CONMED Co. (NASDAQ:CNMD)’s share price hit a new 52-week high and low on Wednesday . The company traded as low as $68.79 and last traded at $68.71, with a volume of 2391 shares changing hands. The stock had previously closed at $68.12.
A number of equities analysts have recently weighed in on CNMD shares. Needham & Company LLC upped their target price on CONMED from $71.00 to $73.00 and gave the company a “buy” rating in a report on Thursday, April 26th. BidaskClub downgraded CONMED from a “strong-buy” rating to a “buy” rating in a report on Wednesday, April 4th. Zacks Investment Research upgraded CONMED from a “hold” rating to a “buy” rating and set a $69.00 target price on the stock in a report on Wednesday, April 11th. Finally, ValuEngine upgraded CONMED from a “hold” rating to a “buy” rating in a report on Thursday, March 1st. Three equities research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus price target of $62.67.
The firm has a market cap of $1.93 billion, a price-to-earnings ratio of 33.56, a PEG ratio of 2.76 and a beta of 0.60. The company has a debt-to-equity ratio of 0.69, a current ratio of 2.15 and a quick ratio of 1.23.
CONMED (NASDAQ:CNMD) last issued its earnings results on Wednesday, April 25th. The medical technology company reported $0.53 earnings per share for the quarter, beating analysts’ consensus estimates of $0.43 by $0.10. The company had revenue of $202.10 million for the quarter, compared to the consensus estimate of $196.51 million. CONMED had a return on equity of 9.46% and a net margin of 8.71%. The firm’s quarterly revenue was up 8.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.38 EPS. equities research analysts expect that CONMED Co. will post 2.17 earnings per share for the current year.
In related news, EVP Daniel Jonas sold 2,000 shares of the business’s stock in a transaction that occurred on Friday, April 27th. The stock was sold at an average price of $65.58, for a total value of $131,160.00. Following the completion of the sale, the executive vice president now owns 23,245 shares of the company’s stock, valued at approximately $1,524,407.10. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Luke A. Pomilio sold 19,620 shares of the business’s stock in a transaction that occurred on Thursday, March 1st. The shares were sold at an average price of $60.19, for a total value of $1,180,927.80. Following the completion of the sale, the chief financial officer now directly owns 600 shares of the company’s stock, valued at approximately $36,114. The disclosure for this sale can be found here. In the last three months, insiders sold 41,595 shares of company stock valued at $2,617,340. 3.13% of the stock is currently owned by company insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in the stock. BlackRock Inc. grew its stake in shares of CONMED by 8.4% in the 1st quarter. BlackRock Inc. now owns 3,558,330 shares of the medical technology company’s stock valued at $225,348,000 after buying an additional 276,513 shares in the last quarter. Victory Capital Management Inc. boosted its position in CONMED by 2.1% during the fourth 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 during the period. Goldman Sachs Group Inc. boosted its position in CONMED by 6.1% during the fourth 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 during the period. Macquarie Group Ltd. boosted its position in CONMED by 3.2% during the fourth 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 during the period. Finally, Westwood Holdings Group Inc. boosted its position in CONMED by 6.3% during the fourth 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 during the period. 98.55% of the stock is owned by institutional investors and hedge funds.
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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