Wright Medical Group Inc. (WMGI) Shares Up 3.6%
Shares of Wright Medical Group Inc. (NASDAQ:WMGI) shot up 3.6% during trading on Wednesday . The company traded as high as $21.70 and last traded at $21.25, with a volume of 2,167,346 shares traded. The stock had previously closed at $20.52.
Several research firms recently commented on WMGI. Zacks Investment Research downgraded Wright Medical Group from a “hold” rating to a “sell” rating in a research report on Wednesday. JPMorgan Chase & Co. raised Wright Medical Group from a “neutral” rating to an “overweight” rating and raised their price target for the company from $21.00 to $26.00 in a report on Wednesday. Piper Jaffray Cos. raised Wright Medical Group from a “neutral” rating to an “overweight” rating and set a $23.00 target price for the company in a research note on Wednesday. Leerink Swann reissued an “outperform” rating and issued a $25.00 target price on shares of Wright Medical Group in a research note on Tuesday. Finally, Needham & Company LLC reissued a “buy” rating and issued a $24.00 target price on shares of Wright Medical Group in a research note on Monday. One analyst has rated the stock with a sell rating, two have assigned a hold rating and fifteen have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $24.87.
The firm has a 50-day moving average of $18.66 and a 200-day moving average of $18.69. The firm’s market cap is $2.21 billion.
Wright Medical Group (NASDAQ:WMGI) last announced its quarterly earnings results on Wednesday, May 4th. The medical device company reported ($0.06) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.25) by $0.19. The company 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 posted ($0.51) earnings per share. The firm’s quarterly revenue was up 132.4% on a year-over-year basis. Equities research analysts predict that Wright Medical Group Inc. will post ($0.61) EPS for the current year.
In other news, insider Kevin D. Cordell sold 1,652 shares of the company’s stock in a transaction on Thursday, June 2nd. The shares were sold at an average price of $19.34, for a total transaction of $31,949.68. Following the completion of the transaction, the insider now directly owns 27,475 shares in the company, valued at $531,366.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Sean Carney sold 6,221,809 shares of the company’s stock in a transaction on Friday, May 27th. The stock was sold at an average price of $18.39, for a total transaction of $114,419,067.51. Following the transaction, the director now owns 32,814 shares of the company’s stock, valued at $603,449.46. The disclosure for this sale can be found here.
Other hedge funds and institutional investors recently made changes to their positions in the company. TSP Capital Management Group LLC bought a new position in shares of Wright Medical Group during the fourth quarter valued at about $1,006,000. Trexquant Investment LP bought a new position in shares of Wright Medical Group during the fourth quarter valued at about $1,023,000. J. Goldman & Co LP bought a new position in shares of Wright Medical Group during the fourth quarter valued at about $1,285,000. American Capital Management Inc. increased its position in shares of Wright Medical Group by 17.1% in the fourth quarter. American Capital Management Inc. now owns 55,897 shares of the medical device company’s stock valued at $1,352,000 after buying an additional 8,173 shares during the period. Finally, State Board of Administration of Florida Retirement System increased its position in shares of Wright Medical Group by 50.4% in the fourth quarter. State Board of Administration of Florida Retirement System now owns 77,908 shares of the medical device company’s stock valued at $1,884,000 after buying an additional 26,122 shares during the period.
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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