ConvaTec Group (LON:CTEC) Stock Price Passes Below 50 Day Moving Average of $233.91

Shares of ConvaTec Group PLC (LON:CTEC) passed below its 50 day moving average during trading on Friday . The stock has a 50 day moving average of GBX 233.91 ($3.13) and traded as low as GBX 227.80 ($3.05). ConvaTec Group shares last traded at GBX 230.20 ($3.08), with a volume of 2,968,592 shares trading hands.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on CTEC. JPMorgan Chase & Co. decreased their price target on shares of ConvaTec Group from GBX 323 ($4.33) to GBX 290 ($3.88) and set an “overweight” rating on the stock in a research note on Wednesday, July 31st. Berenberg Bank reiterated a “buy” rating and set a GBX 310 ($4.15) price target on shares of ConvaTec Group in a research report on Tuesday, August 6th. Finally, Royal Bank of Canada dropped their price target on shares of ConvaTec Group from GBX 320 ($4.28) to GBX 305 ($4.08) and set an “outperform” rating for the company in a research report on Wednesday, July 31st.

ConvaTec Group Stock Performance

The firm has a market capitalization of £4.72 billion, a price-to-earnings ratio of 3,836.67, a PEG ratio of 0.92 and a beta of 0.64. The stock’s 50 day moving average price is GBX 233.91 and its two-hundred day moving average price is GBX 251.91. The company has a current ratio of 2.26, a quick ratio of 0.96 and a debt-to-equity ratio of 85.32.

ConvaTec Group Cuts Dividend

The business also recently disclosed a dividend, which will be paid on Friday, October 4th. Stockholders of record on Thursday, August 22nd will be issued a dividend of $0.02 per share. The ex-dividend date of this dividend is Thursday, August 22nd. This represents a dividend yield of 0.56%. ConvaTec Group’s payout ratio is currently 8,333.33%.

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.