ConvaTec Group (LON:CTEC) Given New GBX 330 Price Target at Berenberg Bank

Key Points

• Berenberg Bank has reduced its price target for ConvaTec Group stock from GBX 335 to GBX 330, maintaining a "buy" rating.
• Other analysts, including Deutsche Bank and JPMorgan, have also reiterated their positive ratings, reflecting a consensus target price of around GBX 308.
• ConvaTec Group's stock price recently opened at GBX 245.20, marking a significant increase of 6.1%.

ConvaTec Group (LON:CTEC - Get Free Report) had its target price cut by equities researchers at Berenberg Bank from GBX 335 to GBX 330 in a research note issued to investors on Tuesday, MarketBeat Ratings reports. The firm currently has a "buy" rating on the stock. Berenberg Bank's target price suggests a potential upside of 36.27% from the stock's current price.

CTEC has been the topic of several other research reports. Peel Hunt reaffirmed an "add" rating and set a GBX 280 price objective on shares of ConvaTec Group in a report on Tuesday, July 29th. Deutsche Bank Aktiengesellschaft reiterated a "buy" rating and issued a GBX 315 target price on shares of ConvaTec Group in a report on Wednesday, July 30th. Finally, JPMorgan Chase & Co. reiterated an "overweight" rating on shares of ConvaTec Group in a research report on Wednesday, July 30th. Five analysts have rated the stock with a Buy rating, According to data from MarketBeat, the stock currently has an average rating of "Buy" and an average price target of GBX 309.40.

ConvaTec Group Stock Performance

Shares of LON:CTEC traded down GBX 0.64 on Tuesday, hitting GBX 242.16. 21,112,898 shares of the company were exchanged, compared to its average volume of 13,706,213. The firm has a market capitalization of £6.16 billion, a price-to-earnings ratio of 40.78, a PEG ratio of 0.93 and a beta of 0.64. The company has a debt-to-equity ratio of 85.32, a quick ratio of 0.96 and a current ratio of 2.26. The company's 50 day moving average price is GBX 252.61 and its two-hundred day moving average price is GBX 258.06. ConvaTec Group has a one year low of GBX 211.80 and a one year high of GBX 311.20.

Insider Transactions at ConvaTec Group

In other news, insider Karim Bitar sold 1,250,000 shares of the business's stock in a transaction that occurred on Thursday, August 7th. The stock was sold at an average price of GBX 227, for a total transaction of £2,837,500. 19.65% of the stock is owned by company 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.