Wells Fargo & Co cut shares of Wright Medical Group (NASDAQ:WMGI) from an outperform rating to a market perform rating in a research note published on Monday morning, BenzingaRatingsTable reports. Wells Fargo & Co currently has $23.00 price target on the medical device company’s stock, down from their previous price target of $28.00.
Several other equities analysts have also issued reports on the company. Royal Bank of Canada lowered Wright Medical Group from an outperform rating to a sector perform rating and dropped their price objective for the stock from $34.00 to $24.00 in a report on Thursday, August 8th. Credit Suisse Group dropped their price objective on Wright Medical Group from $34.00 to $30.00 and set an outperform rating on the stock in a report on Thursday, August 8th. BidaskClub raised Wright Medical Group from a sell rating to a hold rating in a report on Thursday, August 1st. ValuEngine lowered Wright Medical Group from a buy rating to a hold rating in a report on Tuesday, July 2nd. Finally, Bank of America lowered Wright Medical Group from a buy rating to a neutral rating and set a $25.00 price objective on the stock. in a report on Friday, August 9th. Six research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Wright Medical Group presently has an average rating of Buy and a consensus target price of $31.38.
Shares of WMGI stock opened at $21.01 on Monday. The stock’s 50-day moving average is $26.69 and its two-hundred day moving average is $29.77. The firm has a market cap of $2.63 billion, a price-to-earnings ratio of 230.78, a PEG ratio of 8.54 and a beta of 0.69. Wright Medical Group has a 1 year low of $20.46 and a 1 year high of $32.86. The company has a debt-to-equity ratio of 0.79, a quick ratio of 0.70 and a current ratio of 0.91.
In related news, insider Robert J. Palmisano purchased 46,654 shares of the stock in a transaction that occurred on Monday, August 12th. The shares were purchased at an average price of $21.39 per share, with a total value of $997,929.06. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Elizabeth H. Weatherman purchased 15,000 shares of the stock in a transaction that occurred on Thursday, August 15th. The shares were bought at an average cost of $20.87 per share, for a total transaction of $313,050.00. The disclosure for this purchase can be found here. In the last three months, insiders have purchased 94,654 shares of company stock worth $2,021,859 and have sold 10,453 shares worth $318,717. Company insiders own 3.80% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in WMGI. Voleon Capital Management LP purchased a new stake in Wright Medical Group in the 2nd quarter worth approximately $1,014,000. Nuveen Asset Management LLC purchased a new stake in Wright Medical Group in the 2nd quarter worth approximately $58,939,000. UBS Asset Management Americas Inc. grew its stake in Wright Medical Group by 32.2% in the 2nd quarter. UBS Asset Management Americas Inc. now owns 258,483 shares of the medical device company’s stock worth $7,708,000 after acquiring an additional 62,981 shares during the period. Cubist Systematic Strategies LLC grew its stake in Wright Medical Group by 47.4% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 95,893 shares of the medical device company’s stock worth $2,860,000 after acquiring an additional 30,821 shares during the period. Finally, Marshall Wace LLP purchased a new stake in Wright Medical Group in the 2nd quarter worth approximately $4,691,000.
About Wright Medical Group
Wright Medical Group N.V., a medical device company, designs, manufactures, markets, and sells upper and lower extremities, and biologics products in the United States, Europe, the Middle East, Africa, Canada, Asia, Australia, and Latin America. 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.
See Also: What is Blockchain?
Receive News & Ratings for Wright Medical Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Wright Medical Group and related companies with MarketBeat.com's FREE daily email newsletter.