ConvaTec Group (LON:CTEC) Shares Down 1.7% - Here's What Happened

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.

ConvaTec Group PLC (LON:CTEC - Get Free Report)'s stock price traded down 1.7% during mid-day trading on Friday . The company traded as low as GBX 231.80 ($3.12) and last traded at GBX 231.80 ($3.12). 17,813,400 shares changed hands during mid-day trading, an increase of 18% from the average session volume of 15,125,340 shares. The stock had previously closed at GBX 235.80 ($3.18).

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the company. Berenberg Bank lowered their target price on ConvaTec Group from GBX 335 to GBX 330 and set a "buy" rating on the stock in a research report on Tuesday, August 19th. JPMorgan Chase & Co. reaffirmed an "overweight" rating on shares of ConvaTec Group in a research report on Wednesday, July 30th. Deutsche Bank Aktiengesellschaft reiterated a "buy" rating and set a GBX 315 price target on shares of ConvaTec Group in a report on Wednesday, July 30th. Royal Bank Of Canada upgraded ConvaTec Group to an "outperform" rating and reduced their price target for the stock from GBX 320 to GBX 315 in a report on Thursday, August 21st. Finally, Peel Hunt reiterated an "add" rating and set a GBX 280 price target on shares of ConvaTec Group in a report on Tuesday, July 29th. Five investment analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, ConvaTec Group currently has an average rating of "Buy" and an average target price of GBX 309.40.

ConvaTec Group Price Performance

The company has a 50 day moving average of GBX 236.29 and a 200-day moving average of GBX 256.37. The firm has a market capitalization of £4.72 billion, a P/E ratio of 2,188.68, a P/E/G ratio of 0.93 and a beta of 0.64. The company has a current ratio of 2.26, a quick ratio of 0.96 and a debt-to-equity ratio of 85.32.

Insider Buying and Selling at ConvaTec Group

In related news, insider Jonny Mason acquired 50,000 shares of the company'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. Also, 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. 0.91% of the stock is owned by insiders.

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.