CONMED (NASDAQ:CNMD) was downgraded by research analysts at BidaskClub from a “hold” rating to a “sell” rating in a research note issued on Thursday.
Several other research analysts have also issued reports on CNMD. Zacks Investment Research raised CONMED from a “hold” rating to a “buy” rating and set a $84.00 target price for the company in a research report on Monday, June 25th. Needham & Company LLC increased their target price on CONMED from $73.00 to $83.00 and gave the stock a “buy” rating in a research report on Thursday, August 2nd. Finally, Leerink Swann increased their target price on CONMED from $76.00 to $81.00 and gave the stock a “market perform” rating in a research report on Thursday, August 30th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $73.50.
Shares of NASDAQ:CNMD opened at $72.36 on Thursday. CONMED has a 52-week low of $49.09 and a 52-week high of $83.49. The company has a market capitalization of $2.23 billion, a PE ratio of 38.29, a PEG ratio of 3.18 and a beta of 0.51. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.97 and a quick ratio of 1.15.
CONMED (NASDAQ:CNMD) last announced its earnings results on Wednesday, August 1st. The medical technology company reported $0.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.45 by $0.01. CONMED had a return on equity of 9.51% and a net margin of 8.85%. The firm had revenue of $212.80 million during the quarter, compared to analyst estimates of $207.12 million. During the same quarter in the prior year, the company earned $0.41 EPS. The business’s revenue was up 7.9% compared to the same quarter last year. Equities research analysts forecast that CONMED will post 2.17 EPS for the current year.
In other news, EVP Daniel Jonas sold 4,000 shares of the stock in a transaction that occurred on Thursday, August 2nd. The stock was sold at an average price of $79.73, for a total value of $318,920.00. Following the completion of the transaction, the executive vice president now owns 20,347 shares of the company’s stock, valued at approximately $1,622,266.31. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Peter K. Shagory sold 2,500 shares of the firm’s stock in a transaction that occurred on Friday, August 31st. The shares were sold at an average price of $80.00, for a total value of $200,000.00. Following the transaction, the executive vice president now directly owns 3,655 shares of the company’s stock, valued at approximately $292,400. The disclosure for this sale can be found here. Insiders sold a total of 8,000 shares of company stock valued at $639,565 in the last three months. Corporate insiders own 3.13% of the company’s stock.
A number of hedge funds have recently bought and sold shares of the stock. Profund Advisors LLC increased its position in CONMED by 20.0% during the 1st quarter. Profund Advisors LLC now owns 4,713 shares of the medical technology company’s stock valued at $298,000 after buying an additional 786 shares in the last quarter. Legal & General Group Plc increased its position in CONMED by 1.7% during the 1st quarter. Legal & General Group Plc now owns 52,894 shares of the medical technology company’s stock valued at $3,348,000 after buying an additional 889 shares in the last quarter. Pendal Group Ltd increased its position in CONMED by 4.3% during the 2nd quarter. Pendal Group Ltd now owns 27,108 shares of the medical technology company’s stock valued at $1,984,000 after buying an additional 1,108 shares in the last quarter. New York State Teachers Retirement System increased its position in CONMED by 1.8% during the 2nd quarter. New York State Teachers Retirement System now owns 63,069 shares of the medical technology company’s stock valued at $4,617,000 after buying an additional 1,143 shares in the last quarter. Finally, Robeco Institutional Asset Management B.V. bought a new position in CONMED during the 2nd quarter valued at approximately $154,000. 96.09% of the stock is owned by institutional investors.
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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