Zacks Investment Research upgraded shares of CONMED (NASDAQ:CNMD) from a hold rating to a buy rating in a research note released on Tuesday. The brokerage currently has $60.00 price target on the medical technology company’s stock.
According to Zacks, “CONMED has underperformed the broader industry in terms of price performance in the last year. However, strength in General Surgery business on the back of strong performances by Advanced Surgical and Endoscopic Technologies buoys optimism. We are also upbeat about the favorable foreign exchange movements. Solid revenue guidance is indicative of brighter prospects. CONMED is also benefiting from the increasing trend of using minimally invasive techniques as a large percentage of the company’s products are designed for these procedures. On the flipside, declining sales from Orthopedic surgery is a concern. The company operates in a highly competitive environment, adding to our woes. Lower healthcare spending buoyed by the ongoing political conundrum in the U.S. healthcare space is a headwind. CONMED’s stock looks much overvalued at the moment.”
A number of other analysts have also recently issued reports on CNMD. Piper Jaffray Companies reissued a hold rating and set a $46.00 target price on shares of CONMED in a research note on Friday, November 3rd. KeyCorp reissued a hold rating on shares of CONMED in a research note on Friday, November 3rd. Needham & Company LLC reissued a buy rating and set a $58.00 target price on shares of CONMED in a research note on Friday, November 17th. Finally, BidaskClub cut CONMED from a hold rating to a sell rating in a research note on Tuesday, December 12th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the company’s stock. The stock currently has an average rating of Hold and a consensus target price of $53.00.
CONMED (NASDAQ:CNMD) last announced its quarterly earnings results on Thursday, November 2nd. The medical technology company reported $0.42 EPS for the quarter, beating analysts’ consensus estimates of $0.41 by $0.01. The company had revenue of $190.10 million during the quarter, compared to analysts’ expectations of $187.13 million. CONMED had a return on equity of 8.40% and a net margin of 1.99%. CONMED’s revenue was up 2.9% on a year-over-year basis. During the same period in the prior year, the business posted $0.41 EPS. sell-side analysts predict that CONMED will post 1.86 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Friday, January 5th. Investors of record on Friday, December 15th were paid a dividend of $0.20 per share. The ex-dividend date was Thursday, December 14th. This represents a $0.80 dividend on an annualized basis and a yield of 1.42%. CONMED’s payout ratio is 145.45%.
In related news, CFO Luke A. Pomilio sold 12,429 shares of the stock in a transaction that occurred on Tuesday, November 7th. The stock was 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 of the company’s stock, valued at approximately $2,302,956.18. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Luke A. Pomilio sold 29,363 shares of the stock in a transaction that occurred on Thursday, November 9th. The stock was 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 directly owns 45,486 shares of the company’s stock, valued at $2,306,140.20. The disclosure for this sale can be found here. Over the last three months, insiders have sold 51,812 shares of company stock valued at $2,654,756. 2.62% of the stock is owned by company insiders.
Large investors have recently added to or reduced their stakes in the business. Piedmont Investment Advisors LLC acquired a new position in CONMED during the 2nd quarter worth approximately $273,000. Swiss National Bank boosted its position in CONMED by 6.1% during the 2nd quarter. Swiss National Bank now owns 41,700 shares of the medical technology company’s stock worth $2,124,000 after acquiring an additional 2,400 shares during the last quarter. Macquarie Group Ltd. boosted its position in CONMED by 13.9% during the 3rd quarter. Macquarie Group Ltd. now owns 731,957 shares of the medical technology company’s stock worth $38,406,000 after acquiring an additional 89,078 shares during the last quarter. Prudential Financial Inc. boosted its position in CONMED by 65.8% during the 3rd quarter. Prudential Financial Inc. now owns 118,365 shares of the medical technology company’s stock worth $6,211,000 after acquiring an additional 46,956 shares during the last quarter. Finally, Rothschild Asset Management Inc. boosted its position in CONMED by 52.5% during the 3rd quarter. Rothschild Asset Management Inc. now owns 53,721 shares of the medical technology company’s stock worth $2,819,000 after acquiring an additional 18,489 shares during the last quarter. 99.02% of the stock is owned by hedge funds and other institutional investors.
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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