Zacks Investment Research cut shares of CONMED (NASDAQ:CNMD) from a buy rating to a hold rating in a report issued on Thursday, January 4th.
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.”
Several other research analysts have also recently issued reports on the company. BidaskClub cut CONMED from a sell rating to a strong sell rating in a research report on Wednesday, December 27th. Needham & Company LLC reaffirmed a buy rating and set a $58.00 target price on shares of CONMED in a research report on Friday, November 17th. KeyCorp reaffirmed a hold rating on shares of CONMED in a research report on Friday, November 3rd. Finally, Piper Jaffray Companies reissued a hold rating and issued a $46.00 price objective on shares of CONMED in a research report on Friday, November 3rd. One research analyst has rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the company’s stock. The company has an average rating of Hold and an average target price of $53.00.
CONMED (NASDAQ CNMD) traded up $2.02 during trading hours on Thursday, hitting $56.16. 170,200 shares of the stock were exchanged, compared to its average volume of 131,175. CONMED has a 12 month low of $39.74 and a 12 month high of $56.32. The company has a market capitalization of $1,490.00, a price-to-earnings ratio of 102.11, a price-to-earnings-growth ratio of 3.00 and a beta of 0.66. The company has a debt-to-equity ratio of 0.84, a quick ratio of 1.49 and a current ratio of 2.56.
CONMED (NASDAQ:CNMD) last announced its earnings results on Thursday, November 2nd. The medical technology company reported $0.42 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.41 by $0.01. CONMED had a net margin of 1.99% and a return on equity of 8.40%. The business had revenue of $190.10 million for the quarter, compared to analyst estimates of $187.13 million. During the same quarter in the previous year, the firm posted $0.41 earnings per share. CONMED’s revenue was up 2.9% compared to the same quarter last year. research analysts expect that CONMED will post 1.86 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, January 5th. Shareholders of record on Friday, December 15th were given a $0.20 dividend. The ex-dividend date was Thursday, December 14th. This represents a $0.80 annualized dividend and a yield of 1.42%. CONMED’s dividend payout ratio is currently 145.45%.
In other CONMED news, CFO Luke A. Pomilio sold 12,429 shares of the business’s stock in a transaction on Tuesday, November 7th. The stock was sold at an average price of $50.63, for a total value of $629,280.27. Following the transaction, the chief financial officer now owns 45,486 shares of the company’s stock, valued at $2,302,956.18. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Luke A. Pomilio sold 29,363 shares of the company’s stock in a transaction on 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 transaction, 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. In the last three months, insiders sold 51,812 shares of company stock worth $2,654,756. Insiders own 2.62% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of CNMD. GSA Capital Partners LLP raised its position in shares of CONMED by 32.0% in the 3rd quarter. GSA Capital Partners LLP now owns 20,231 shares of the medical technology company’s stock worth $1,062,000 after acquiring an additional 4,906 shares in the last quarter. California Public Employees Retirement System boosted its position in CONMED by 7.7% in the 3rd quarter. California Public Employees Retirement System now owns 75,416 shares of the medical technology company’s stock valued at $3,957,000 after buying an additional 5,416 shares during the period. Granahan Investment Management Inc. MA boosted its position in CONMED by 7.0% in the 3rd quarter. Granahan Investment Management Inc. MA now owns 103,176 shares of the medical technology company’s stock valued at $5,414,000 after buying an additional 6,791 shares during the period. Epoch Investment Partners Inc. boosted its position in CONMED by 2.1% in the 3rd quarter. Epoch Investment Partners Inc. now owns 232,576 shares of the medical technology company’s stock valued at $12,203,000 after buying an additional 4,839 shares during the period. Finally, Pinebridge Investments L.P. boosted its position in CONMED by 30.1% in the 3rd quarter. Pinebridge Investments L.P. now owns 27,316 shares of the medical technology company’s stock valued at $1,433,000 after buying an additional 6,313 shares during the period. 99.02% of the stock is currently owned by hedge funds and other 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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