ConvaTec Group (LON:CTEC) Shares Cross Below 50-Day Moving Average – Here’s Why

ConvaTec Group PLC (LON:CTEC) shares passed below its 50-day moving average during trading on Tuesday . The stock has a 50-day moving average of GBX 230.18 ($3.01) and traded as low as GBX 227 ($2.96). ConvaTec Group shares last traded at GBX 231 ($3.02), with a volume of 5,004,715 shares trading hands.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on CTEC shares. Berenberg Bank reaffirmed a “buy” rating and set a GBX 310 ($4.05) price target on shares of ConvaTec Group in a research note on Tuesday, August 6th. JPMorgan Chase & Co. cut their target price on ConvaTec Group from GBX 323 ($4.22) to GBX 290 ($3.79) and set an “overweight” rating for the company in a research note on Wednesday, July 31st. Finally, Royal Bank of Canada lowered their price objective on shares of ConvaTec Group from GBX 320 ($4.18) to GBX 305 ($3.98) and set an “outperform” rating for the company in a report on Wednesday, July 31st.

ConvaTec Group Stock Performance

The company has a debt-to-equity ratio of 85.32, a current ratio of 2.26 and a quick ratio of 0.96. The business has a 50 day moving average price of GBX 230.18 and a two-hundred day moving average price of GBX 246.84. The stock has a market cap of £4.72 billion, a PE ratio of 3,790.00, a price-to-earnings-growth ratio of 0.93 and a beta of 0.64.

ConvaTec Group Cuts Dividend

The company also recently disclosed a dividend, which was paid on Friday, October 4th. Shareholders of record on Thursday, August 22nd were given a $0.02 dividend. This represents a dividend yield of 0.56%. The ex-dividend date was Thursday, August 22nd. ConvaTec Group’s payout ratio is 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.