Several other equities research analysts also recently weighed in on the company. Needham & Company LLC downgraded CONMED from a buy rating to a hold rating in a report on Tuesday, November 26th. Piper Jaffray Companies upgraded CONMED from a neutral rating to an overweight rating and increased their price target for the stock from $88.00 to $110.00 in a report on Thursday, August 22nd. JPMorgan Chase & Co. assumed coverage on CONMED in a report on Tuesday, November 12th. They issued an overweight rating and a $136.00 price target on the stock. ValuEngine downgraded CONMED from a buy rating to a hold rating in a report on Wednesday, October 2nd. Finally, Zacks Investment Research upgraded CONMED from a hold rating to a buy rating and set a $116.00 price target on the stock in a report on Friday, November 1st. Three investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. CONMED currently has a consensus rating of Buy and a consensus target price of $113.50.
CNMD stock traded down $0.60 during midday trading on Tuesday, reaching $110.55. 859 shares of the company traded hands, compared to its average volume of 212,991. CONMED has a 52-week low of $56.90 and a 52-week high of $116.81. The company has a debt-to-equity ratio of 1.11, a quick ratio of 1.40 and a current ratio of 2.48. The business has a 50 day moving average of $110.20 and a 200-day moving average of $96.23. The firm has a market capitalization of $3.17 billion, a price-to-earnings ratio of 51.01, a P/E/G ratio of 2.83 and a beta of 0.51.
CONMED (NASDAQ:CNMD) last issued its quarterly earnings data on Wednesday, October 30th. The medical technology company reported $0.62 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.56 by $0.06. CONMED had a return on equity of 10.50% and a net margin of 3.15%. The business had revenue of $233.60 million for the quarter, compared to the consensus estimate of $228.12 million. During the same period in the prior year, the business posted $0.46 earnings per share. The company’s quarterly revenue was up 15.5% compared to the same quarter last year. Research analysts anticipate that CONMED will post 2.64 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, January 7th. Stockholders of record on Friday, December 13th will be issued a $0.20 dividend. The ex-dividend date of this dividend is Thursday, December 12th. This represents a $0.80 annualized dividend and a dividend yield of 0.72%. CONMED’s payout ratio is 36.70%.
In related news, VP John Jed Kennedy sold 11,354 shares of the stock in a transaction that occurred on Wednesday, December 4th. The stock was sold at an average price of $114.01, for a total value of $1,294,469.54. Also, EVP Peter K. Shagory sold 1,820 shares of the stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $109.34, for a total value of $198,998.80. Following the completion of the transaction, the executive vice president now directly owns 3,469 shares in the company, valued at approximately $379,300.46. The disclosure for this sale can be found here. Corporate insiders own 4.38% of the company’s stock.
A number of large investors have recently made changes to their positions in the stock. Metropolitan Life Insurance Co NY grew its stake in CONMED by 2.2% in the third quarter. Metropolitan Life Insurance Co NY now owns 8,824 shares of the medical technology company’s stock worth $848,000 after purchasing an additional 192 shares in the last quarter. Brinker Capital Inc. grew its stake in CONMED by 7.7% in the third quarter. Brinker Capital Inc. now owns 3,861 shares of the medical technology company’s stock worth $371,000 after purchasing an additional 277 shares in the last quarter. Altshuler Shaham Ltd bought a new position in CONMED in the second quarter worth approximately $27,000. Arizona State Retirement System boosted its position in CONMED by 0.8% during the 2nd quarter. Arizona State Retirement System now owns 40,289 shares of the medical technology company’s stock valued at $3,448,000 after acquiring an additional 338 shares in the last quarter. Finally, Pearl River Capital LLC bought a new stake in CONMED during the 2nd quarter valued at $31,000.
CONMED Corporation, a medical technology company, develops, manufactures, and sells surgical devices and related equipment for minimally invasive procedures worldwide. The company offers orthopedic surgery products, including sports medicine products comprising powered resection instruments, arthroscopes, reconstructive systems, tissue repair sets, and metal and bioabsorbable implants, as well as related disposable products and fluid management systems; powered surgical instruments for use in bone orthopedic, arthroscopic, oral/maxillofacial, podiatric, plastic, ENT, neurological, spinal, and cardiothoracic surgeries; sports biologics and tissue products; and surgical visualization products.
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