ConvaTec Group (LON:CTEC) Trading Up 6.9% on Analyst Upgrade

Key Points

• ConvaTec Group's stock surged by 6.9% following an upgrade to an "outperform" rating by Royal Bank of Canada, with a new price target set at GBX 315.
• A total of 13,084,437 shares were traded, revealing a 4% decline compared to the average session volume.
• The company maintains a consensus "Buy" rating from five equity research analysts, with an average target price of GBX 309.40.

ConvaTec Group PLC (LON:CTEC - Get Free Report) rose 6.9% on Thursday after Royal Bank Of Canada upgraded the stock to an outperform rating. Royal Bank Of Canada now has a GBX 315 price target on the stock, down from their previous price target of GBX 320. ConvaTec Group traded as high as GBX 249.69 ($3.38) and last traded at GBX 247.12 ($3.34). Approximately 13,084,437 shares traded hands during trading, a decline of 4% from the average daily volume of 13,697,891 shares. The stock had previously closed at GBX 231.20 ($3.13).

Several other brokerages have also recently weighed in on CTEC. Deutsche Bank Aktiengesellschaft reissued a "buy" rating and issued a GBX 315 price objective on shares of ConvaTec Group in a research note on Wednesday, July 30th. JPMorgan Chase & Co. reissued an "overweight" rating on shares of ConvaTec Group in a research note on Wednesday, July 30th. Peel Hunt restated an "add" rating and issued a GBX 280 target price on shares of ConvaTec Group in a report on Tuesday, July 29th. Finally, Berenberg Bank dropped their target price on shares of ConvaTec Group from GBX 335 to GBX 330 and set a "buy" rating on the stock in a report on Tuesday, August 19th. Five equities research analysts have rated the stock with a Buy rating, According to MarketBeat.com, the company presently has an average rating of "Buy" and an average price target of GBX 309.40.

Insider Transactions at ConvaTec Group

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

ConvaTec Group Stock Down 0.3%

The firm's fifty day moving average price is GBX 252.61 and its two-hundred day moving average price is GBX 258.06. The stock has a market cap of £6.16 billion, a price-to-earnings ratio of 40.78, a price-to-earnings-growth ratio of 0.93 and a beta of 0.64. The company has a debt-to-equity ratio of 85.32, a current ratio of 2.26 and a quick ratio of 0.96.

About ConvaTec Group

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.