Robert W. Baird Increases Wright Medical Group (WMGI) Price Target to $35.00

Wright Medical Group (NASDAQ:WMGI) had its target price hoisted by stock analysts at Robert W. Baird from $32.00 to $35.00 in a research report issued on Thursday. The brokerage presently has an “outperform” rating on the medical device company’s stock. Robert W. Baird’s price target points to a potential upside of 15.93% from the stock’s current price.

Other equities analysts have also recently issued reports about the stock. Wells Fargo & Co lifted their price objective on shares of Wright Medical Group from $30.00 to $32.00 and gave the stock an “outperform” rating in a research note on Thursday. Piper Jaffray Companies lifted their price objective on shares of Wright Medical Group to $35.00 and gave the stock an “overweight” rating in a research note on Thursday. Jefferies Financial Group lifted their price objective on shares of Wright Medical Group from $31.00 to $35.00 and gave the stock a “buy” rating in a research note on Thursday. BidaskClub raised shares of Wright Medical Group from a “hold” rating to a “buy” rating in a research note on Friday, October 19th. Finally, BMO Capital Markets raised shares of Wright Medical Group from a “market perform” rating to an “outperform” rating and lifted their price objective for the stock from $28.00 to $31.00 in a research note on Wednesday, August 29th. One analyst has rated the stock with a hold rating and fourteen have given a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus price target of $32.75.

Shares of NASDAQ WMGI opened at $30.19 on Thursday. The company has a debt-to-equity ratio of 1.87, a current ratio of 2.06 and a quick ratio of 1.57. 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 announced its quarterly earnings results on Wednesday, November 7th. The medical device company reported ($0.09) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.15) by $0.06. The company had revenue of $194.11 million for the quarter, compared to the consensus estimate of $186.09 million. Wright Medical Group had a negative net margin of 13.07% and a negative return on equity of 0.70%. Wright Medical Group’s revenue for the quarter was up 13.8% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.16) EPS. Sell-side analysts predict that Wright Medical Group will post -0.05 earnings per share for the current year.

In related news, insider Peter Cooke sold 20,662 shares of Wright Medical Group 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Lance A. Berry sold 1,182 shares of Wright Medical Group 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 a total of 36,979 shares of company stock valued at $1,060,083 over the last three months. Corporate insiders own 4.00% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in WMGI. Point72 Asset Management L.P. purchased a new position in shares of Wright Medical Group during the 2nd quarter worth about $77,033,000. FMR LLC boosted its stake in shares of Wright Medical Group by 17.9% during the 3rd quarter. FMR LLC now owns 18,741,152 shares of the medical device company’s stock worth $543,869,000 after purchasing an additional 2,845,681 shares during the period. Voya Investment Management LLC boosted its stake in shares of Wright Medical Group by 2,709.2% during the 2nd quarter. Voya Investment Management LLC now owns 1,303,936 shares of the medical device company’s stock worth $33,850,000 after purchasing an additional 1,257,519 shares during the period. Nomura Holdings Inc. boosted its stake in shares of Wright Medical Group by 184.6% during the 2nd quarter. Nomura Holdings Inc. now owns 1,010,663 shares of the medical device company’s stock worth $26,237,000 after purchasing an additional 655,514 shares during the period. Finally, Janus Henderson Group PLC boosted its stake in shares of Wright Medical Group by 22.7% during the 3rd quarter. Janus Henderson Group PLC now owns 3,305,277 shares of the medical device company’s stock worth $95,919,000 after purchasing an additional 612,326 shares during the period.

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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