CONMED (CNMD) Hits New 52-Week High at $55.67

CONMED Co. (NASDAQ:CNMD) shares hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $55.67 and last traded at $54.14, with a volume of 170800 shares. The stock had previously closed at $53.42.

Several research analysts recently issued reports on the stock. Zacks Investment Research lowered shares of CONMED from a “buy” rating to a “hold” rating in a research note on Thursday. BidaskClub raised shares of CONMED from a “strong sell” rating to a “sell” rating in a research note on Tuesday. Piper Jaffray Companies reaffirmed a “hold” rating and issued a $46.00 price objective on shares of CONMED in a research note on Friday, November 3rd. KeyCorp reaffirmed a “hold” rating on shares of CONMED in a research note 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 note on Friday, November 17th. One 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’s stock. CONMED currently has a consensus rating of “Hold” and a consensus target price of $53.00.

The firm has a market capitalization of $1,490.00, a P/E ratio of 102.69, a price-to-earnings-growth ratio of 3.00 and a beta of 0.66. The company has a debt-to-equity ratio of 0.84, a quick ratio of 1.49 and a current ratio of 2.56.

CONMED (NASDAQ:CNMD) last released its quarterly earnings data 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 firm 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 business’s quarterly revenue was up 2.9% compared to the same quarter last year. equities analysts forecast that CONMED Co. will post 1.86 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, January 5th. Shareholders of record on Friday, December 15th were paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.42%. The ex-dividend date was Thursday, December 14th. CONMED’s dividend payout ratio (DPR) is 145.45%.

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

Several hedge funds have recently made changes to their positions in the company. GSA Capital Partners LLP raised its holdings in shares of CONMED by 32.0% in the third quarter. GSA Capital Partners LLP now owns 20,231 shares of the medical technology company’s stock valued at $1,062,000 after purchasing an additional 4,906 shares during the last quarter. California Public Employees Retirement System raised its holdings in shares of CONMED by 7.7% in the third quarter. California Public Employees Retirement System now owns 75,416 shares of the medical technology company’s stock valued at $3,957,000 after purchasing an additional 5,416 shares during the last quarter. Granahan Investment Management Inc. MA raised its holdings in shares of CONMED by 7.0% in the third quarter. Granahan Investment Management Inc. MA now owns 103,176 shares of the medical technology company’s stock valued at $5,414,000 after purchasing an additional 6,791 shares during the last quarter. Epoch Investment Partners Inc. raised its holdings in shares of CONMED by 2.1% in the third quarter. Epoch Investment Partners Inc. now owns 232,576 shares of the medical technology company’s stock valued at $12,203,000 after purchasing an additional 4,839 shares during the last quarter. Finally, Pinebridge Investments L.P. raised its holdings in shares of CONMED by 30.1% in the third quarter. Pinebridge Investments L.P. now owns 27,316 shares of the medical technology company’s stock valued at $1,433,000 after purchasing an additional 6,313 shares during the last quarter. Institutional investors own 99.02% of the company’s stock.

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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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