Smith & Nephew (NYSE:SNN) Shares Gap Down - Here's What Happened

Smith & Nephew plc (NYSE:SNN - Get Free Report)'s stock price gapped down prior to trading on Wednesday . The stock had previously closed at $29.84, but opened at $28.81. Smith & Nephew shares last traded at $28.61, with a volume of 124,347 shares traded.

Wall Street Analyst Weigh In

SNN has been the subject of several research analyst reports. Canaccord Genuity Group restated a "hold" rating and set a $27.00 price target on shares of Smith & Nephew in a report on Wednesday, February 26th. UBS Group cut shares of Smith & Nephew from a "buy" rating to a "neutral" rating in a research report on Wednesday. Finally, StockNews.com upgraded shares of Smith & Nephew from a "buy" rating to a "strong-buy" rating in a research report on Wednesday, February 26th. Four research analysts have rated the stock with a hold rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Smith & Nephew presently has a consensus rating of "Hold" and a consensus target price of $27.00.

Smith & Nephew Trading Up 1.3 %

The company has a 50-day moving average price of $26.35 and a two-hundred day moving average price of $27.12. The stock has a market cap of $12.50 billion, a P/E ratio of 13.23, a P/E/G ratio of 1.26 and a beta of 0.83. The company has a current ratio of 2.51, a quick ratio of 1.11 and a debt-to-equity ratio of 0.63.

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Smith & Nephew Increases Dividend

The company also recently declared a semi-annual dividend, which will be paid on Wednesday, May 28th. Investors of record on Friday, March 28th will be issued a dividend of $0.447 per share. This represents a yield of 2.5%. This is an increase from Smith & Nephew's previous semi-annual dividend of $0.29. The ex-dividend date is Friday, March 28th. Smith & Nephew's dividend payout ratio is presently 41.20%.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Vident Advisory LLC boosted its stake in shares of Smith & Nephew by 158.8% during the fourth quarter. Vident Advisory LLC now owns 21,564 shares of the medical equipment provider's stock valued at $530,000 after purchasing an additional 13,232 shares in the last quarter. Wexford Capital LP purchased a new stake in shares of Smith & Nephew during the fourth quarter valued at $541,000. Point72 Asset Management L.P. purchased a new stake in Smith & Nephew in the fourth quarter valued at approximately $6,132,000. Quantinno Capital Management LP raised its holdings in shares of Smith & Nephew by 83.8% during the fourth quarter. Quantinno Capital Management LP now owns 97,818 shares of the medical equipment provider's stock worth $2,404,000 after purchasing an additional 44,592 shares during the last quarter. Finally, J. Goldman & Co LP purchased a new stake in shares of Smith & Nephew in the fourth quarter worth about $47,700,000. Hedge funds and other institutional investors 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.