Zacks Investment Research lowered shares of CONMED (NASDAQ:CNMD) from a buy rating to a hold rating in a research report sent to investors on Thursday.
According to Zacks, “CONMED has underperformed the broader industry in terms of price performance in the last year. Nevertheless, strength in General Surgery business on the back of strong performances by Advanced Surgical and Endoscopic Technologies buoys optimism. We are also upbeat about the favorable foreign exchange movements. Solid revenue guidance is indicative of brighter prospects. CONMED is also benefiting from the increasing trend of using minimally invasive techniques as a large percentage of the company’s products are designed for these procedures. On the flipside, declining sales from Orthopedic surgery is a concern. The company operates in a highly competitive environment, adding to our woes. Lower healthcare spending buoyed by the ongoing political conundrum in the U.S. healthcare space is a headwind. CONMED’s stock looks a little overvalued at the moment.”
A number of other brokerages have also recently commented on CNMD. KeyCorp restated a hold rating on shares of CONMED in a report on Friday, November 3rd. Piper Jaffray Companies restated a hold rating and set a $46.00 target price on shares of CONMED in a report on Friday, November 3rd. Needham & Company LLC restated a buy rating and set a $58.00 target price on shares of CONMED in a report on Friday, November 17th. Finally, BidaskClub cut CONMED from a sell rating to a strong sell rating in a report on Wednesday, December 27th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the stock. CONMED has an average rating of Hold and a consensus target price of $52.25.
Shares of CONMED (NASDAQ:CNMD) traded up $0.89 during trading on Thursday, reaching $52.03. The company had a trading volume of 95,500 shares, compared to its average volume of 107,133. CONMED has a 12 month low of $39.74 and a 12 month high of $54.77. The stock has a market cap of $1,428.54, a PE ratio of 92.91, a price-to-earnings-growth ratio of 2.93 and a beta of 0.66. The company has a quick ratio of 1.49, a current ratio of 2.56 and a debt-to-equity ratio of 0.84.
CONMED (NASDAQ:CNMD) last announced its earnings results on Thursday, November 2nd. The medical technology company reported $0.42 EPS for the quarter, beating analysts’ consensus estimates of $0.41 by $0.01. CONMED had a return on equity of 8.40% and a net margin of 1.99%. The company had revenue of $190.10 million during the quarter, compared to analysts’ expectations of $187.13 million. During the same period last year, the business posted $0.41 EPS. CONMED’s revenue for the quarter was up 2.9% on a year-over-year basis. equities research analysts anticipate that CONMED will post 1.86 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, January 5th. Shareholders of record on Friday, December 15th will be given a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 1.54%. The ex-dividend date of this dividend is Thursday, December 14th. CONMED’s dividend payout ratio is currently 142.86%.
In other CONMED news, CFO Luke A. Pomilio sold 12,429 shares of the stock in a transaction dated Tuesday, November 7th. The stock was sold at an average price of $50.63, for a total value of $629,280.27. Following the sale, the chief financial officer now owns 45,486 shares of the company’s stock, valued at approximately $2,302,956.18. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Luke A. Pomilio sold 29,363 shares of the stock in a transaction dated Thursday, November 9th. The shares were sold at an average price of $50.70, for a total value of $1,488,704.10. Following the completion of the sale, the executive vice president now directly owns 45,486 shares in the company, valued at approximately $2,306,140.20. The disclosure for this sale can be found here. Insiders sold a total of 51,812 shares of company stock worth $2,654,756 in the last ninety days. 2.62% of the stock is owned by corporate insiders.
A number of hedge funds have recently bought and sold shares of the business. GSA Capital Partners LLP raised its position in CONMED by 32.0% in the 3rd quarter. GSA Capital Partners LLP now owns 20,231 shares of the medical technology company’s stock valued at $1,062,000 after purchasing an additional 4,906 shares in the last quarter. California Public Employees Retirement System raised its position in shares of CONMED by 7.7% during the 3rd quarter. California Public Employees Retirement System now owns 75,416 shares of the medical technology company’s stock worth $3,957,000 after acquiring an additional 5,416 shares in the last quarter. Granahan Investment Management Inc. MA raised its position in shares of CONMED by 7.0% during the 3rd quarter. Granahan Investment Management Inc. MA now owns 103,176 shares of the medical technology company’s stock worth $5,414,000 after acquiring an additional 6,791 shares in the last quarter. Epoch Investment Partners Inc. raised its position in shares of CONMED by 2.1% during the 3rd quarter. Epoch Investment Partners Inc. now owns 232,576 shares of the medical technology company’s stock worth $12,203,000 after acquiring an additional 4,839 shares in the last quarter. Finally, Pinebridge Investments L.P. raised its position in shares of CONMED by 30.1% during the 3rd quarter. Pinebridge Investments L.P. now owns 27,316 shares of the medical technology company’s stock worth $1,433,000 after acquiring an additional 6,313 shares in the last quarter. 99.02% of the stock is currently owned by institutional investors.
CONMED Company Profile
CONMED Corporation is a medical technology company. The Company is engaged in the development, manufacturing and sale on a global basis of surgical devices and related equipment. The Company provides surgical devices and equipment for minimally invasive procedures. The Company’s products are used by surgeons and physicians in a range of specialties, including orthopedics, general surgery, gynecology, neurosurgery and gastroenterology.
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