Zacks Investment Research lowered shares of CONMED (NASDAQ:CNMD) from a buy rating to a hold rating in a research note released on Thursday morning.
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.”
CNMD has been the subject of several other research reports. Piper Jaffray Companies reaffirmed a hold rating and set a $46.00 price target on shares of CONMED in a research note on Friday, November 3rd. Needham & Company LLC reaffirmed a buy rating and set a $58.00 price target on shares of CONMED in a research note on Friday, November 17th. BidaskClub downgraded shares of CONMED from a sell rating to a strong sell rating in a research note on Wednesday, December 27th. Finally, KeyCorp reaffirmed a hold rating on shares of CONMED in a research note on Friday, November 3rd. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the stock. The company has a consensus rating of Hold and an average target price of $52.25.
CONMED (NASDAQ:CNMD) traded up $0.36 during mid-day trading on Thursday, hitting $52.39. 87,467 shares of the stock traded hands, compared to its average volume of 128,050. The company has a market capitalization of $1,463.46, a P/E ratio of 93.55, a P/E/G ratio of 3.00 and a beta of 0.66. CONMED has a 12-month low of $39.74 and a 12-month high of $54.77. The company has a debt-to-equity ratio of 0.84, a current ratio of 2.56 and a quick ratio of 1.49.
CONMED (NASDAQ:CNMD) last released its quarterly earnings results on Thursday, November 2nd. The medical technology company reported $0.42 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.41 by $0.01. The firm had revenue of $190.10 million during the quarter, compared to the consensus estimate of $187.13 million. CONMED had a net margin of 1.99% and a return on equity of 8.40%. The company’s revenue for the quarter was up 2.9% on a year-over-year basis. During the same quarter last year, the firm earned $0.41 earnings per share. sell-side analysts expect that CONMED will post 1.86 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Friday, January 5th. Investors of record on Friday, December 15th were paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 1.53%. The ex-dividend date of this dividend was Thursday, December 14th. CONMED’s dividend payout ratio is presently 142.86%.
In related news, EVP Luke A. Pomilio sold 29,363 shares of CONMED stock in a transaction on Thursday, November 9th. The shares were sold at an average price of $50.70, for a total transaction of $1,488,704.10. Following the completion of the transaction, the executive vice president now owns 45,486 shares of the company’s stock, valued at $2,306,140.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Luke A. Pomilio sold 12,429 shares of CONMED stock in a transaction on Tuesday, November 7th. The stock was sold at an average price of $50.63, for a total transaction of $629,280.27. Following the transaction, the chief financial officer now directly owns 45,486 shares of the company’s stock, valued at approximately $2,302,956.18. The disclosure for this sale can be found here. Insiders have sold 51,812 shares of company stock valued at $2,654,756 in the last three months. 2.62% of the stock is owned by insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. GSA Capital Partners LLP raised its stake in CONMED by 32.0% during the third quarter. GSA Capital Partners LLP now owns 20,231 shares of the medical technology company’s stock worth $1,062,000 after buying an additional 4,906 shares during the last quarter. California Public Employees Retirement System raised its stake in CONMED by 7.7% during the third quarter. California Public Employees Retirement System now owns 75,416 shares of the medical technology company’s stock worth $3,957,000 after buying an additional 5,416 shares during the last quarter. Granahan Investment Management Inc. MA raised its stake in CONMED by 7.0% during the third quarter. Granahan Investment Management Inc. MA now owns 103,176 shares of the medical technology company’s stock worth $5,414,000 after buying an additional 6,791 shares during the last quarter. Epoch Investment Partners Inc. raised its stake in CONMED by 2.1% during the third quarter. Epoch Investment Partners Inc. now owns 232,576 shares of the medical technology company’s stock worth $12,203,000 after buying an additional 4,839 shares during the last quarter. Finally, Pinebridge Investments L.P. raised its stake in CONMED by 30.1% during the third quarter. Pinebridge Investments L.P. now owns 27,316 shares of the medical technology company’s stock worth $1,433,000 after buying an additional 6,313 shares during the last quarter. 99.02% of the stock is owned by institutional investors and hedge funds.
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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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