ConvaTec Group (LON:CTEC) Shares Down 1.7% - Time to Sell?

Key Points

• ConvaTec Group's shares dropped 1.7% to GBX 231.80 ($3.12) amid increased trading volume, indicating a possible shift in investor sentiment.
• Wall Street analysts maintain a consensus of "Buy," with target prices ranging up to GBX 315 from firms like Deutsche Bank and Royal Bank of Canada.
• Insider trading activity included a purchase of 50,000 shares by Jonny Mason and a sale of 1,250,000 shares by Karim Bitar, reflecting mixed confidence among insiders.

Shares of ConvaTec Group PLC (LON:CTEC - Get Free Report) dropped 1.7% during mid-day trading on Friday . The stock traded as low as GBX 231.80 ($3.13) and last traded at GBX 231.80 ($3.13). Approximately 17,813,400 shares changed hands during mid-day trading, an increase of 18% from the average daily volume of 15,125,340 shares. The stock had previously closed at GBX 235.80 ($3.19).

Wall Street Analysts Forecast Growth

CTEC has been the subject of several analyst reports. Deutsche Bank Aktiengesellschaft restated 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 report on Wednesday, July 30th. Peel Hunt reaffirmed an "add" rating and issued a GBX 280 price target on shares of ConvaTec Group in a report on Tuesday, July 29th. Royal Bank Of Canada raised shares of ConvaTec Group to an "outperform" rating and lowered their price target for the company from GBX 320 to GBX 315 in a report on Thursday, August 21st. Finally, Berenberg Bank reduced their price objective on shares of ConvaTec Group from GBX 335 to GBX 330 and set a "buy" rating on the stock in a research report on Tuesday, August 19th. Five research analysts have rated the stock with a Buy rating, According to data from MarketBeat, ConvaTec Group has an average rating of "Buy" and a consensus target price of GBX 309.40.

ConvaTec Group Trading Up 2.9%

The company has a market capitalization of £4.86 billion, a price-to-earnings ratio of 2,252.83, a P/E/G ratio of 0.93 and a beta of 0.64. 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 company's 50 day simple moving average is GBX 235.75 and its two-hundred day simple moving average is GBX 256.14.

Insider Buying and Selling at ConvaTec Group

In other ConvaTec Group news, insider Karim Bitar sold 1,250,000 shares of ConvaTec Group 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. Also, insider Jonny Mason acquired 50,000 shares of the business's stock in a transaction on Thursday, August 28th. The stock was purchased at an average cost of GBX 235 per share, with a total value of £117,500. Insiders own 0.91% of the company's stock.

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.