American International Group Inc. Grows Holdings in Wright Medical Group Inc (WMGI)
American International Group Inc. lifted its stake in shares of Wright Medical Group Inc (NASDAQ:WMGI) by 8.1% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 70,114 shares of the medical device company’s stock after buying an additional 5,242 shares during the quarter. American International Group Inc. owned approximately 0.07% of Wright Medical Group worth $1,814,000 at the end of the most recent reporting period.
Other institutional investors also recently made changes to their positions in the company. Janus Henderson Group PLC purchased a new stake in Wright Medical Group during the second quarter worth approximately $68,618,000. Capital Research Global Investors lifted its stake in Wright Medical Group by 60.9% during the second quarter. Capital Research Global Investors now owns 2,775,000 shares of the medical device company’s stock worth $76,285,000 after purchasing an additional 1,050,000 shares during the last quarter. FMR LLC lifted its stake in Wright Medical Group by 5.7% during the second quarter. FMR LLC now owns 15,644,806 shares of the medical device company’s stock worth $430,075,000 after purchasing an additional 845,909 shares during the last quarter. Renaissance Technologies LLC lifted its stake in Wright Medical Group by 139.9% during the second quarter. Renaissance Technologies LLC now owns 1,209,407 shares of the medical device company’s stock worth $33,247,000 after purchasing an additional 705,300 shares during the last quarter. Finally, Fisher Asset Management LLC lifted its stake in Wright Medical Group by 20.9% during the third quarter. Fisher Asset Management LLC now owns 2,890,789 shares of the medical device company’s stock worth $74,785,000 after purchasing an additional 500,583 shares during the last quarter.
In related news, Director Richard F. Wallman purchased 4,000 shares of the business’s stock in a transaction dated Friday, November 10th. The stock was acquired at an average price of $24.00 per share, for a total transaction of $96,000.00. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Gregory Morrison sold 92,140 shares of the company’s stock in a transaction that occurred on Monday, November 13th. The stock was sold at an average price of $23.70, for a total value of $2,183,718.00. The disclosure for this sale can be found here. Insiders have sold 92,440 shares of company stock valued at $2,191,500 in the last 90 days. Company insiders own 3.50% of the company’s stock.
Several research firms recently weighed in on WMGI. BidaskClub cut Wright Medical Group from a “hold” rating to a “sell” rating in a research note on Thursday, December 7th. ValuEngine cut Wright Medical Group from a “hold” rating to a “sell” rating in a research note on Thursday, December 7th. Needham & Company LLC reiterated a “hold” rating on shares of Wright Medical Group in a research note on Friday, September 1st. Robert W. Baird reiterated a “buy” rating and issued a $33.00 price objective on shares of Wright Medical Group in a research note on Friday, October 6th. Finally, Royal Bank of Canada reiterated a “buy” rating and issued a $31.00 price objective on shares of Wright Medical Group in a research note on Tuesday, October 3rd. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and eight have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $32.22.
Shares of Wright Medical Group Inc (NASDAQ WMGI) opened at $23.61 on Wednesday. Wright Medical Group Inc has a 52 week low of $22.14 and a 52 week high of $31.53. The company has a debt-to-equity ratio of 1.52, a quick ratio of 0.96 and a current ratio of 1.31.
Wright Medical Group (NASDAQ:WMGI) last released its quarterly earnings results on Wednesday, November 1st. The medical device company reported ($0.16) EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of ($0.16). Wright Medical Group had a negative return on equity of 6.27% and a negative net margin of 38.40%. The business had revenue of $170.50 million during the quarter, compared to analysts’ expectations of $173.50 million. During the same quarter in the prior year, the business earned ($0.19) earnings per share. The company’s quarterly revenue was up 8.4% compared to the same quarter last year. sell-side analysts anticipate that Wright Medical Group Inc will post -0.27 earnings per share for the current fiscal year.
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About Wright Medical Group
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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