Gabelli Funds LLC Sells 88,500 Shares of Wright Medical Group NV (WMGI)

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Gabelli Funds LLC cut its holdings in Wright Medical Group NV (NASDAQ:WMGI) by 15.8% in the 3rd quarter, Holdings Channel reports. The firm owned 471,000 shares of the medical device company’s stock after selling 88,500 shares during the period. Gabelli Funds LLC’s holdings in Wright Medical Group were worth $13,668,000 at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. FMR LLC raised its stake in shares of Wright Medical Group by 1.6% during the second quarter. FMR LLC now owns 15,895,471 shares of the medical device company’s stock valued at $412,647,000 after acquiring an additional 256,310 shares during the last quarter. Point72 Asset Management L.P. bought a new position in shares of Wright Medical Group during the second quarter valued at about $77,033,000. Voya Investment Management LLC raised its stake in shares of Wright Medical Group by 2,709.2% during the second quarter. Voya Investment Management LLC now owns 1,303,936 shares of the medical device company’s stock valued at $33,850,000 after acquiring an additional 1,257,519 shares during the last quarter. Glenmede Trust Co. NA raised its stake in shares of Wright Medical Group by 43.8% during the second quarter. Glenmede Trust Co. NA now owns 1,236,856 shares of the medical device company’s stock valued at $32,109,000 after acquiring an additional 377,003 shares during the last quarter. Finally, Nomura Holdings Inc. raised its stake in shares of Wright Medical Group by 184.6% during the second quarter. Nomura Holdings Inc. now owns 1,010,663 shares of the medical device company’s stock valued at $26,237,000 after acquiring an additional 655,514 shares during the last quarter.

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

Shares of NASDAQ WMGI opened at $30.19 on Friday. Wright Medical Group NV has a 1 year low of $19.01 and a 1 year high of $30.75. The company has a debt-to-equity ratio of 1.87, a quick ratio of 1.57 and a current ratio of 2.06. The stock has a market cap of $2.93 billion, a P/E ratio of -137.23 and a beta of 1.06.

Wright Medical Group (NASDAQ:WMGI) last announced 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. Wright Medical Group had a negative net margin of 24.74% and a negative return on equity of 1.94%. The company had revenue of $194.11 million for the quarter, compared to analysts’ expectations of $186.09 million. During the same quarter in the previous year, the company earned ($0.16) earnings per share. Wright Medical Group’s quarterly revenue was up 13.8% on a year-over-year basis. As a group, equities analysts predict that Wright Medical Group NV will post -0.15 EPS for the current fiscal year.

WMGI has been the subject of several recent analyst reports. Robert W. Baird upped their price objective on shares of Wright Medical Group from $32.00 to $35.00 and gave the company an “outperform” rating in a research note on Thursday. Jefferies Financial Group upped their price objective on shares of Wright Medical Group from $31.00 to $35.00 and gave the company a “buy” rating in a research note on Thursday. Piper Jaffray Companies upped their price objective on shares of Wright Medical Group to $32.00 and gave the company an “overweight” rating in a research note on Thursday, August 9th. Cantor Fitzgerald upped their price objective on shares of Wright Medical Group from $30.00 to $35.00 and gave the company an “overweight” rating in a research note on Thursday, August 9th. Finally, Oppenheimer set a $28.00 price objective on shares of Wright Medical Group and gave the company a “hold” rating in a research note on Thursday, August 9th. One research analyst has rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. The company has an average rating of “Buy” and an average price target of $32.75.

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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.

Further Reading: The Discount Rate – What You Need to Know

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Institutional Ownership by Quarter for Wright Medical Group (NASDAQ:WMGI)

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