These were the worst performing ASX 200 shares last week

These ASX 200 shares were in the red last week…

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A disappointing finish to the week led to the S&P/ASX 200 Index (ASX: XJO) recording a 0.8% decline to 7,393.9 points last week.

While a number of shares dropped with the market, some fell more than most. Here’s why these were the worst performing ASX 200 shares last week:

Pro Medicus Limited (ASX: PME)

The Pro Medicus share price was the worst performer on the ASX 200 last week with a 13.9% decline. This was despite the team at Morgans upgrading the health imaging company’s shares to a hold rating just days after downgrading them to a reduce rating. The broker has a price target of $54.49. The Pro Medicus share price ended the week at $46.59.

ARB Corporation Limited (ASX: ARB)

The ARB share price was out of form last week and sank 13.7% over the five days. This 4×4 parts company’s shares came under pressure after being downgraded by analysts at Credit Suisse. According to the note, Credit Suisse has downgraded its rating to underperform with a price target of $38.00. While the broker is forecasting a strong result in February, it expects margin pressures and slower growth thereafter.

Pendal Group Ltd (ASX: PDL)

The Pendal share price was a poor performer and crashed 12.7% last week. All of this decline occurred on Friday following the release of a disappointing quarterly update. That update revealed that Pendal experienced net fund outflows of $6.8 billion during the first quarter of FY 2022. This led to its funds under management (FUM) falling 2.5% to $135.7 billion during the December quarter despite the benefits of favourable market movements.

Reece Ltd (ASX: REH)

The Reece share price wasn’t far behind with an 11.2% decline. This was despite there being no news out of the plumbing parts company. Though, it is worth noting that Reece’s shares hit a record high in the previous week. This could have led to some profit taking from investors last week.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns and has recommended Pro Medicus Ltd. The Motley Fool Australia owns and has recommended Pro Medicus Ltd. The Motley Fool Australia has recommended ARB Corporation Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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