ConvaTec Group (LON:CTEC) Shares Pass Below 50-Day Moving Average – Here’s What Happened

ConvaTec Group PLC (LON:CTEC) passed below its 50-day moving average during trading on Wednesday . The stock has a 50-day moving average of GBX 212.38 and traded as low as GBX 204.40. ConvaTec Group shares last traded at GBX 205.20, with a volume of 13,165,548 shares.

Analysts Set New Price Targets

Several research analysts have recently commented on the company. Citigroup reduced their price target on ConvaTec Group from GBX 250 to GBX 230 and set a “neutral” rating for the company in a research report on Monday, May 18th. Stifel Nicolaus restated a “buy” rating and issued a GBX 315 price target on shares of ConvaTec Group in a report on Wednesday, March 11th. Berenberg Bank reissued a “buy” rating and set a GBX 340 target price on shares of ConvaTec Group in a research report on Tuesday, April 21st. UBS Group reaffirmed a “buy” rating and set a GBX 375 price target on shares of ConvaTec Group in a research report on Monday, May 18th. Finally, JPMorgan Chase & Co. lowered their price objective on ConvaTec Group from GBX 307 to GBX 294 and set an “overweight” rating for the company in a research report on Friday, May 22nd. Eight equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of GBX 306.

ConvaTec Group Price Performance

The company has a current ratio of 1.53, a quick ratio of 0.96 and a debt-to-equity ratio of 99.96. The stock’s fifty day moving average price is GBX 212.21 and its two-hundred day moving average price is GBX 225.75. The firm has a market capitalization of £4.05 billion, a price-to-earnings ratio of 24.07, a price-to-earnings-growth ratio of 0.93 and a beta of 0.76.

Insider Activity at ConvaTec Group

In related news, insider Jonny Mason purchased 50,000 shares of the firm’s stock in a transaction on Tuesday, May 26th. The stock was purchased at an average price of GBX 201 per share, for a total transaction of £100,500. 0.98% of the stock is currently owned by corporate insiders.

ConvaTec Group Company Profile

ConvaTec Group PLC engages in the development, manufacturing, and sale of medical products, services, and technologies in Europe, North America, and internationally. The company offers advanced wound dressings and skin care products for the management of acute and chronic wounds resulting from various conditions, such as diabetes, and acute conditions resulting from traumatic injury and burns. It also provides ostomy care solutions, including devices, accessories, and services for people with a stoma resulting from colorectal cancer, inflammatory bowel disease, and bladder cancer.