CONMED (NASDAQ:CNMD) was downgraded by research analysts at BidaskClub from a “hold” rating to a “sell” rating in a research note issued to investors on Friday.
Other equities analysts also recently issued reports about the stock. Leerink Swann boosted their target price on shares of CONMED from $76.00 to $81.00 and gave the stock a “market perform” rating in a report on Thursday, August 30th. Barclays set a $78.00 target price on shares of CONMED and gave the stock an “equal weight” rating in a report on Tuesday, October 16th. Zacks Investment Research raised shares of CONMED from a “sell” rating to a “hold” rating in a research report on Wednesday, October 3rd. Finally, Needham & Company LLC lifted their price objective on shares of CONMED from $73.00 to $83.00 and gave the stock a “buy” rating in a research report on Thursday, August 2nd. One research analyst has rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $74.40.
Shares of CNMD opened at $69.94 on Friday. The firm has a market cap of $1.95 billion, a P/E ratio of 37.01, a PEG ratio of 2.78 and a beta of 0.51. CONMED has a 1-year low of $49.22 and a 1-year high of $83.49. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.15 and a current ratio of 1.97.
CONMED (NASDAQ:CNMD) last issued its earnings results on Thursday, November 1st. The medical technology company reported $0.46 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.45 by $0.01. The business had revenue of $202.30 million for the quarter, compared to the consensus estimate of $198.51 million. CONMED had a net margin of 8.85% and a return on equity of 9.51%. The firm’s revenue for the quarter was up 6.4% on a year-over-year basis. During the same period in the previous year, the company earned $0.42 earnings per share. On average, analysts predict that CONMED will post 2.17 earnings per share for the current year.
In other CONMED news, EVP Peter K. Shagory sold 2,500 shares of CONMED stock in a transaction on Friday, August 31st. The shares were sold at an average price of $80.00, for a total transaction of $200,000.00. Following the completion of the transaction, the executive vice president now directly owns 3,655 shares of the company’s stock, valued at $292,400. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP Stanley W. Peters III sold 1,500 shares of CONMED stock in a transaction on Friday, September 14th. The stock was sold at an average price of $80.43, for a total transaction of $120,645.00. Following the transaction, the vice president now directly owns 1,496 shares of the company’s stock, valued at $120,323.28. The disclosure for this sale can be found here. Insiders own 3.13% of the company’s stock.
Institutional investors have recently made changes to their positions in the company. Robeco Institutional Asset Management B.V. bought a new stake in shares of CONMED in the second quarter valued at about $154,000. Harvest Fund Management Co. Ltd bought a new stake in shares of CONMED in the third quarter valued at about $168,000. Itau Unibanco Holding S.A. bought a new stake in shares of CONMED in the second quarter valued at about $165,000. Wendell David Associates Inc. bought a new stake in shares of CONMED in the third quarter valued at about $208,000. Finally, Hartford Investment Management Co. bought a new stake in shares of CONMED in the second quarter valued at about $203,000. 96.69% of the stock is owned by institutional investors.
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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