Conmed Corp. (CNMD) Trading Down 16.1%
Conmed Corp. (NASDAQ:CNMD)’s share price traded down 16.1% during mid-day trading on Thursday . The stock traded as low as $38.30 and last traded at $40.43, with a volume of 1,096,488 shares changing hands. The stock had previously closed at $48.20.
Several equities analysts have recently issued reports on the company. Zacks Investment Research lowered Conmed Corp. from a “buy” rating to a “hold” rating in a research note on Tuesday, July 12th. Leerink Swann lowered Conmed Corp. from an “outperform” rating to a “market perform” rating and decreased their price target for the company from $56.00 to $47.00 in a research note on Thursday. Finally, Needham & Company LLC lifted their price target on Conmed Corp. from $48.00 to $49.00 and gave the company a “buy” rating in a research note on Thursday, April 28th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and three have given a buy rating to the company’s stock. Conmed Corp. has an average rating of “Hold” and an average price target of $49.33.
The firm has a 50 day moving average price of $46.34 and a 200 day moving average price of $41.82. The stock has a market cap of $1.13 billion and a price-to-earnings ratio of 65.65.
Conmed Corp. (NASDAQ:CNMD) last posted its quarterly earnings data on Wednesday, July 27th. The medical technology company reported $0.47 EPS for the quarter, beating the consensus estimate of $0.46 by $0.01. The firm earned $193.40 million during the quarter, compared to analysts’ expectations of $191.48 million. Conmed Corp.’s revenue for the quarter was up 6.8% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.36 EPS. Equities research analysts forecast that Conmed Corp. will post $1.90 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, July 6th. Investors of record on Wednesday, June 15th were paid a $0.20 dividend. The ex-dividend date of this dividend was Monday, June 13th. This represents a $0.80 annualized dividend and a yield of 1.97%.
In related news, CFO Luke A. Pomilio sold 4,400 shares of the company’s stock in a transaction that occurred on Friday, June 3rd. The stock was sold at an average price of $41.56, for a total value of $182,864.00. Following the transaction, the chief financial officer now owns 41,884 shares in the company, valued at $1,740,699.04. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website.
Other institutional investors have recently bought and sold shares of the company. Dimensional Fund Advisors LP increased its position in Conmed Corp. by 0.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,335,120 shares of the medical technology company’s stock valued at $102,862,000 after buying an additional 20,204 shares during the last quarter. Turner Investments L.P. bought a new stake in Conmed Corp. during the fourth quarter valued at about $2,847,000. Principal Financial Group Inc. increased its stake in Conmed Corp. by 8.0% in the fourth quarter. Principal Financial Group Inc. now owns 175,360 shares of the medical technology company’s stock valued at $7,725,000 after buying an additional 13,053 shares in the last quarter. State of Wisconsin Investment Board increased its stake in Conmed Corp. by 0.9% in the fourth quarter. State of Wisconsin Investment Board now owns 164,370 shares of the medical technology company’s stock valued at $7,240,000 after buying an additional 1,476 shares in the last quarter. Finally, Rhumbline Advisers increased its stake in Conmed Corp. by 2.9% in the fourth quarter. Rhumbline Advisers now owns 54,772 shares of the medical technology company’s stock valued at $2,413,000 after buying an additional 1,555 shares in the last quarter.
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. Its products are used by surgeons and physicians in a range of specialties, including orthopedics, general surgery, gynecology, neurosurgery and gastroenterology.
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