ConvaTec Group (LON:CTEC) Stock Price Up 6.9% After 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.

Shares of ConvaTec Group PLC (LON:CTEC - Get Free Report) traded up 6.9% during mid-day trading 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 ($3.36) and last traded at GBX 247.12 ($3.32). 13,084,437 shares changed hands during mid-day trading, a decline of 4% from the average session volume of 13,697,891 shares. The stock had previously closed at GBX 231.20 ($3.11).

Other research analysts have also issued reports about the company. Peel Hunt reaffirmed an "add" rating and issued a GBX 280 target price on shares of ConvaTec Group in a research report on Tuesday, July 29th. Deutsche Bank Aktiengesellschaft restated a "buy" rating and issued a GBX 315 price objective on shares of ConvaTec Group in a report on Wednesday, July 30th. JPMorgan Chase & Co. reiterated an "overweight" rating on shares of ConvaTec Group in a research note on Wednesday, July 30th. Finally, Berenberg Bank decreased their target price on shares of ConvaTec Group from GBX 335 to GBX 330 and set a "buy" rating for the company in a research report on Tuesday, August 19th. Five investment analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, ConvaTec Group presently has an average rating of "Buy" and a consensus price target of GBX 309.40.

Insiders Place Their Bets

In other ConvaTec Group news, insider Karim Bitar sold 1,250,000 shares of the stock in a transaction dated Thursday, August 7th. The stock was sold at an average price of GBX 227, for a total transaction of £2,837,500. Insiders own 19.65% of the company's stock.

ConvaTec Group Stock Down 3.8%

The company has a quick ratio of 0.96, a current ratio of 2.26 and a debt-to-equity ratio of 85.32. The firm has a fifty day moving average of GBX 251.70 and a 200-day moving average of GBX 258.25. The firm has a market cap of £5.93 billion, a P/E ratio of 39.24, a price-to-earnings-growth ratio of 0.93 and a beta of 0.64.

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.