California Public Employees Retirement System boosted its holdings in shares of Wright Medical Group NV (NASDAQ:WMGI) by 24.8% during the first quarter, HoldingsChannel reports. The firm owned 170,952 shares of the medical device company’s stock after acquiring an additional 33,999 shares during the period. California Public Employees Retirement System’s holdings in Wright Medical Group were worth $5,376,000 at the end of the most recent reporting period.
Other institutional investors have also added to or reduced their stakes in the company. Advisors Asset Management Inc. purchased a new stake in Wright Medical Group during the fourth quarter valued at $30,000. Exane Derivatives purchased a new stake in shares of Wright Medical Group in the fourth quarter valued at $42,000. FTB Advisors Inc. raised its stake in shares of Wright Medical Group by 94.9% in the fourth quarter. FTB Advisors Inc. now owns 1,604 shares of the medical device company’s stock valued at $43,000 after acquiring an additional 781 shares during the period. Quadrant Capital Group LLC purchased a new stake in shares of Wright Medical Group in the first quarter valued at $55,000. Finally, First Quadrant L P CA purchased a new stake in shares of Wright Medical Group in the fourth quarter valued at $72,000.
Several equities research analysts have recently weighed in on the stock. BidaskClub raised shares of Wright Medical Group from a “hold” rating to a “buy” rating in a research note on Tuesday, May 14th. Needham & Company LLC reissued a “buy” rating and issued a $38.00 target price on shares of Wright Medical Group in a research note on Wednesday, April 10th. Cantor Fitzgerald increased their target price on shares of Wright Medical Group from $35.00 to $39.00 and gave the company an “overweight” rating in a research note on Wednesday, February 27th. Finally, Credit Suisse Group increased their target price on shares of Wright Medical Group from $33.00 to $34.00 and gave the company an “outperform” rating in a research note on Wednesday, February 27th. Three research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. Wright Medical Group currently has an average rating of “Buy” and an average price target of $34.92.
In related news, Director David D. Stevens sold 4,975 shares of the firm’s stock in a transaction dated Thursday, March 7th. The shares were sold at an average price of $31.46, for a total value of $156,513.50. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, SVP Andrew C. Morton sold 2,173 shares of the firm’s stock in a transaction dated Thursday, May 16th. The stock was sold at an average price of $32.50, for a total transaction of $70,622.50. The disclosure for this sale can be found here. Insiders sold a total of 17,457 shares of company stock worth $557,539 in the last ninety days. 3.80% of the stock is currently owned by insiders.
Shares of WMGI opened at $30.86 on Friday. Wright Medical Group NV has a twelve month low of $24.00 and a twelve month high of $32.86. The firm has a market capitalization of $3.89 billion, a PE ratio of 771.00, a PEG ratio of 9.09 and a beta of 0.97. 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 posted its quarterly earnings results on Tuesday, May 7th. The medical device company reported $0.05 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.03 by $0.02. The company had revenue of $230.13 million for the quarter, compared to the consensus estimate of $226.10 million. Wright Medical Group had a negative net margin of 20.81% and a positive return on equity of 0.84%. The firm’s revenue was up 15.9% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.01) EPS. On average, equities research analysts predict that Wright Medical Group NV will post 0.23 earnings per share for the current year.
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About Wright Medical Group
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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