Zacks Investment Research downgraded shares of CONMED (NASDAQ:CNMD) from a buy rating to a hold rating in a report released on Thursday, January 11th.
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.”
CNMD has been the topic of a number of other 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 reissued a buy rating and set a $58.00 price objective on shares of CONMED in a report on Friday, November 17th. BidaskClub lowered CONMED from a sell rating to a strong sell rating in a report on Wednesday, December 27th. Finally, KeyCorp reissued a hold rating on shares of CONMED in a report 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 company. The stock has an average rating of Hold and an average target price of $53.00.
Shares of CONMED (NASDAQ:CNMD) traded down $0.36 during trading hours on Thursday, hitting $56.13. The stock had a trading volume of 107,746 shares, compared to its average volume of 132,868. The firm has a market cap of $1,580.00, a P/E ratio of 102.05, a price-to-earnings-growth ratio of 3.23 and a beta of 0.66. 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 has a 12 month low of $39.74 and a 12 month high of $56.98.
CONMED (NASDAQ:CNMD) last announced its quarterly earnings data on Thursday, November 2nd. The medical technology company reported $0.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.41 by $0.01. CONMED had a return on equity of 8.40% and a net margin of 1.99%. The company had revenue of $190.10 million for the quarter, compared to the consensus estimate of $187.13 million. During the same period in the previous year, the business earned $0.41 EPS. The firm’s revenue was up 2.9% compared to the same quarter last year. research analysts predict that CONMED will post 1.86 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Friday, January 5th. Stockholders of record on Friday, December 15th were issued a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 1.43%. The ex-dividend date of this dividend was Thursday, December 14th. CONMED’s dividend payout ratio is presently 145.45%.
In other CONMED news, CFO Luke A. Pomilio sold 12,429 shares of the 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 sale, the chief financial officer now 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 at this hyperlink. Also, EVP Luke A. Pomilio sold 10,020 shares of the stock in a transaction on Friday, November 3rd. The stock was sold at an average price of $53.57, for a total value of $536,771.40. Following the sale, the executive vice president now owns 44,472 shares in the company, valued at approximately $2,382,365.04. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 51,812 shares of company stock valued at $2,654,756. 2.62% of the stock is currently owned by corporate insiders.
Several large investors have recently bought and sold shares of the business. AHL Partners LLP raised its position in shares of CONMED by 2,792.2% in the second quarter. AHL Partners LLP now owns 158,090 shares of the medical technology company’s stock worth $8,053,000 after buying an additional 152,624 shares in the last quarter. Victory Capital Management Inc. raised its position in shares of CONMED by 5.4% in the third quarter. Victory Capital Management Inc. now owns 2,180,586 shares of the medical technology company’s stock worth $114,415,000 after buying an additional 111,096 shares in the last quarter. Macquarie Group Ltd. raised its position in shares of CONMED by 13.9% in the third quarter. Macquarie Group Ltd. now owns 731,957 shares of the medical technology company’s stock worth $38,406,000 after buying an additional 89,078 shares in the last quarter. Martingale Asset Management L P purchased a new stake in shares of CONMED in the second quarter worth $4,193,000. Finally, Cramer Rosenthal Mcglynn LLC raised its position in shares of CONMED by 7.6% in the second quarter. Cramer Rosenthal Mcglynn LLC now owns 1,067,844 shares of the medical technology company’s stock worth $54,396,000 after buying an additional 75,055 shares in the last quarter. Hedge funds and other institutional investors own 99.02% of the company’s stock.
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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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