Smith & Nephew SNATS (NYSE:SNN) Sets New 52-Week Low on Analyst Downgrade

Key Points

• Smith & Nephew SNATS shares fell to a new 52-week low of $28.48 after Morgan Stanley downgraded the stock from overweight to equal weight.
• Analyst sentiment has weakened, with additional downgrades from Barclays, Zacks Research, Weiss Ratings and Kepler Capital Markets. The stock has an average rating of “Reduce” and a consensus price target of $30.93.
• Institutional investors own 25.64% of the company, while recent holders generally increased their positions. Smith & Nephew also declared a $0.312-per-share dividend payable November 6 to shareholders of record October 2.

Smith & Nephew SNATS, Inc. (NYSE:SNN - Get Free Report)'s share price hit a new 52-week low during mid-day trading on Thursday after Morgan Stanley downgraded the stock from an overweight rating to an equal weight rating. The stock traded as low as $28.48 and last traded at $28.6640, with a volume of 610203 shares. The stock had previously closed at $28.66.

A number of other brokerages also recently issued reports on SNN. Barclays lowered Smith & Nephew SNATS from an "equal weight" rating to an "underweight" rating in a report on Wednesday, August 5th. Canaccord Genuity Group cut their price target on shares of Smith & Nephew SNATS from $32.00 to $30.00 and set a "hold" rating for the company in a report on Monday, May 11th. Zacks Research cut shares of Smith & Nephew SNATS from a "hold" rating to a "strong sell" rating in a research report on Friday, August 7th. Weiss Ratings lowered shares of Smith & Nephew SNATS from a "hold (c+)" rating to a "hold (c)" rating in a research report on Thursday, June 11th. Finally, Kepler Capital Markets downgraded shares of Smith & Nephew SNATS from a "buy" rating to a "hold" rating in a research report on Thursday, June 4th. One investment analyst has rated the stock with a Buy rating, eight have given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Reduce" and a consensus price target of $30.93.

Hedge Funds Weigh In On Smith & Nephew SNATS

A number of institutional investors have recently bought and sold shares of SNN. Equity Investment Corp lifted its holdings in Smith & Nephew SNATS by 3.9% in the fourth quarter. Equity Investment Corp now owns 7,502 shares of the medical equipment provider's stock valued at $246,000 after acquiring an additional 285 shares during the last quarter. Smartleaf Asset Management LLC raised its position in Smith & Nephew SNATS by 13.4% in the fourth quarter. Smartleaf Asset Management LLC now owns 2,820 shares of the medical equipment provider's stock valued at $93,000 after purchasing an additional 334 shares during the period. Cary Street Partners Financial LLC raised its position in Smith & Nephew SNATS by 1.8% in the fourth quarter. Cary Street Partners Financial LLC now owns 20,255 shares of the medical equipment provider's stock valued at $665,000 after purchasing an additional 365 shares during the period. Parallel Advisors LLC lifted its stake in shares of Smith & Nephew SNATS by 20.0% in the 1st quarter. Parallel Advisors LLC now owns 2,322 shares of the medical equipment provider's stock valued at $74,000 after purchasing an additional 387 shares during the last quarter. Finally, Clearstead Trust LLC acquired a new position in shares of Smith & Nephew SNATS in the 2nd quarter valued at $25,000. 25.64% of the stock is owned by hedge funds and other institutional investors.

Smith & Nephew SNATS Price Performance

The business has a fifty day moving average price of $30.17 and a two-hundred day moving average price of $31.52. The company has a current ratio of 2.14, a quick ratio of 1.11 and a debt-to-equity ratio of 0.62.

Smith & Nephew SNATS Dividend Announcement

The company also recently declared a dividend, which will be paid on Friday, November 6th. Shareholders of record on Friday, October 2nd will be paid a dividend of $0.312 per share. This represents a yield of 205.0%. The ex-dividend date is Friday, October 2nd.

About Smith & Nephew SNATS

Smith & Nephew plc is a global medical technology company specializing in the design, development and manufacture of advanced surgical devices, orthopaedic reconstruction implants, trauma and extremities products, sports medicine solutions and wound care therapies. Founded in 1856 in Hull, United Kingdom, the company has grown through both organic innovation and strategic acquisitions to offer a broad portfolio that addresses patient needs across joint replacement, minimally invasive surgery and wound healing.

In its orthopaedics business, Smith & Nephew provides hip and knee replacement systems, modular joint revision implants and biologic solutions for bone repair.

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