ConvaTec Group (LON:CTEC) Trading 6.9% Higher - 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)'s share price rose 6.9% on Wednesday . The company traded as high as GBX 249.69 ($3.36) and last traded at GBX 247.12 ($3.32). Approximately 13,084,437 shares changed 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

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

ConvaTec Group Stock Down 3.8%

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 firm has a 50 day moving average price of GBX 251.70 and a 200-day moving average price of GBX 258.25. The firm has a market cap of £5.93 billion, a price-to-earnings ratio of 39.24, a P/E/G ratio of 0.93 and a beta of 0.64.

Insider Activity at ConvaTec Group

In other ConvaTec Group news, insider Karim Bitar sold 1,250,000 shares of ConvaTec Group 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. 19.65% of the stock is currently owned by company 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.