ConvaTec Group (LON:CTEC) Trading 6.9% Higher After Analyst Upgrade

Key Points

• ConvaTec Group's stock price increased by 6.9% following an upgrade to an "outperform" rating by the Royal Bank of Canada, now setting a target price of GBX 315.
• Five analysts have rated ConvaTec Group's stock as a "Buy," resulting in an average target price of GBX 309.40, despite some target adjustments from different banks.
• Insider selling has been noted, with CEO Karim Bitar selling 1,250,000 shares at an average price of GBX 227 on August 7th, indicating active insider trading alongside stock price moves.

ConvaTec Group PLC (LON:CTEC - Get Free Report) shares 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 were traded during mid-day 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 equities research analysts have also recently issued reports on the stock. 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. Deutsche Bank Aktiengesellschaft restated a "buy" rating and issued a GBX 315 target price on shares of ConvaTec Group in a report on Wednesday, July 30th. JPMorgan Chase & Co. restated an "overweight" rating on shares of ConvaTec Group in a report on Wednesday, July 30th. 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 analysts have rated the stock with a Buy rating, According to data from MarketBeat, the company has an average rating of "Buy" and a consensus target price 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 that occurred on Thursday, August 7th. The shares were sold at an average price of GBX 227, for a total value of £2,837,500. Insiders own 19.65% of the company's stock.

ConvaTec Group Stock Down 0.3%

The stock has a market capitalization of £6.16 billion, a P/E ratio of 40.78, a P/E/G ratio of 0.93 and a beta of 0.64. The company's 50-day moving average price is GBX 252.61 and its 200 day moving average price is GBX 258.21. The company has a debt-to-equity ratio of 85.32, a quick ratio of 0.96 and a current ratio of 2.26.

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.