CONMED (CNMD) Lowered to Strong Sell at BidaskClub

BidaskClub downgraded shares of CONMED (NASDAQ:CNMD) from a sell rating to a strong sell rating in a research note released on Wednesday.

CNMD has been the topic of several other research reports. Zacks Investment Research raised shares of CONMED from a sell rating to a hold rating in a research report on Tuesday, November 14th. KeyCorp reaffirmed a hold rating on shares of CONMED in a research report on Friday, November 3rd. Piper Jaffray Companies reaffirmed a hold rating and issued a $46.00 price objective on shares of CONMED in a research report on Friday, November 3rd. Finally, Needham & Company LLC reaffirmed a buy rating and issued a $58.00 price objective on shares of CONMED in a research report on Friday, November 17th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the company. CONMED presently has an average rating of Hold and an average target price of $50.67.

CONMED (NASDAQ CNMD) opened at $50.72 on Wednesday. The company has a current ratio of 2.56, a quick ratio of 1.49 and a debt-to-equity ratio of 0.84. CONMED has a 12-month low of $39.74 and a 12-month high of $54.77. The firm has a market cap of $1,420.00, a PE ratio of 92.22, a P/E/G ratio of 3.27 and a beta of 0.66.

CONMED (NASDAQ:CNMD) last released its quarterly earnings results on Thursday, November 2nd. The medical technology company reported $0.42 earnings per share for the quarter, beating analysts’ consensus estimates of $0.41 by $0.01. CONMED had a net margin of 1.99% and a return on equity of 8.40%. The company had revenue of $190.10 million for the quarter, compared to analyst estimates of $187.13 million. During the same period last year, the firm earned $0.41 earnings per share. The firm’s revenue was up 2.9% on a year-over-year basis. research analysts predict that CONMED will post 1.84 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 5th. Shareholders of record on Friday, December 15th will be given a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 1.58%. The ex-dividend date is Thursday, December 14th. CONMED’s dividend payout ratio is 145.45%.

In other news, EVP Luke A. Pomilio sold 29,363 shares of the business’s stock in a transaction that occurred on Thursday, November 9th. The shares were sold at an average price of $50.70, for a total value of $1,488,704.10. Following the sale, the executive vice president now owns 45,486 shares of the company’s stock, valued at $2,306,140.20. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CFO Luke A. Pomilio sold 12,429 shares of the business’s stock in a transaction that occurred on Tuesday, November 7th. The shares were sold at an average price of $50.63, for a total transaction of $629,280.27. Following the completion of the sale, the chief financial officer now directly owns 45,486 shares in the company, valued at approximately $2,302,956.18. The disclosure for this sale can be found here. In the last three months, insiders sold 51,812 shares of company stock worth $2,654,756. Insiders own 2.62% of the company’s stock.

Large investors have recently modified their holdings of the stock. Public Employees Retirement System of Ohio grew its stake in CONMED by 3.3% during the second quarter. Public Employees Retirement System of Ohio now owns 2,022 shares of the medical technology company’s stock valued at $103,000 after acquiring an additional 64 shares in the last quarter. SG Americas Securities LLC purchased a new position in CONMED during the second quarter valued at approximately $111,000. Quantbot Technologies LP purchased a new position in CONMED during the third quarter valued at approximately $133,000. Aperio Group LLC grew its stake in CONMED by 10.7% during the second quarter. Aperio Group LLC now owns 5,034 shares of the medical technology company’s stock valued at $256,000 after acquiring an additional 487 shares in the last quarter. Finally, Piedmont Investment Advisors LLC purchased a new position in CONMED during the second quarter valued at approximately $273,000. 99.02% of the stock is owned by institutional investors.

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CONMED Company Profile

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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