Canaccord Genuity Group Reiterates “Hold” Rating for Smith & Nephew (NYSE:SNN)

Smith & Nephew (NYSE:SNN)‘s stock had its “hold” rating reaffirmed by Canaccord Genuity Group in a research note issued to investors on Wednesday,Benzinga reports. They presently have a $27.00 price target on the medical equipment provider’s stock. Canaccord Genuity Group’s price objective would indicate a potential downside of 6.80% from the company’s previous close.

SNN has been the subject of a number of other reports. Berenberg Bank cut Smith & Nephew from a “buy” rating to a “hold” rating in a research note on Wednesday, November 6th. StockNews.com lowered Smith & Nephew from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, November 12th. Finally, Deutsche Bank Aktiengesellschaft lowered shares of Smith & Nephew from a “buy” rating to a “hold” rating in a report on Friday, November 1st. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $27.00.

Smith & Nephew Price Performance

NYSE:SNN traded up $0.86 on Wednesday, hitting $28.97. The company had a trading volume of 998,059 shares, compared to its average volume of 787,402. Smith & Nephew has a 52 week low of $23.65 and a 52 week high of $31.72. The company has a current ratio of 2.51, a quick ratio of 1.11 and a debt-to-equity ratio of 0.63. The stock has a market capitalization of $12.67 billion, a price-to-earnings ratio of 13.42, a PEG ratio of 1.26 and a beta of 0.84. The firm has a 50 day moving average of $25.11 and a two-hundred day moving average of $27.22.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of SNN. Raymond James & Associates raised its position in shares of Smith & Nephew by 172.1% in the 3rd quarter. Raymond James & Associates now owns 128,854 shares of the medical equipment provider’s stock worth $4,013,000 after acquiring an additional 81,500 shares in the last quarter. Allspring Global Investments Holdings LLC grew its stake in shares of Smith & Nephew by 74.4% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 3,025 shares of the medical equipment provider’s stock valued at $94,000 after buying an additional 1,290 shares during the period. International Assets Investment Management LLC acquired a new position in Smith & Nephew during the 3rd quarter worth approximately $792,000. First Trust Direct Indexing L.P. increased its holdings in shares of Smith & Nephew by 6.9% during the third quarter. First Trust Direct Indexing L.P. now owns 9,659 shares of the medical equipment provider’s stock valued at $301,000 after acquiring an additional 626 shares in the last quarter. Finally, US Bancorp DE lifted its holdings in shares of Smith & Nephew by 19.2% in the 3rd quarter. US Bancorp DE now owns 11,167 shares of the medical equipment provider’s stock worth $348,000 after purchasing an additional 1,802 shares in the last quarter. Institutional investors and hedge funds own 25.64% of the company’s stock.

About Smith & Nephew

Smith & Nephew plc engages in the development, manufacture, marketing, and sale of medical devices. It operates through the following segments: Orthopaedics, Sports Medicine and ENT, and Advanced Wound Management. The Orthopaedics and Sports Medicine and ENT segment consists of the following businesses: knee implants, hip implants, other reconstruction, trauma, sports medicine joint repair, arthroscopic enabling technologies, and ENT.