CONMED Co. (NASDAQ:CNMD) – Investment analysts at Piper Jaffray Companies raised their Q1 2019 earnings estimates for CONMED in a research note issued to investors on Thursday, November 1st. Piper Jaffray Companies analyst M. O’brien now expects that the medical technology company will post earnings per share of $0.50 for the quarter, up from their prior estimate of $0.49. Piper Jaffray Companies also issued estimates for CONMED’s Q2 2019 earnings at $0.55 EPS.
A number of other equities analysts also recently issued reports on the company. BidaskClub downgraded CONMED from a “hold” rating to a “sell” rating in a research report on Friday, November 2nd. Barclays set a $78.00 price target on CONMED and gave the stock an “equal weight” rating in a research report on Tuesday, October 16th. Zacks Investment Research upgraded CONMED from a “sell” rating to a “hold” rating in a research report on Wednesday, October 3rd. Finally, Leerink Swann increased their price target 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 investment analyst has rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $81.50.
Shares of CNMD stock opened at $68.33 on Monday. The company has a market cap of $1.88 billion, a price-to-earnings ratio of 36.15, a price-to-earnings-growth ratio of 2.69 and a beta of 0.68. The company has a current ratio of 1.97, a quick ratio of 1.15 and a debt-to-equity ratio of 0.67. CONMED has a 12-month low of $49.22 and a 12-month high of $83.49.
CONMED (NASDAQ:CNMD) last issued its quarterly earnings results on Thursday, November 1st. The medical technology company reported $0.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.45 by $0.01. The company had revenue of $202.30 million for the quarter, compared to the consensus estimate of $198.51 million. CONMED had a return on equity of 9.55% and a net margin of 8.56%. CONMED’s revenue for the quarter was up 6.4% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.42 earnings per share.
The firm also recently declared a quarterly dividend, which was paid on Monday, October 8th. Shareholders of record on Friday, September 14th were given a dividend of $0.20 per share. The ex-dividend date of this dividend was Thursday, September 13th. This represents a $0.80 dividend on an annualized basis and a yield of 1.17%. CONMED’s dividend payout ratio is currently 42.33%.
In other news, EVP Peter K. Shagory sold 2,500 shares of the firm’s stock in a transaction that occurred on Friday, August 31st. The stock was 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 in the company, valued at $292,400. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Stanley W. Peters III sold 1,500 shares of the firm’s stock in a transaction that occurred on Friday, September 14th. The shares were sold at an average price of $80.43, for a total value 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 disclosure for this sale can be found here. Corporate 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 company. Hood River Capital Management LLC acquired a new stake in shares of CONMED in the second quarter valued at approximately $25,372,000. FMR LLC acquired a new stake in shares of CONMED in the second quarter valued at approximately $20,992,000. BlackRock Inc. increased its holdings in shares of CONMED by 5.6% in the second quarter. BlackRock Inc. now owns 3,759,374 shares of the medical technology company’s stock valued at $275,184,000 after purchasing an additional 201,044 shares during the last quarter. Citadel Advisors LLC increased its holdings in shares of CONMED by 4,203.7% in the second quarter. Citadel Advisors LLC now owns 147,015 shares of the medical technology company’s stock valued at $10,761,000 after purchasing an additional 143,599 shares during the last quarter. Finally, American Century Companies Inc. acquired a new stake in shares of CONMED in the second quarter valued at approximately $5,230,000. Institutional investors and hedge funds own 96.83% of the company’s stock.
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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