ConvaTec Group (LON:CTEC) Shares Cross Above 50 Day Moving Average – Here’s Why

Shares of ConvaTec Group PLC (LON:CTEC) crossed above its fifty day moving average during trading on Friday . The stock has a fifty day moving average of GBX 207.80 and traded as high as GBX 223.40. ConvaTec Group shares last traded at GBX 223.20, with a volume of 4,633,102 shares.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on CTEC. Stifel Nicolaus reiterated a “buy” rating and issued a GBX 315 target price on shares of ConvaTec Group in a report on Wednesday, March 11th. Jefferies Financial Group restated a “buy” rating and set a GBX 300 price target on shares of ConvaTec Group in a research note on Monday, June 8th. Citigroup reduced their price objective on ConvaTec Group from GBX 250 to GBX 230 and set a “neutral” rating on the stock in a research note on Monday, May 18th. UBS Group reiterated a “buy” rating and set a GBX 375 target price on shares of ConvaTec Group in a report on Monday, May 18th. Finally, Deutsche Bank Aktiengesellschaft reissued a “buy” rating and set a GBX 315 target price on shares of ConvaTec Group in a research report on Wednesday, April 8th. Eight equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of GBX 306.

ConvaTec Group Trading Up 1.6%

The business’s 50-day moving average is GBX 207.80 and its two-hundred day moving average is GBX 224.56. The company has a current ratio of 1.53, a quick ratio of 0.96 and a debt-to-equity ratio of 99.96. The stock has a market capitalization of £4.36 billion, a PE ratio of 25.95, a PEG ratio of 0.93 and a beta of 0.76.

Insider Activity at ConvaTec Group

In related news, insider Jonny Mason acquired 50,000 shares of ConvaTec Group stock in a transaction on Tuesday, May 26th. The shares were bought at an average price of GBX 201 per share, for a total transaction of £100,500. 0.98% of the stock is currently owned by corporate insiders.

ConvaTec Group Company Profile

ConvaTec Group PLC engages in the development, manufacturing, and sale of medical products, services, and technologies in Europe, North America, and internationally. The company offers advanced wound dressings and skin care products for the management of acute and chronic wounds resulting from various conditions, such as diabetes, and acute conditions resulting from traumatic injury and burns. It also provides ostomy care solutions, including devices, accessories, and services for people with a stoma resulting from colorectal cancer, inflammatory bowel disease, and bladder cancer.