Equities research analysts expect that CONMED Co. (NASDAQ:CNMD) will post sales of $196.87 million for the current quarter, Zacks reports. Two analysts have provided estimates for CONMED’s earnings, with the highest sales estimate coming in at $199.24 million and the lowest estimate coming in at $194.50 million. CONMED reported sales of $186.57 million during the same quarter last year, which would suggest a positive year over year growth rate of 5.5%. The firm is expected to report its next quarterly earnings report on Wednesday, April 25th.
On average, analysts expect that CONMED will report full year sales of $196.87 million for the current year, with estimates ranging from $831.80 million to $836.32 million. For the next fiscal year, analysts expect that the company will report sales of $873.57 million per share, with estimates ranging from $866.90 million to $882.12 million. Zacks Investment Research’s sales averages are an average based on a survey of sell-side analysts that that provide coverage for CONMED.
CONMED (NASDAQ:CNMD) last posted its earnings results on Wednesday, January 31st. The medical technology company reported $0.69 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.65 by $0.04. The company had revenue of $222.60 million during the quarter, compared to analysts’ expectations of $212.17 million. CONMED had a net margin of 6.97% and a return on equity of 8.96%. CONMED’s quarterly revenue was up 9.1% on a year-over-year basis. During the same period last year, the company posted $0.54 earnings per share.
Several equities research analysts have recently issued reports on CNMD shares. BidaskClub upgraded shares of CONMED from a “hold” rating to a “buy” rating in a report on Friday. ValuEngine upgraded shares of CONMED from a “hold” rating to a “buy” rating in a report on Thursday, March 1st. Zacks Investment Research upgraded shares of CONMED from a “hold” rating to a “buy” rating and set a $71.00 target price for the company in a report on Friday, February 2nd. Finally, Needham & Company LLC lifted their price objective on shares of CONMED from $58.00 to $71.00 and gave the company a “buy” rating in a report on Thursday, February 1st. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. The stock has a consensus rating of “Buy” and an average target price of $59.00.
In other CONMED news, Director Jo Ann Golden sold 3,000 shares of the firm’s stock in a transaction dated Thursday, February 1st. The shares were sold at an average price of $63.90, for a total transaction of $191,700.00. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Luke A. Pomilio sold 18,023 shares of the firm’s stock in a transaction dated Thursday, February 1st. The shares were sold at an average price of $63.38, for a total transaction of $1,142,297.74. The disclosure for this sale can be found here. Insiders have sold a total of 46,473 shares of company stock worth $2,874,693 in the last three months. Insiders own 2.62% of the company’s stock.
Several institutional investors have recently modified their holdings of the company. BlackRock Inc. grew its position in shares of CONMED by 2.7% in the 4th quarter. BlackRock Inc. now owns 3,281,817 shares of the medical technology company’s stock worth $167,275,000 after buying an additional 85,022 shares during the last quarter. Victory Capital Management Inc. lifted its stake in CONMED by 2.1% during the 4th quarter. Victory Capital Management Inc. now owns 2,225,574 shares of the medical technology company’s stock valued at $113,438,000 after acquiring an additional 44,988 shares during the period. Goldman Sachs Group Inc. lifted its stake in CONMED by 6.1% during the 4th quarter. Goldman Sachs Group Inc. now owns 1,067,319 shares of the medical technology company’s stock valued at $54,401,000 after acquiring an additional 61,617 shares during the period. Macquarie Group Ltd. lifted its stake in CONMED by 3.2% during the 4th quarter. Macquarie Group Ltd. now owns 755,724 shares of the medical technology company’s stock valued at $38,519,000 after acquiring an additional 23,767 shares during the period. Finally, Westwood Holdings Group Inc. lifted its stake in shares of CONMED by 6.3% in the 4th quarter. Westwood Holdings Group Inc. now owns 368,745 shares of the medical technology company’s stock valued at $18,795,000 after purchasing an additional 21,800 shares during the period. 99.57% of the stock is currently owned by hedge funds and other institutional investors.
CNMD stock traded up $0.29 during trading on Thursday, hitting $64.38. 429,603 shares of the stock traded hands, compared to its average volume of 155,541. The company has a market cap of $1,801.03, a price-to-earnings ratio of 32.68, a PEG ratio of 2.61 and a beta of 0.67. The company has a quick ratio of 1.44, a current ratio of 2.38 and a debt-to-equity ratio of 0.75. CONMED has a 12-month low of $40.54 and a 12-month high of $64.99.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, April 5th. Shareholders of record on Thursday, March 15th will be given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 1.24%. The ex-dividend date of this dividend is Wednesday, March 14th. CONMED’s dividend payout ratio (DPR) is 40.61%.
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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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