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IHI Remained Flat, Hovering Around Its 52-Week High

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Apr. 15 2016, Published 9:45 a.m. ET

IHI closes flat on April 14

The Markets fell silent and remained flat on April 14, 2016. The Dow Jones Industrial Average rose 0.1%, and the SPDR S&P 500 ETF (SPY) closed flat from its previous day’s close. The iShares US Medical Devices (IHI) also closed flat with no gains and no losses for the day. It closed at $127.50, a penny below its previous day’s close of $127.51, which was also its 52-week high.

The above chart shows the price movements and returns at various intervals of the iShares US Medical Devices (IHI), the SPDR S&P 500 ETF, and a few of IHI’s holdings.

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Which IHI stocks are performing well?

Stocks that performed well in IHI are Wright Medical Group (WMGI), DexCom (DXCM), Nxstage Medical (NXTM), and Cantel Medical (CMN). They rose 5.4%, 1.8%, 1.3%, and 0.9%, respectively.

Wright Medical Group was the top performer. WMGI rose on good buying support and recorded a trading volume of ~866,000 shares traded for the day. Recently, the stock has been witnessing some good buying support from hedge funds. On April 6, 2016, American Capital Management increased its stake in Wright Medical Group and held 55,897 shares, according to the latest 13F filing.

In a press release, Wright Medical Group said it will host a conference call on May 4, 2016, to announce its 1Q16 earnings. It reported revenues of $415 million in 2015 and a pro forma revenue of combined Wright Medical Group and Tornier of $656 million. It expects 2016 revenues to be $695 million–$705 million.

Wright Medical Group closed at $18.39 and was trading above its 20-day moving average. Year-to-date, the stock has fallen 24%. Wright Medical Group has a book value of $10.28 per share. At its current price, the stock is trading at a price-to-book value of 1.8x. Wright Medical Group has a weight of ~0.5% in IHI’s portfolio.

Next, let’s look at IHI’s large-caps and Baxter’s new mobile health app in India.

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