Analysts forecast that CONMED Co. (NASDAQ:CNMD) will post $0.45 earnings per share for the current fiscal quarter, Zacks reports. Four analysts have made estimates for CONMED’s earnings, with the lowest EPS estimate coming in at $0.45 and the highest estimate coming in at $0.46. CONMED posted earnings per share of $0.41 during the same quarter last year, which indicates a positive year over year growth rate of 9.8%. The firm is expected to report its next earnings results on Wednesday, July 25th.
According to Zacks, analysts expect that CONMED will report full-year earnings of $2.17 per share for the current year, with EPS estimates ranging from $2.15 to $2.18. For the next fiscal year, analysts forecast that the firm will post earnings of $2.41 per share, with EPS estimates ranging from $2.40 to $2.43. Zacks’ earnings per share calculations are a mean average based on a survey of analysts that follow CONMED.
CONMED (NASDAQ:CNMD) last issued its quarterly earnings results on Wednesday, April 25th. The medical technology company reported $0.53 EPS for the quarter, beating analysts’ consensus estimates of $0.43 by $0.10. The firm had revenue of $202.10 million during the quarter, compared to the consensus estimate of $196.51 million. CONMED had a return on equity of 9.46% and a net margin of 8.71%. CONMED’s revenue for the quarter was up 8.3% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.38 earnings per share.
CNMD has been the subject of a number of analyst reports. BidaskClub raised CONMED from a “hold” rating to a “buy” rating in a report on Friday, March 16th. ValuEngine raised CONMED from a “hold” rating to a “buy” rating in a report on Thursday, March 1st. Zacks Investment Research raised CONMED from a “hold” rating to a “buy” rating and set a $69.00 price target for the company in a report on Wednesday, April 11th. Finally, Needham & Company LLC increased their price target on CONMED from $71.00 to $73.00 and gave the company a “buy” rating in a report on Thursday, April 26th. Three investment analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. CONMED has a consensus rating of “Buy” and an average price target of $62.67.
In other CONMED news, VP Nathan Folkert sold 4,409 shares of the company’s stock in a transaction that occurred on Friday, April 27th. The stock was sold at an average price of $64.98, for a total transaction of $286,496.82. Following the sale, the vice president now owns 1,264 shares in the company, valued at $82,134.72. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, VP Terence M. Berge sold 673 shares of the company’s stock in a transaction that occurred on Wednesday, June 13th. The shares were sold at an average price of $73.00, for a total value of $49,129.00. Following the sale, the vice president now owns 19,908 shares in the company, valued at approximately $1,453,284. The disclosure for this sale can be found here. Insiders have sold 18,780 shares of company stock worth $1,243,985 in the last 90 days. 3.13% of the stock is currently owned by insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the business. Koch Industries Inc. acquired a new stake in CONMED during the fourth quarter valued at approximately $275,000. Xact Kapitalforvaltning AB acquired a new stake in CONMED during the fourth quarter valued at approximately $261,000. Arizona State Retirement System raised its stake in CONMED by 223.8% during the fourth quarter. Arizona State Retirement System now owns 41,784 shares of the medical technology company’s stock valued at $2,130,000 after buying an additional 28,881 shares in the last quarter. Wells Fargo & Company MN raised its stake in CONMED by 20.6% during the fourth quarter. Wells Fargo & Company MN now owns 48,500 shares of the medical technology company’s stock valued at $2,471,000 after buying an additional 8,276 shares in the last quarter. Finally, Swiss National Bank raised its stake in CONMED by 5.0% during the first quarter. Swiss National Bank now owns 43,800 shares of the medical technology company’s stock valued at $2,774,000 after buying an additional 2,100 shares in the last quarter. Hedge funds and other institutional investors own 95.43% of the company’s stock.
Shares of CONMED opened at $76.43 on Friday, according to Marketbeat.com. The stock has a market capitalization of $2.11 billion, a P/E ratio of 40.44, a price-to-earnings-growth ratio of 3.02 and a beta of 0.60. CONMED has a one year low of $47.41 and a one year high of $76.63. The company has a quick ratio of 1.23, a current ratio of 2.15 and a debt-to-equity ratio of 0.69.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, July 5th. Shareholders of record on Friday, June 15th will be paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 1.05%. The ex-dividend date of this dividend is Thursday, June 14th. CONMED’s payout ratio is currently 42.33%.
CONMED Company Profile
CONMED Corporation, a medical technology company, develops, manufactures, and sells surgical devices and related equipment for minimally invasive procedures in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. 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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