CONMED (NASDAQ:CNMD) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Tuesday.
According to Zacks, “CONMED outperformed its industry in a year's time. 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 continued innovation undertaken by the company over the last year. 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.”
Other equities analysts have also recently issued reports about the company. Needham & Company LLC increased their price target on CONMED from $58.00 to $71.00 and gave the company a “buy” rating in a report on Thursday, February 1st. BidaskClub cut CONMED from a “strong-buy” rating to a “buy” rating in a report on Wednesday, April 4th. Finally, ValuEngine raised CONMED from a “hold” rating to a “buy” rating in a report on Thursday, March 1st. Four equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $58.50.
CNMD stock traded up $0.64 during midday trading on Tuesday, hitting $63.43. The company’s stock had a trading volume of 37,249 shares, compared to its average volume of 174,154. The stock has a market capitalization of $1,735.80, a PE ratio of 33.60, a price-to-earnings-growth ratio of 2.51 and a beta of 0.58. CONMED has a 12 month low of $43.88 and a 12 month high of $64.99. The company has a current ratio of 2.38, a quick ratio of 1.44 and a debt-to-equity ratio of 0.75.
CONMED (NASDAQ:CNMD) last released its quarterly earnings data on Wednesday, January 31st. The medical technology company reported $0.69 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.65 by $0.04. The business had revenue of $222.60 million for the quarter, compared to analysts’ expectations of $212.17 million. CONMED had a return on equity of 8.96% and a net margin of 6.97%. The firm’s quarterly revenue was up 9.1% on a year-over-year basis. During the same period in the prior year, the firm posted $0.54 EPS. research analysts predict that CONMED will post 2.14 earnings per share for the current year.
In other news, VP Terence M. Berge sold 3,868 shares of the stock in a transaction on Friday, March 9th. The stock was sold at an average price of $62.45, for a total transaction of $241,556.60. Following the transaction, the vice president now directly owns 19,908 shares of the company’s stock, valued at approximately $1,243,254.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Luke A. Pomilio sold 1,962 shares of the stock in a transaction on Monday, February 12th. The shares were sold at an average price of $60.25, for a total value of $118,210.50. 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 over the last three months. Insiders own 2.62% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. increased its stake 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 purchasing an additional 85,022 shares in the last quarter. Victory Capital Management Inc. increased its stake in shares of CONMED by 2.1% in the 4th quarter. Victory Capital Management Inc. now owns 2,225,574 shares of the medical technology company’s stock worth $113,438,000 after purchasing an additional 44,988 shares in the last quarter. Goldman Sachs Group Inc. increased its stake in shares of CONMED by 6.1% in the 4th quarter. Goldman Sachs Group Inc. now owns 1,067,319 shares of the medical technology company’s stock worth $54,401,000 after purchasing an additional 61,617 shares in the last quarter. Macquarie Group Ltd. increased its stake in shares of CONMED by 3.2% in the 4th quarter. Macquarie Group Ltd. now owns 755,724 shares of the medical technology company’s stock worth $38,519,000 after purchasing an additional 23,767 shares in the last quarter. Finally, Westwood Holdings Group Inc. increased 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 worth $18,795,000 after purchasing an additional 21,800 shares in the last quarter. 99.60% of the stock is currently owned by hedge funds and other institutional investors.
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CONMED Company Profile
CONMED Corporation, a medical technology company, develops, manufactures, and sells surgical devices and related equipment for minimally invasive procedures in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. The company offers orthopedic surgery products, including sports medicine products comprising powered resection instruments, arthroscopes, reconstructive systems, tissue repair sets, and metal and bioabsorbable implants, as well as related disposable products and fluid management systems; powered surgical instruments for use in bone orthopedic, arthroscopic, oral/maxillofacial, podiatric, plastic, ENT, neurological, spinal, and cardiothoracic surgeries; sports biologics and tissue products; and surgical visualization products.
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