Jefferies Financial Group Raises Wright Medical Group (WMGI) Price Target to $35.00

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Wright Medical Group (NASDAQ:WMGI) had its target price lifted by equities researchers at Jefferies Financial Group from $31.00 to $35.00 in a research report issued to clients and investors on Thursday. The brokerage presently has a “buy” rating on the medical device company’s stock. Jefferies Financial Group’s target price points to a potential upside of 15.93% from the company’s previous close. Jefferies Financial Group also issued estimates for Wright Medical Group’s Q1 2019 earnings at $0.05 EPS, Q2 2019 earnings at $0.07 EPS, Q3 2019 earnings at $0.05 EPS, Q4 2019 earnings at $0.15 EPS, FY2019 earnings at $0.31 EPS and FY2021 earnings at $0.80 EPS.

WMGI has been the topic of several other research reports. Wells Fargo & Co raised their target price on shares of Wright Medical Group from $30.00 to $32.00 and gave the company an “outperform” rating in a report on Thursday. BidaskClub raised shares of Wright Medical Group from a “hold” rating to a “buy” rating in a report on Friday, October 19th. Needham & Company LLC raised their target price on shares of Wright Medical Group from $30.00 to $35.00 and gave the company a “buy” rating in a report on Thursday, October 25th. Piper Jaffray Companies raised their target price on shares of Wright Medical Group to $35.00 and gave the company an “overweight” rating in a report on Thursday. Finally, ValuEngine raised shares of Wright Medical Group from a “hold” rating to a “buy” rating in a report on Wednesday, September 19th. One equities research analyst has rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $32.75.

NASDAQ WMGI opened at $30.19 on Thursday. The company has a current ratio of 2.06, a quick ratio of 1.57 and a debt-to-equity ratio of 1.87. Wright Medical Group has a one year low of $19.01 and a one year high of $30.75.

Wright Medical Group (NASDAQ:WMGI) last posted its quarterly earnings data on Wednesday, November 7th. The medical device company reported ($0.09) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.15) by $0.06. Wright Medical Group had a negative net margin of 13.07% and a negative return on equity of 0.70%. The business had revenue of $194.11 million during the quarter, compared to analyst estimates of $186.09 million. During the same quarter last year, the firm posted ($0.16) earnings per share. The business’s revenue for the quarter was up 13.8% compared to the same quarter last year. As a group, equities analysts predict that Wright Medical Group will post -0.05 EPS for the current fiscal year.

In related news, CFO Lance A. Berry sold 1,182 shares of the firm’s stock in a transaction that occurred on Thursday, August 16th. The shares were sold at an average price of $27.19, for a total value of $32,138.58. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Peter Cooke sold 20,662 shares of the firm’s stock in a transaction that occurred on Thursday, November 8th. The stock was sold at an average price of $29.28, for a total transaction of $604,983.36. The disclosure for this sale can be found here. In the last ninety days, insiders sold 36,979 shares of company stock worth $1,060,083. 4.00% of the stock is owned by corporate insiders.

A number of hedge funds have recently added to or reduced their stakes in the business. FMR LLC raised its holdings in Wright Medical Group by 17.9% during the third 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 in the last quarter. American International Group Inc. raised its holdings in Wright Medical Group by 19.4% during the third quarter. American International Group Inc. now owns 82,498 shares of the medical device company’s stock worth $2,394,000 after purchasing an additional 13,390 shares in the last quarter. BlackRock Inc. raised its holdings in Wright Medical Group by 1.2% during the third quarter. BlackRock Inc. now owns 8,995,489 shares of the medical device company’s stock worth $261,050,000 after purchasing an additional 106,353 shares in the last quarter. Janus Henderson Group PLC raised its holdings in Wright Medical Group by 22.7% during the third 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 in the last quarter. Finally, Alliancebernstein L.P. raised its holdings in Wright Medical Group by 48.0% during the third quarter. Alliancebernstein L.P. now owns 556,409 shares of the medical device company’s stock worth $16,147,000 after purchasing an additional 180,334 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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