Wright Medical Group (WMGI) Receives Buy Rating from Needham & Company LLC
Needham & Company LLC reiterated their buy rating on shares of Wright Medical Group (NASDAQ:WMGI) in a research report sent to investors on Monday. They currently have a $35.00 target price on the medical device company’s stock.
“On 1/7/19, WMGI guided to above consensus 4Q18 preliminary revenue and provided new long-term financial targets for 2019 through 2021. Organic revenue growth slowed to 10% (adjusting for selling days) in 4Q18 from 14% in 3Q18. Strong US Lower Extremities growth was slightly offset by a slowdown in the US Upper Extremities business though we note that US Upper Extremities faced its toughest comp of the year. And WMGI announced two management changes that we think may be CEO succession planning. While we currently model ~11% organic growth in 2019, we expect Cartiva, a stronger US Lower Extremities sales force, and recently launched products to drive upside to consensus and we reiterate our Buy rating.”,” Needham & Company LLC’s analyst wrote.
Several other analysts have also weighed in on the stock. Cantor Fitzgerald reiterated a buy rating and set a $35.00 target price on shares of Wright Medical Group in a research note on Monday, December 10th. BidaskClub upgraded shares of Wright Medical Group from a hold rating to a buy rating in a research report on Friday, October 19th. Oppenheimer set a $30.00 price target on shares of Wright Medical Group and gave the stock a hold rating in a research report on Thursday, November 8th. Jefferies Financial Group upped their price target on shares of Wright Medical Group from $31.00 to $35.00 and gave the stock a buy rating in a research report on Thursday, November 8th. Finally, Wells Fargo & Co upped their price target on shares of Wright Medical Group from $30.00 to $32.00 and gave the stock an outperform rating in a research report on Thursday, November 8th. Two investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. The stock currently has an average rating of Buy and a consensus target price of $32.64.
Wright Medical Group (NASDAQ:WMGI) last released its earnings results on Wednesday, November 7th. The medical device company reported ($0.09) earnings per share for the quarter, beating the 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 0.60%. The firm had revenue of $194.11 million during the quarter, compared to analyst estimates of $186.09 million. During the same quarter in the previous year, the firm earned ($0.16) earnings per share. The firm’s revenue for the quarter was up 13.8% compared to the same quarter last year. Equities research analysts predict that Wright Medical Group will post -0.07 earnings per share for the current fiscal year.
In related news, Director Elizabeth H. Weatherman sold 15,949 shares of the company’s stock in a transaction dated Monday, November 19th. The shares were sold at an average price of $28.63, for a total value of $456,619.87. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Peter Cooke sold 20,662 shares of the company’s stock in a transaction dated 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. Insiders sold 76,366 shares of company stock valued at $2,208,182 in the last ninety days. Corporate insiders own 4.00% of the company’s stock.
A number of hedge funds have recently bought and sold shares of WMGI. Point72 Asset Management L.P. acquired a new stake in Wright Medical Group in the 2nd quarter valued at about $77,033,000. FMR LLC lifted its holdings in Wright Medical Group by 17.9% in the 3rd quarter. FMR LLC now owns 18,741,152 shares of the medical device company’s stock valued at $543,869,000 after acquiring an additional 2,845,681 shares during the last quarter. Vanguard Group Inc. lifted its holdings in Wright Medical Group by 25.8% in the 3rd quarter. Vanguard Group Inc. now owns 11,553,595 shares of the medical device company’s stock valued at $317,015,000 after acquiring an additional 2,370,590 shares during the last quarter. Redmile Group LLC acquired a new stake in Wright Medical Group in the 3rd quarter valued at about $63,081,000. Finally, Marshall Wace LLP lifted its holdings in Wright Medical Group by 15,348.8% in the 3rd quarter. Marshall Wace LLP now owns 1,768,579 shares of the medical device company’s stock valued at $51,324,000 after acquiring an additional 1,757,131 shares during 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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