Wright Medical Group (WMGI) Earns Buy Rating from Cantor Fitzgerald
Cantor Fitzgerald reiterated their buy rating on shares of Wright Medical Group (NASDAQ:WMGI) in a research note released on Monday. They currently have a $35.00 price objective on the medical device company’s stock.
“We reiterate our Overweight rating and a 12-month price target of $35 on shares of WMGI. We think WMGI is positioned to outperform expectations in 2018 with multiple drivers across each of its three primary segments (lower extremities, upper extremities, and biologics) to accelerate growth. We see WMGI’s valuation as attractive, as we expect innovative products to help WMGI to capitalize on the evolving market trends. Valuation Summary We base our $35 price target on a ~5.5x EV/Sales multiple on our 2019 sales estimate.”,” Cantor Fitzgerald’s analyst commented.
Other equities research analysts have also recently issued reports about the company. BidaskClub cut Wright Medical Group from a buy rating to a hold rating in a research note on Wednesday, November 28th. UBS Group began coverage on Wright Medical Group in a research note on Wednesday, November 28th. They set a neutral rating and a $31.00 target price for the company. ValuEngine upgraded Wright Medical Group from a hold rating to a buy rating in a research note on Wednesday, September 19th. Robert W. Baird upped their target price on Wright Medical Group from $32.00 to $35.00 and gave the stock an outperform rating in a research note on Thursday, November 8th. Finally, Needham & Company LLC upped their target price on Wright Medical Group from $30.00 to $35.00 and gave the stock a buy rating in a research note on Thursday, October 25th. Three equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. The stock has an average rating of Buy and an average price target of $32.62.
Wright Medical Group (NASDAQ:WMGI) last issued its quarterly earnings results on Wednesday, November 7th. The medical device company reported ($0.09) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.15) by $0.06. The business had revenue of $194.11 million during the quarter, compared to analysts’ expectations of $186.09 million. Wright Medical Group had a negative return on equity of 0.60% and a negative net margin of 13.07%. The firm’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 company posted ($0.16) earnings per share. As a group, analysts predict that Wright Medical Group will post -0.07 earnings per share for the current year.
The firm also recently announced a dividend, which was paid on Monday, December 10th. Shareholders of record on Wednesday, December 5th were paid a dividend of $1.50 per share. The ex-dividend date of this dividend was Wednesday, December 12th.
In related news, Director Richard F. Wallman purchased 20,000 shares of the stock in a transaction dated Monday, December 10th. The stock was bought at an average cost of $26.83 per share, for a total transaction of $536,600.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Kevin C. Oboyle sold 17,277 shares of the company’s stock in a transaction on Tuesday, November 13th. The stock was sold at an average price of $30.11, for a total transaction of $520,210.47. The disclosure for this sale can be found here. Insiders have sold 67,366 shares of company stock valued at $1,959,602 over the last 90 days. Corporate insiders own 4.00% of the company’s stock.
Large investors have recently made changes to their positions in the company. Cortina Asset Management LLC acquired a new position in shares of Wright Medical Group during the second quarter worth $221,000. Schwab Charles Investment Management Inc. increased its holdings in shares of Wright Medical Group by 4.5% during the second quarter. Schwab Charles Investment Management Inc. now owns 552,912 shares of the medical device company’s stock worth $14,354,000 after buying an additional 23,911 shares in the last quarter. Roanoke Asset Management Corp NY acquired a new position in shares of Wright Medical Group during the third quarter worth $376,000. Engineers Gate Manager LP increased its holdings in shares of Wright Medical Group by 1,296.4% during the third quarter. Engineers Gate Manager LP now owns 210,865 shares of the medical device company’s stock worth $6,119,000 after buying an additional 195,764 shares in the last quarter. Finally, Tygh Capital Management Inc. increased its holdings in shares of Wright Medical Group by 78.1% during the second quarter. Tygh Capital Management Inc. now owns 241,775 shares of the medical device company’s stock worth $6,276,000 after buying an additional 105,998 shares in the last quarter.
About Wright Medical Group
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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