Zacks Investment Research upgraded shares of CONMED Corporation (NASDAQ:CNMD) from a sell rating to a hold rating in a research report sent to investors on Tuesday.
According to Zacks, “Despite exiting the third quarter CONMED on a promising note, 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. However, the stock has outperformed the broader industry in terms of price performance year to date. 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 which drove third-quarter sales. 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.”
CNMD has been the subject of a number of other research reports. BidaskClub cut CONMED Corporation from a sell rating to a strong sell rating in a research report on Sunday, August 20th. KeyCorp reaffirmed a hold rating on shares of CONMED Corporation in a research report on Friday, November 3rd. Piper Jaffray Companies reissued a hold rating and issued a $46.00 price objective on shares of CONMED Corporation in a report on Friday, November 3rd. Needham & Company LLC reissued a buy rating and issued a $57.00 price objective on shares of CONMED Corporation in a report on Friday, September 1st. Finally, TheStreet raised CONMED Corporation from a c+ rating to a b- rating in a report on Thursday, August 3rd. One research analyst has rated the stock with a sell rating, five have issued a hold rating and one has issued a buy rating to the stock. CONMED Corporation has an average rating of Hold and an average target price of $50.67.
Shares of CONMED Corporation (NASDAQ:CNMD) traded up $0.21 during mid-day trading on Tuesday, reaching $52.13. The company had a trading volume of 122,419 shares, compared to its average volume of 127,247. CONMED Corporation has a 1 year low of $39.74 and a 1 year high of $54.47. The company has a current ratio of 2.56, a quick ratio of 1.49 and a debt-to-equity ratio of 0.84. The stock has a market cap of $1,450.00, a P/E ratio of 29.08, a price-to-earnings-growth ratio of 3.21 and a beta of 0.66.
CONMED Corporation (NASDAQ:CNMD) last issued its quarterly earnings results on Thursday, November 2nd. The medical technology company reported $0.42 EPS for the quarter, topping the Zacks’ consensus estimate of $0.41 by $0.01. CONMED Corporation 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 quarter in the previous year, the firm posted $0.41 EPS. The firm’s revenue was up 2.9% compared to the same quarter last year. sell-side analysts predict that CONMED Corporation will post 1.86 EPS for the current year.
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In other CONMED Corporation news, EVP Luke A. Pomilio sold 29,363 shares of the business’s stock in a transaction that occurred on Thursday, November 9th. The stock was sold at an average price of $50.70, for a total transaction 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 transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CFO Luke A. Pomilio sold 12,429 shares of the business’s stock in a transaction that occurred 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 sale, the chief financial officer now owns 45,486 shares of the company’s stock, valued at $2,302,956.18. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 51,812 shares of company stock valued at $2,654,756. 2.62% of the stock is owned by company insiders.
Several hedge funds have recently bought and sold shares of the company. Public Employees Retirement System of Ohio grew its position in shares of CONMED Corporation by 3.3% in the second quarter. Public Employees Retirement System of Ohio now owns 2,022 shares of the medical technology company’s stock valued at $103,000 after purchasing an additional 64 shares in the last quarter. Rothschild Asset Management Inc. lifted its stake in CONMED Corporation by 0.3% during the second quarter. Rothschild Asset Management Inc. now owns 35,232 shares of the medical technology company’s stock worth $1,795,000 after purchasing an additional 107 shares in the last quarter. Texas Permanent School Fund raised its stake in shares of CONMED Corporation by 1.0% in the second quarter. Texas Permanent School Fund now owns 18,111 shares of the medical technology company’s stock valued at $923,000 after acquiring an additional 173 shares in the last quarter. Municipal Employees Retirement System of Michigan raised its stake in shares of CONMED Corporation by 3.9% in the second quarter. Municipal Employees Retirement System of Michigan now owns 5,850 shares of the medical technology company’s stock valued at $298,000 after acquiring an additional 220 shares in the last quarter. Finally, Legal & General Group Plc raised its stake in shares of CONMED Corporation by 0.7% in the first quarter. Legal & General Group Plc now owns 45,381 shares of the medical technology company’s stock valued at $2,013,000 after acquiring an additional 322 shares in the last quarter. Institutional investors and hedge funds own 98.74% of the company’s stock.
CONMED Corporation 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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