ConvaTec Group (LON:CTEC) Trading Up 6.9% - Time to Buy?

Key Points

• ConvaTec Group's stock rose 6.9% to GBX 247.12 ($3.33) on Wednesday, despite a 4% decline in trading volume compared to its average.
• Analysts have set new price targets for the stock, with an average target of GBX 308 and four analysts rating it as a "Buy."
• Insider Karim Bitar sold 1,250,000 shares of the company's stock at an average price of GBX 227, totaling £2,837,500.

ConvaTec Group PLC (LON:CTEC - Get Free Report) was up 6.9% on Wednesday . The company traded as high as GBX 249.69 ($3.36) and last traded at GBX 247.12 ($3.33). Approximately 13,084,437 shares traded hands during trading, a decline of 4% from the average daily volume of 13,697,891 shares. The stock had previously closed at GBX 231.20 ($3.11).

Analysts Set New Price Targets

A number of equities research analysts have weighed in on CTEC shares. Berenberg Bank decreased their target price on ConvaTec Group from GBX 335 to GBX 330 and set a "buy" rating for the company in a research report on Tuesday. JPMorgan Chase & Co. reaffirmed an "overweight" rating on shares of ConvaTec Group in a research report on Wednesday, July 30th. Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating and set a GBX 315 target price on shares of ConvaTec Group in a research report on Wednesday, July 30th. Finally, Peel Hunt reaffirmed an "add" rating and set a GBX 280 target price on shares of ConvaTec Group in a research report on Tuesday, July 29th. Four 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 308.

ConvaTec Group Trading Down 0.1%

The stock has a market capitalization of £6.20 billion, a P/E ratio of 41.09, a price-to-earnings-growth 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. The company has a 50-day moving average price of GBX 254.47 and a 200 day moving average price of GBX 257.89.

Insider Activity at ConvaTec Group

In related news, insider Karim Bitar sold 1,250,000 shares of the company's 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.

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.

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