Zacks Investment Research upgraded shares of CONMED Corporation (NASDAQ:CNMD) from a sell rating to a hold rating in a report released on Tuesday morning.
According to Zacks, “Year-to-date, CONMED Corporation has outperformed the broader industry trends in terms of price performance. CONMED’s broad line of surgical products and several new devices including innovative sports medicine products, endo-mechanical offerings, a new electrosurgical council and the latest 2D Arthroscopy video system hold promise at the moment. With increased product offerings, the company can accelerate its top line in the quarters to come. On the flipside, foreign exchange movements have been unfavorably impacting the company’s results of late. Additionally, the company operates in a highly competitive environment which is likely to mar the top-line growth. Furthermore lower healthcare spending buoyed by the ongoing political conundrum in the U.S. healthcare space would mar CONMED’s top line.CONMED stock looks a tad overvalued at the moment.”
A number of other analysts have also recently issued reports on CNMD. BidaskClub cut shares of CONMED Corporation from a sell rating to a strong sell rating in a research note on Saturday, August 5th. TheStreet upgraded shares of CONMED Corporation from a c+ rating to a b- rating in a research note on Thursday, August 3rd. Needham & Company LLC lifted their target price on shares of CONMED Corporation from $54.00 to $57.00 and gave the company a buy rating in a research note on Thursday, July 27th. Finally, KeyCorp reiterated a hold rating on shares of CONMED Corporation in a research note on Friday, August 25th. One analyst has rated the stock with a sell rating, five have issued a hold rating and one has assigned a buy rating to the company. The company has an average rating of Hold and a consensus price target of $50.33.
Shares of CONMED Corporation (NASDAQ:CNMD) opened at $53.37 on Tuesday. The company has a debt-to-equity ratio of 0.83, a current ratio of 2.62 and a quick ratio of 1.57. The stock has a market capitalization of $1.49 billion, a price-to-earnings ratio of 30.41, a P/E/G ratio of 3.35 and a beta of 0.66.
CONMED Corporation (NASDAQ:CNMD) last announced its quarterly earnings data on Thursday, November 2nd. The medical technology company reported $0.42 EPS for the quarter, beating the Zacks’ consensus estimate of $0.41 by $0.01. The firm had revenue of $190.10 million for the quarter, compared to the consensus estimate of $187.13 million. CONMED Corporation had a net margin of 1.99% and a return on equity of 8.43%. The firm’s revenue was up 2.9% on a year-over-year basis. During the same period in the previous year, the firm posted $0.41 earnings per share. equities analysts expect that CONMED Corporation will post 1.87 EPS for the current year.
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The firm also recently announced a quarterly dividend, which was paid on Thursday, October 5th. Shareholders of record on Friday, September 15th were paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 1.50%. The ex-dividend date of this dividend was Thursday, September 14th. CONMED Corporation’s dividend payout ratio (DPR) is presently 142.86%.
In other news, Director Jo Ann Golden sold 3,000 shares of the business’s stock in a transaction on Monday, August 14th. The shares were sold at an average price of $50.00, for a total value of $150,000.00. Following the completion of the sale, the director now directly owns 19,782 shares in the company, valued at $989,100. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 2.62% of the stock is owned by insiders.
Several institutional investors have recently modified their holdings of the company. BNP Paribas Arbitrage SA lifted its stake in shares of CONMED Corporation by 45.5% in the third quarter. BNP Paribas Arbitrage SA now owns 14,166 shares of the medical technology company’s stock worth $743,000 after buying an additional 4,432 shares during the last quarter. Bessemer Group Inc. lifted its stake in shares of CONMED Corporation by 11.4% in the third quarter. Bessemer Group Inc. now owns 38,662 shares of the medical technology company’s stock worth $2,029,000 after buying an additional 3,956 shares during the last quarter. Prudential Financial Inc. lifted its stake in shares of CONMED Corporation by 65.8% in the third quarter. Prudential Financial Inc. now owns 118,365 shares of the medical technology company’s stock worth $6,211,000 after buying an additional 46,956 shares during the last quarter. BT Investment Management Ltd lifted its stake in shares of CONMED Corporation by 69.9% in the third quarter. BT Investment Management Ltd now owns 25,197 shares of the medical technology company’s stock worth $1,322,000 after buying an additional 10,370 shares during the last quarter. Finally, Victory Capital Management Inc. lifted its stake in shares of CONMED Corporation by 5.4% in the third quarter. Victory Capital Management Inc. now owns 2,180,586 shares of the medical technology company’s stock worth $114,415,000 after buying an additional 111,096 shares during the last quarter. Institutional investors and hedge funds own 98.36% of the company’s stock.
About CONMED Corporation
CONMED Corporation is a medical technology company. The Company is engaged in the development, manufacturing and sale on a global basis of surgical devices and related equipment. The Company provides surgical devices and equipment for minimally invasive procedures. The Company’s products are used by surgeons and physicians in a range of specialties, including orthopedics, general surgery, gynecology, neurosurgery and gastroenterology.
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