Oppenheimer Research Analysts Reduce Earnings Estimates for Wright Medical Group NV (NASDAQ:WMGI)

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Wright Medical Group NV (NASDAQ:WMGI) – Analysts at Oppenheimer lowered their Q3 2019 EPS estimates for Wright Medical Group in a note issued to investors on Thursday, August 8th. Oppenheimer analyst S. Lichtman now anticipates that the medical device company will post earnings per share of ($0.07) for the quarter, down from their prior estimate of ($0.01). Oppenheimer currently has a “Outperform” rating and a $29.00 target price on the stock. Oppenheimer also issued estimates for Wright Medical Group’s FY2019 earnings at $0.18 EPS and FY2020 earnings at $0.43 EPS.

Several other equities analysts have also recently issued reports on the company. BidaskClub upgraded Wright Medical Group from a “sell” rating to a “hold” rating in a report on Thursday, August 1st. ValuEngine cut Wright Medical Group from a “buy” rating to a “hold” rating in a report on Tuesday, July 2nd. Credit Suisse Group decreased their price target 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. BMO Capital Markets decreased their price target on Wright Medical Group from $36.00 to $30.00 and set an “outperform” rating on the stock in a report on Thursday, August 8th. Finally, Wells Fargo & Co cut Wright Medical Group from an “outperform” rating to a “market perform” rating and decreased their price target for the company from $28.00 to $23.00 in a report on Monday. Six equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Wright Medical Group currently has an average rating of “Buy” and a consensus target price of $31.38.

Wright Medical Group stock opened at $21.31 on Monday. The firm has a 50-day moving average price of $27.01. The company has a market capitalization of $2.73 billion, a PE ratio of 239.78, a price-to-earnings-growth ratio of 8.87 and a beta of 0.69. Wright Medical Group has a 12-month low of $20.54 and a 12-month 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.

Wright Medical Group (NASDAQ:WMGI) last posted its quarterly earnings results on Wednesday, August 7th. The medical device company reported $0.02 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.01 by $0.01. The business had revenue of $229.73 million for the quarter, compared to analysts’ expectations of $233.04 million. Wright Medical Group had a positive return on equity of 1.37% and a negative net margin of 14.65%. The firm’s quarterly revenue was up 11.8% compared to the same quarter last year. During the same quarter last year, the business earned ($0.03) earnings per share.

A number of large investors have recently added to or reduced their stakes in the business. BlackRock Inc. lifted its stake in Wright Medical Group by 4.8% in the second quarter. BlackRock Inc. now owns 11,000,118 shares of the medical device company’s stock valued at $328,024,000 after buying an additional 501,510 shares during the period. Fisher Asset Management LLC raised its position in shares of Wright Medical Group by 2.4% during the second quarter. Fisher Asset Management LLC now owns 2,889,564 shares of the medical device company’s stock worth $86,167,000 after purchasing an additional 67,590 shares during the period. Redmile Group LLC raised its position in shares of Wright Medical Group by 13.3% during the first quarter. Redmile Group LLC now owns 2,874,100 shares of the medical device company’s stock worth $90,390,000 after purchasing an additional 336,800 shares during the period. Northern Trust Corp raised its position in shares of Wright Medical Group by 1.4% during the second quarter. Northern Trust Corp now owns 1,601,434 shares of the medical device company’s stock worth $47,755,000 after purchasing an additional 21,637 shares during the period. Finally, OppenheimerFunds Inc. raised its position in shares of Wright Medical Group by 144.3% during the first quarter. OppenheimerFunds Inc. now owns 1,500,702 shares of the medical device company’s stock worth $47,197,000 after purchasing an additional 886,324 shares during the period.

In other Wright Medical Group news, SVP Andrew C. Morton sold 2,173 shares of the stock in a transaction dated Thursday, May 16th. The stock was sold at an average price of $32.50, for a total value of $70,622.50. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Julie Andrews sold 1,447 shares of the stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $30.65, for a total value of $44,350.55. The disclosure for this sale can be found here. In the last three months, insiders acquired 79,654 shares of company stock worth $1,708,809 and sold 12,626 shares worth $389,339. Corporate insiders own 3.80% of the company’s stock.

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.

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Earnings History and Estimates for Wright Medical Group (NASDAQ:WMGI)

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