Wright Medical Group (WMGI) PT Raised to $35.00 at Jefferies Financial Group

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Wright Medical Group (NASDAQ:WMGI) had its price target lifted by Jefferies Financial Group from $31.00 to $35.00 in a research note issued on Thursday. The brokerage currently has a “buy” rating on the medical device company’s stock. Jefferies Financial Group’s target price points to a potential upside of 15.93% from the stock’s previous close. Jefferies Financial Group also issued estimates for Wright Medical Group’s Q1 2019 earnings at $0.05 EPS, Q2 2019 earnings at $0.07 EPS, Q3 2019 earnings at $0.05 EPS, Q4 2019 earnings at $0.15 EPS, FY2019 earnings at $0.31 EPS and FY2021 earnings at $0.80 EPS.

A number of other brokerages have also issued reports on WMGI. Wells Fargo & Co upped their price objective on shares of Wright Medical Group from $30.00 to $32.00 and gave the company an “outperform” rating in a report on Thursday. Piper Jaffray Companies upped their price objective on shares of Wright Medical Group to $35.00 and gave the company an “overweight” rating in a report on Thursday. BMO Capital Markets raised shares of Wright Medical Group from a “market perform” rating to an “outperform” rating and upped their price objective for the company from $28.00 to $31.00 in a report on Wednesday, August 29th. BidaskClub raised shares of Wright Medical Group from a “hold” rating to a “buy” rating in a report on Friday, October 19th. Finally, Robert W. Baird upped their price objective on shares of Wright Medical Group from $28.00 to $32.00 and gave the company an “outperform” rating in a report on Thursday, August 9th. One investment analyst has rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus target price of $32.75.

Shares of NASDAQ WMGI opened at $30.19 on Thursday. The company has a quick ratio of 1.57, a current ratio of 2.06 and a debt-to-equity ratio of 1.87. Wright Medical Group has a 52 week low of $19.01 and a 52 week high of $30.75.

Wright Medical Group (NASDAQ:WMGI) last issued its earnings results on Wednesday, November 7th. The medical device company reported ($0.09) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.15) by $0.06. Wright Medical Group had a negative net margin of 13.07% and a negative return on equity of 0.70%. The business had revenue of $194.11 million during the quarter, compared to analysts’ expectations of $186.09 million. During the same period in the prior year, the business earned ($0.16) earnings per share. The company’s quarterly revenue was up 13.8% compared to the same quarter last year. As a group, analysts anticipate that Wright Medical Group will post -0.05 EPS for the current year.

In other Wright Medical Group news, insider Peter Cooke sold 20,662 shares of the stock in a transaction dated Thursday, November 8th. The shares were sold at an average price of $29.28, for a total transaction of $604,983.36. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Lance A. Berry sold 1,182 shares of the stock in a transaction dated Thursday, August 16th. The stock was sold at an average price of $27.19, for a total transaction of $32,138.58. The disclosure for this sale can be found here. Insiders sold 36,979 shares of company stock valued at $1,060,083 in the last three months. 4.00% of the stock is currently owned by insiders.

A number of hedge funds have recently made changes to their positions in the business. Amalgamated Bank boosted its stake in Wright Medical Group by 14.9% during the second quarter. Amalgamated Bank now owns 16,232 shares of the medical device company’s stock worth $421,000 after buying an additional 2,102 shares during the period. Rhumbline Advisers boosted its stake in Wright Medical Group by 4.5% during the second quarter. Rhumbline Advisers now owns 99,783 shares of the medical device company’s stock worth $2,590,000 after buying an additional 4,294 shares during the period. Strs Ohio boosted its stake in Wright Medical Group by 850.0% during the second quarter. Strs Ohio now owns 5,700 shares of the medical device company’s stock worth $147,000 after buying an additional 5,100 shares during the period. Principal Financial Group Inc. boosted its stake in Wright Medical Group by 7.0% during the first quarter. Principal Financial Group Inc. now owns 92,781 shares of the medical device company’s stock worth $1,841,000 after buying an additional 6,084 shares during the period. Finally, Parametrica Management Ltd purchased a new position in Wright Medical Group during the third quarter worth about $204,000.

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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