional 378 shares during the period. Finally, Squarepoint Ops LLC acquired a new position in Wright Medical Group during the first quarter valued at $184,000.
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Wright Medical Group (NASDAQ:WMGI) traded up 0.929% during midday trading on Wednesday, reaching $23.355. The company had a trading volume of 329,378 shares. Wright Medical Group has a 12-month low of $15.02 and a 12-month high of $25.50. The stock has a 50-day moving average price of $24.09 and a 200 day moving average price of $20.00. The company’s market capitalization is $2.40 billion.
Wright Medical Group (NASDAQ:WMGI) last issued its quarterly earnings results on Tuesday, August 2nd. The medical device company reported ($0.11) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.22) by $0.11. The business had revenue of $170 million for the quarter, compared to the consensus estimate of $172.81 million. Wright Medical Group had a negative return on equity of 7.86% and a negative net margin of 79.16%. The firm’s quarterly revenue was up 13.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.71) earnings per share. Equities analysts forecast that Wright Medical Group will post ($0.49) EPS for the current 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.
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