CONMED (NASDAQ:CNMD) posted its quarterly earnings data on Thursday. The medical technology company reported $0.46 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.45 by $0.01, Briefing.com reports. The firm had revenue of $202.30 million during the quarter, compared to analysts’ expectations of $198.51 million. CONMED had a return on equity of 9.51% and a net margin of 8.85%. The business’s quarterly revenue was up 6.4% on a year-over-year basis. During the same quarter last year, the firm earned $0.42 EPS. CONMED updated its FY 2018 guidance to $2.15-2.20 EPS and its FY18 guidance to $2.15-2.20 EPS.
Shares of NASDAQ CNMD traded down $2.90 during trading on Friday, reaching $67.04. 453,627 shares of the company traded hands, compared to its average volume of 179,548. The firm has a market capitalization of $1.95 billion, a P/E ratio of 35.47, a PEG ratio of 2.78 and a beta of 0.51. CONMED has a 12-month low of $49.22 and a 12-month 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.
The business also recently disclosed a quarterly dividend, which was paid on Monday, October 8th. Shareholders of record on Friday, September 14th were paid a dividend of $0.20 per share. The ex-dividend date was Thursday, September 13th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.19%. CONMED’s payout ratio is currently 42.33%.
In other CONMED news, VP Stanley W. Peters III sold 1,500 shares of CONMED stock in a transaction dated Friday, September 14th. The stock was sold at an average price of $80.43, for a total transaction of $120,645.00. Following the completion of the transaction, the vice president now owns 1,496 shares in the company, valued at approximately $120,323.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Peter K. Shagory sold 2,500 shares of CONMED stock in a transaction dated 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 owns 3,655 shares of the company’s stock, valued at approximately $292,400. The disclosure for this sale can be found here. Company insiders own 3.13% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. BlackRock Inc. raised its stake in shares of CONMED by 5.6% during the 2nd quarter. BlackRock Inc. now owns 3,759,374 shares of the medical technology company’s stock valued at $275,184,000 after buying an additional 201,044 shares during the last quarter. Bank of New York Mellon Corp increased its stake in shares of CONMED by 1.0% in the 2nd quarter. Bank of New York Mellon Corp now owns 404,036 shares of the medical technology company’s stock valued at $29,574,000 after purchasing an additional 3,964 shares in the last quarter. Hood River Capital Management LLC purchased a new position in shares of CONMED in the 2nd quarter valued at about $25,372,000. FMR LLC purchased a new position in shares of CONMED in the 2nd quarter valued at about $20,992,000. Finally, Granahan Investment Management Inc. MA increased its stake in shares of CONMED by 35.2% in the 2nd quarter. Granahan Investment Management Inc. MA now owns 266,262 shares of the medical technology company’s stock valued at $19,490,000 after purchasing an additional 69,339 shares in the last quarter. Institutional investors and hedge funds own 96.69% of the company’s stock.
A number of brokerages recently issued reports on CNMD. BidaskClub upgraded CONMED from a “sell” rating to a “hold” rating in a research note on Wednesday, October 17th. Zacks Investment Research upgraded CONMED from a “sell” rating to a “hold” rating in a research note on Wednesday, October 3rd. Needham & Company LLC raised their target price on CONMED from $73.00 to $83.00 and gave the stock a “buy” rating in a research note on Thursday, August 2nd. Finally, Barclays set a $78.00 target price on CONMED and gave the stock an “equal weight” rating in a research note on Tuesday, October 16th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $74.40.
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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