Zacks Investment Research upgraded shares of CONMED (NASDAQ:CNMD) from a sell rating to a hold rating in a research note released on Tuesday, November 14th.
According to Zacks, “Despite exiting the third quarter CONMED on a promising note, 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 a little overvalued at the moment. However, the stock has outperformed the broader industry in terms of price performance year to date. 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 which drove third-quarter sales. 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.”
CNMD has been the topic of several other research reports. BidaskClub cut shares of CONMED from a sell rating to a strong sell rating in a research note on Saturday, August 5th. TheStreet raised shares of CONMED from a c+ rating to a b- rating in a research note on Thursday, August 3rd. Needham & Company LLC raised their target price on shares of CONMED from $54.00 to $57.00 and gave the company a buy rating in a research note on Thursday, July 27th. KeyCorp reissued a hold rating on shares of CONMED in a research note on Friday, August 25th. Finally, 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. One investment analyst has rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the stock. The stock has an average rating of Hold and an average price target of $50.67.
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, topping the Zacks’ consensus estimate of $0.41 by $0.01. CONMED had a net margin of 1.99% and a return on equity of 8.40%. The business had revenue of $190.10 million for the quarter, compared to analysts’ expectations of $187.13 million. During the same quarter last year, the company earned $0.41 EPS. The company’s revenue for the quarter was up 2.9% compared to the same quarter last year. analysts expect that CONMED will post 1.86 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 5th. Stockholders of record on Friday, December 15th will be given a dividend of $0.20 per share. The ex-dividend date of this dividend is Thursday, December 14th. This represents a $0.80 annualized dividend and a dividend yield of 1.52%. CONMED’s dividend payout ratio (DPR) is 142.86%.
In other CONMED news, EVP Luke A. Pomilio sold 10,020 shares of the firm’s stock in a transaction dated Friday, November 3rd. The shares were sold at an average price of $53.57, for a total value of $536,771.40. Following the completion of the transaction, the executive vice president now directly owns 44,472 shares in the company, valued at $2,382,365.04. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Luke A. Pomilio sold 12,429 shares of the firm’s 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 sale, the chief financial officer now owns 45,486 shares of the company’s stock, valued at $2,302,956.18. The disclosure for this sale can be found here. Over the last quarter, insiders sold 51,812 shares of company stock valued at $2,654,756. Corporate insiders own 2.62% of the company’s stock.
Several hedge funds have recently bought and sold shares of CNMD. Public Employees Retirement System of Ohio boosted its holdings in shares of 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 worth $103,000 after purchasing an additional 64 shares during the period. SG Americas Securities LLC bought a new position in CONMED during the second quarter valued at approximately $111,000. Quantbot Technologies LP bought a new position in CONMED during the third quarter valued at approximately $133,000. Pillar Pacific Capital Management LLC bought a new position in CONMED during the second quarter valued at approximately $229,000. Finally, State of Alaska Department of Revenue raised its position in CONMED by 79.3% during the second quarter. State of Alaska Department of Revenue now owns 4,896 shares of the medical technology company’s stock valued at $249,000 after acquiring an additional 2,166 shares in the last quarter. Institutional investors and hedge funds own 99.02% of the company’s stock.
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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