CONMED (CNMD) Sees Strong Trading Volume After Analyst Upgrade

CONMED Co. (NASDAQ:CNMD) shares saw an uptick in trading volume on Friday after Zacks Investment Research upgraded the stock from a hold rating to a buy rating. Zacks Investment Research now has a $71.00 price target on the stock. 257,688 shares were traded during mid-day trading, an increase of 45% from the previous session’s volume of 177,986 shares.The stock last traded at $63.45 and had previously closed at $63.35.

According to Zacks, “CONMED has had a favorable run on the bourses over the last year. Notably, the company delivered stellar performance in the fourth-quarter. 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, company operates in a highly competitive environment. 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 research reports. Needham & Company LLC lifted their price target on shares of CONMED from $58.00 to $71.00 and gave the company a “buy” rating in a research note on Thursday. Piper Jaffray Companies reissued a “hold” rating and issued a $46.00 price target on shares of CONMED in a research note on Friday, November 3rd. BidaskClub cut shares of CONMED from a “sell” rating to a “strong sell” rating in a research note on Wednesday, December 27th. Finally, KeyCorp reissued a “hold” rating on shares of CONMED in a research note on Friday, November 3rd. Four equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $59.00.

In other CONMED news, CFO Luke A. Pomilio sold 12,429 shares of CONMED stock in a transaction on Tuesday, November 7th. The shares were 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 of the company’s stock, valued at approximately $2,302,956.18. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Jo Ann Golden sold 3,000 shares of CONMED stock in a transaction on Thursday, February 1st. The stock was sold at an average price of $63.90, for a total transaction of $191,700.00. The disclosure for this sale can be found here. Insiders sold a total of 44,792 shares of company stock worth $2,309,684 in the last three months. 2.62% of the stock is owned by corporate insiders.

Institutional investors and hedge funds have recently made changes to their positions in the business. Public Employees Retirement System of Ohio boosted its stake in CONMED by 3.3% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 2,022 shares of the medical technology company’s stock worth $103,000 after purchasing an additional 64 shares during the last quarter. Quantbot Technologies LP acquired a new stake in CONMED during the 3rd quarter worth $133,000. Piedmont Investment Advisors LLC acquired a new stake in CONMED during the 2nd quarter worth $273,000. Crossmark Global Holdings Inc. acquired a new stake in CONMED during the 3rd quarter worth $281,000. Finally, OxFORD Asset Management LLP acquired a new stake in CONMED during the 3rd quarter worth $294,000. 99.05% of the stock is currently owned by institutional investors.

The company has a debt-to-equity ratio of 0.84, a current ratio of 2.56 and a quick ratio of 1.49. The company has a market cap of $1,769.61, a P/E ratio of 32.09, a PEG ratio of 3.48 and a beta of 0.74.

CONMED (NASDAQ:CNMD) last announced its earnings results on Wednesday, January 31st. The medical technology company reported $0.69 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.65 by $0.04. CONMED had a net margin of 6.97% and a return on equity of 9.15%. The company had revenue of $222.60 million for the quarter, compared to analysts’ expectations of $212.17 million. During the same quarter in the previous year, the company posted $0.54 EPS. The firm’s quarterly revenue was up 9.1% on a year-over-year basis. equities analysts forecast that CONMED Co. will post 2.14 EPS for the current year.

The firm also recently announced a quarterly dividend, which was paid on Friday, January 5th. Shareholders of record on Friday, December 15th were paid a dividend of $0.20 per share. The ex-dividend date was Thursday, December 14th. This represents a $0.80 annualized dividend and a yield of 1.27%. CONMED’s dividend payout ratio (DPR) is presently 40.61%.

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About CONMED

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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