Wright Medical Group (WMGI) Cut to Sell at ValuEngine

Wright Medical Group (NASDAQ:WMGI) was downgraded by research analysts at ValuEngine from a “hold” rating to a “sell” rating in a report issued on Friday.

Several other brokerages have also issued reports on WMGI. Robert W. Baird reissued a “buy” rating and issued a $33.00 price target on shares of Wright Medical Group in a report on Friday, October 6th. Jefferies Group reissued a “buy” rating and issued a $33.00 price target on shares of Wright Medical Group in a report on Thursday, October 12th. Royal Bank of Canada reissued a “buy” rating and issued a $30.00 price target on shares of Wright Medical Group in a report on Thursday, November 2nd. Barclays decreased their price target on shares of Wright Medical Group from $33.00 to $30.00 and set an “overweight” rating for the company in a report on Thursday, November 2nd. Finally, BMO Capital Markets decreased their price target on shares of Wright Medical Group from $34.00 to $31.00 and set an “outperform” rating for the company in a report on Thursday, November 2nd. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and eight have issued a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $31.89.

Shares of Wright Medical Group (NASDAQ WMGI) opened at $22.13 on Friday. Wright Medical Group has a 1 year low of $22.00 and a 1 year high of $31.53. The company has a current ratio of 1.31, a quick ratio of 0.96 and a debt-to-equity ratio of 1.52.

Wright Medical Group (NASDAQ:WMGI) last announced its quarterly earnings results on Wednesday, November 1st. The medical device company reported ($0.16) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.16). Wright Medical Group had a negative net margin of 38.40% and a negative return on equity of 6.27%. The company had revenue of $170.50 million during the quarter, compared to analyst estimates of $173.50 million. During the same quarter in the previous year, the business earned ($0.19) EPS. The firm’s revenue was up 8.4% on a year-over-year basis. equities research analysts forecast that Wright Medical Group will post -0.27 earnings per share for the current fiscal year.

In related news, Director Richard F. Wallman bought 4,000 shares of Wright Medical Group stock in a transaction that occurred on Friday, November 10th. The stock was purchased at an average cost of $24.00 per share, with a total value of $96,000.00. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Also, SVP Gregory Morrison sold 92,140 shares of the company’s stock in a transaction on Monday, November 13th. The stock was sold at an average price of $23.70, for a total transaction of $2,183,718.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 92,440 shares of company stock valued at $2,190,875. Company insiders own 9.30% of the company’s stock.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. American International Group Inc. boosted its stake in Wright Medical Group by 8.1% in the 3rd quarter. American International Group Inc. now owns 70,114 shares of the medical device company’s stock worth $1,814,000 after purchasing an additional 5,242 shares during the period. Engineers Gate Manager LP bought a new stake in Wright Medical Group during the 3rd quarter worth about $511,000. Capital Research Global Investors lifted its position in Wright Medical Group by 60.9% during the 2nd quarter. Capital Research Global Investors now owns 2,775,000 shares of the medical device company’s stock worth $76,285,000 after buying an additional 1,050,000 shares in the last quarter. Elk Creek Partners LLC lifted its position in Wright Medical Group by 12.4% during the 3rd quarter. Elk Creek Partners LLC now owns 1,021,475 shares of the medical device company’s stock worth $26,426,000 after buying an additional 113,043 shares in the last quarter. Finally, Northern Trust Corp lifted its position in Wright Medical Group by 3.4% during the 2nd quarter. Northern Trust Corp now owns 1,865,977 shares of the medical device company’s stock worth $51,296,000 after buying an additional 60,840 shares in the last quarter.

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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.

To view ValuEngine’s full report, visit ValuEngine’s official website.

Analyst Recommendations for Wright Medical Group (NASDAQ:WMGI)

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