ConvaTec Group (LON:CTEC) Trading Up 6.8% - Time to Buy?

Key Points

• ConvaTec Group's share price increased by 6.8% during trading on Wednesday, reaching GBX 247 ($3.33), with a significant trading volume of nearly 27 million shares.
• Analysts are optimistic about the company's future, with several firms reiterating "buy" or "overweight" ratings and an average target price of GBX 303.
• Insider Karim Bitar sold 1,250,000 shares at an average price of GBX 227, indicating that corporate insiders hold 19.65% of ConvaTec's stock.

Shares of ConvaTec Group PLC (LON:CTEC - Get Free Report) were up 6.8% on Wednesday . The company traded as high as GBX 247 ($3.34) and last traded at GBX 247 ($3.34). Approximately 26,732,977 shares were traded during trading, an increase of 94% from the average daily volume of 13,782,664 shares. The stock had previously closed at GBX 231.20 ($3.13).

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on CTEC shares. Royal Bank Of Canada upgraded ConvaTec Group to an "outperform" rating and dropped their price target for the stock from GBX 320 to GBX 315 in a research note on Thursday. Berenberg Bank dropped their price target on ConvaTec Group from GBX 335 to GBX 330 and set a "buy" rating on the stock in a research note on Tuesday, August 19th. Peel Hunt restated an "add" rating and set a GBX 280 price target on shares of ConvaTec Group in a research note 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 research 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 equities research analysts have rated the stock with a Buy rating, According to MarketBeat, the stock currently has an average rating of "Buy" and a consensus target price of GBX 309.40.

ConvaTec Group Price Performance

The company has a market capitalization of £6.16 billion, a price-to-earnings ratio of 40.78, a P/E/G ratio of 0.93 and a beta of 0.64. The stock has a fifty day simple moving average of GBX 252.61 and a 200-day simple moving average of GBX 258.21. The company has a debt-to-equity ratio of 85.32, a current ratio of 2.26 and a quick ratio of 0.96.

Insider Buying and Selling at ConvaTec Group

In other news, insider Karim Bitar sold 1,250,000 shares of the company'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 currently owned by 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.