Pendal Group Ltd Makes New $1.45 Million Investment in Wright Medical Group NV (NASDAQ:WMGI)

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Pendal Group Ltd bought a new position in Wright Medical Group NV (NASDAQ:WMGI) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 48,636 shares of the medical device company’s stock, valued at approximately $1,450,000.

A number of other institutional investors have also recently made changes to their positions in WMGI. BlackRock Inc. grew its stake in shares of Wright Medical Group by 15.4% during the first quarter. BlackRock Inc. now owns 10,498,608 shares of the medical device company’s stock worth $330,182,000 after acquiring an additional 1,397,279 shares during the last quarter. Eagle Asset Management Inc. purchased a new stake in shares of Wright Medical Group during the first quarter worth about $33,141,000. Norges Bank purchased a new stake in shares of Wright Medical Group during the fourth quarter worth about $27,834,000. OppenheimerFunds Inc. grew its stake in shares of Wright Medical Group by 144.3% during the first quarter. OppenheimerFunds Inc. now owns 1,500,702 shares of the medical device company’s stock worth $47,197,000 after acquiring an additional 886,324 shares during the last quarter. Finally, Carillon Tower Advisers Inc. purchased a new stake in shares of Wright Medical Group during the first quarter worth about $23,781,000.

NASDAQ WMGI traded down $0.01 during trading hours on Thursday, reaching $20.81. The stock had a trading volume of 19,252 shares, compared to its average volume of 2,660,597. The company’s fifty day moving average is $26.85. The stock has a market cap of $2.63 billion, a PE ratio of 230.78, a P/E/G ratio of 8.54 and a beta of 0.69. Wright Medical Group NV has a 52-week low of $20.54 and a 52-week high of $32.86. The company has a current ratio of 0.91, a quick ratio of 0.70 and a debt-to-equity ratio of 0.79.

Wright Medical Group (NASDAQ:WMGI) last issued its earnings results on Wednesday, August 7th. The medical device company reported $0.02 EPS for the quarter, beating the Zacks’ consensus estimate of $0.01 by $0.01. The firm had revenue of $229.73 million for the quarter, compared to analyst estimates of $233.04 million. Wright Medical Group had a positive return on equity of 1.37% and a negative net margin of 14.65%. Wright Medical Group’s revenue for the quarter was up 11.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.03) earnings per share. On average, equities analysts forecast that Wright Medical Group NV will post 0.17 earnings per share for the current fiscal year.

In other Wright Medical Group news, EVP Kevin D. Cordell sold 2,685 shares of the company’s stock in a transaction that occurred on Monday, June 3rd. The stock was sold at an average price of $30.47, for a total value of $81,811.95. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Patrick Fisher sold 1,656 shares of the company’s stock in a transaction that occurred on Monday, June 3rd. The stock was sold at an average price of $30.78, for a total value of $50,971.68. The disclosure for this sale can be found here. In the last quarter, insiders purchased 79,654 shares of company stock worth $1,708,809 and sold 10,453 shares worth $318,717. 3.80% of the stock is owned by corporate insiders.

A number of equities research analysts have recently weighed in on the company. Wells Fargo & Co lowered Wright Medical Group from an “outperform” rating to a “market perform” rating and dropped their price target for the stock from $28.00 to $23.00 in a research note on Monday. BidaskClub upgraded Wright Medical Group from a “sell” rating to a “hold” rating in a research note on Thursday, August 1st. Royal Bank of Canada lowered Wright Medical Group from an “outperform” rating to a “sector perform” rating and dropped their price target for the stock from $34.00 to $24.00 in a research note on Thursday, August 8th. Credit Suisse Group dropped their price target on Wright Medical Group from $34.00 to $30.00 and set an “outperform” rating on the stock in a research note on Thursday, August 8th. Finally, BMO Capital Markets dropped their price target on Wright Medical Group from $36.00 to $30.00 and set an “outperform” rating on the stock in a research note on Thursday, August 8th. Six equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $31.38.

Wright Medical Group Company Profile

Wright Medical Group N.V., a medical device company, designs, manufactures, markets, and sells upper and lower extremities, and biologics products in the United States, Europe, the Middle East, Africa, Canada, Asia, Australia, and Latin America. 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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Institutional Ownership by Quarter for Wright Medical Group (NASDAQ:WMGI)

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