CONMED (NASDAQ:CNMD) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Thursday.
According to Zacks, “CONMED has underperformed the broader industry in terms of price performance in the last year. However, 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 much overvalued at the moment.”
Several other equities analysts have also recently commented on the company. BidaskClub upgraded CONMED from a “strong sell” rating to a “sell” rating in a research report on Tuesday, January 9th. KeyCorp restated a “hold” rating on shares of CONMED in a research report on Friday, November 3rd. Needham & Company LLC restated a “buy” rating and set a $58.00 target price on shares of CONMED in a research report on Friday, November 17th. Finally, Piper Jaffray Companies restated a “hold” rating and set a $46.00 target price 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. CONMED currently has a consensus rating of “Hold” and a consensus price target of $53.00.
Shares of CONMED (NASDAQ CNMD) traded up $0.32 during midday trading on Thursday, hitting $56.48. The stock had a trading volume of 138,600 shares, compared to its average volume of 132,000. The stock has a market capitalization of $1,577.70, a PE ratio of 100.86, a PEG ratio of 3.23 and a beta of 0.66. CONMED has a one year low of $39.74 and a one year high of $56.51. 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 quarterly earnings results on Thursday, November 2nd. The medical technology company reported $0.42 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.41 by $0.01. The company had revenue of $190.10 million during the quarter, compared to analysts’ expectations of $187.13 million. CONMED had a return on equity of 8.40% and a net margin of 1.99%. The firm’s quarterly revenue was up 2.9% compared to the same quarter last year. During the same period in the previous year, the business earned $0.41 earnings per share. analysts predict that CONMED will post 1.86 EPS for the current fiscal year.
In related news, CFO Luke A. Pomilio sold 12,429 shares of the business’s stock in a transaction dated Tuesday, November 7th. The stock was sold at an average price of $50.63, for a total transaction of $629,280.27. Following the completion of the transaction, the chief financial officer now directly owns 45,486 shares in the company, valued at $2,302,956.18. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Luke A. Pomilio sold 10,020 shares of the business’s stock in a transaction dated Friday, November 3rd. The stock was sold at an average price of $53.57, for a total value of $536,771.40. Following the transaction, the executive vice president now owns 44,472 shares of the company’s stock, valued at $2,382,365.04. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 51,812 shares of company stock valued at $2,654,756. 2.62% of the stock is owned by company insiders.
A number of hedge funds have recently modified their holdings of the business. GSA Capital Partners LLP lifted 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 purchasing an additional 4,906 shares during the last quarter. California Public Employees Retirement System lifted 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 purchasing an additional 5,416 shares during the last quarter. Granahan Investment Management Inc. MA lifted 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 purchasing an additional 6,791 shares during the last quarter. Epoch Investment Partners Inc. lifted 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 purchasing an additional 4,839 shares during the last quarter. Finally, Pinebridge Investments L.P. lifted 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 purchasing an additional 6,313 shares during the last quarter. 99.02% of the stock is owned by hedge funds and other institutional investors.
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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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