Shares of Wright Medical Group Inc. (NASDAQ:WMGI) dropped 2.2% on Friday . The company traded as low as $20.94 and last traded at $21.03, with a volume of 1,044,268 shares changing hands. The stock had previously closed at $21.51.

WMGI has been the subject of a number of analyst reports. Piper Jaffray Cos. raised shares of Wright Medical Group from a “neutral” rating to an “overweight” rating and set a $23.00 target price for the company in a report on Wednesday. Wells Fargo & Co. raised shares of Wright Medical Group from a “market perform” rating to an “outperform” rating in a report on Thursday, May 5th. Royal Bank Of Canada lowered their target price on shares of Wright Medical Group from $29.00 to $22.00 and set an “outperform” rating for the company in a report on Wednesday, March 23rd. Guggenheim initiated coverage on shares of Wright Medical Group in a report on Wednesday, June 8th. They set a “buy” rating and a $22.00 target price for the company. Finally, Needham & Company LLC lifted their target price on shares of Wright Medical Group from $22.00 to $24.00 and gave the stock a “buy” rating in a report on Thursday, May 5th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and fifteen have assigned a buy rating to the company’s stock. Wright Medical Group has a consensus rating of “Buy” and a consensus target price of $24.87.

The firm’s market cap is $2.16 billion. The company has a 50 day moving average of $18.66 and a 200 day moving average of $18.69.

Wright Medical Group (NASDAQ:WMGI) last posted its quarterly earnings data on Wednesday, May 4th. The medical device company reported ($0.06) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.25) by $0.19. The firm had revenue of $181.02 million for the quarter, compared to analyst estimates of $170.95 million. During the same quarter last year, the company earned ($0.51) earnings per share. The company’s quarterly revenue was up 132.4% compared to the same quarter last year. Equities analysts anticipate that Wright Medical Group Inc. will post ($0.61) earnings per share for the current fiscal year.

In related news, CFO Lance A. Berry sold 4,432 shares of the firm’s stock in a transaction dated Thursday, June 2nd. The shares were sold at an average price of $19.40, for a total transaction of $85,980.80. Following the transaction, the chief financial officer now directly owns 94,123 shares of the company’s stock, valued at $1,825,986.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Sean Carney sold 6,221,809 shares of the firm’s stock in a transaction dated Friday, May 27th. The shares were sold at an average price of $18.39, for a total transaction of $114,419,067.51. Following the transaction, the director now directly owns 32,814 shares in the company, valued at $603,449.46. The disclosure for this sale can be found here.

Other hedge funds and institutional investors have recently added to or reduced their stakes in the company. TSP Capital Management Group LLC purchased a new position in Wright Medical Group during the fourth quarter worth $1,006,000. Wells Fargo & Company MN raised its position in Wright Medical Group by 78.0% in the fourth quarter. Wells Fargo & Company MN now owns 701,546 shares of the medical device company’s stock worth $16,963,000 after buying an additional 307,319 shares during the last quarter. Morgan Stanley raised its position in Wright Medical Group by 12.9% in the fourth quarter. Morgan Stanley now owns 515,969 shares of the medical device company’s stock worth $12,476,000 after buying an additional 58,907 shares during the last quarter. Columbia Wanger Asset Management LLC raised its position in Wright Medical Group by 7.8% in the fourth quarter. Columbia Wanger Asset Management LLC now owns 2,679,268 shares of the medical device company’s stock worth $64,785,000 after buying an additional 193,119 shares during the last quarter. Finally, State of Wisconsin Investment Board raised its position in Wright Medical Group by 153.1% in the fourth quarter. State of Wisconsin Investment Board now owns 506,179 shares of the medical device company’s stock worth $12,239,000 after buying an additional 306,179 shares during the last quarter.

Wright Medical Group, Inc is a global specialty orthopaedic company. The Company through Wright Medical Technology, Inc (WMT) and other subsidiaries provides extremity and biologic solutions that enable clinicians to alleviate pain and restore the patients’ lifestyles. The Company operates through three segments: U.S., International and BioMimetic.

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