CONMED Corporation (CNMD) Expected to Announce Quarterly Sales of $211.29 Million
Brokerages predict that CONMED Corporation (NASDAQ:CNMD) will report $211.29 million in sales for the current fiscal quarter, according to Zacks. Three analysts have issued estimates for CONMED Corporation’s earnings, with estimates ranging from $208.48 million to $213.40 million. CONMED Corporation posted sales of $204.09 million in the same quarter last year, which suggests a positive year over year growth rate of 3.5%. The business is scheduled to report its next earnings results on Wednesday, February 7th.
According to Zacks, analysts expect that CONMED Corporation will report full-year sales of $211.29 million for the current fiscal year, with estimates ranging from $780.27 million to $787.30 million. For the next fiscal year, analysts expect that the business will report sales of $805.68 million per share, with estimates ranging from $800.00 million to $810.20 million. Zacks’ sales averages are a mean average based on a survey of sell-side analysts that cover CONMED Corporation.
CONMED Corporation (NASDAQ:CNMD) last issued its quarterly earnings data on Thursday, November 2nd. The medical technology company reported $0.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.41 by $0.01. The company had revenue of $190.10 million for the quarter, compared to analyst estimates of $187.13 million. CONMED Corporation had a return on equity of 8.40% and a net margin of 1.99%. The business’s quarterly revenue was up 2.9% compared to the same quarter last year. During the same quarter last year, the company posted $0.41 earnings per share.
Several equities analysts have issued reports on CNMD shares. KeyCorp reaffirmed a “hold” rating on shares of CONMED Corporation in a report on Friday, August 25th. Needham & Company LLC reaffirmed a “buy” rating and set a $57.00 price objective on shares of CONMED Corporation in a report on Friday, September 1st. Zacks Investment Research lowered CONMED Corporation from a “hold” rating to a “sell” rating in a report on Friday, July 28th. Piper Jaffray Companies reaffirmed a “hold” rating and set a $46.00 price objective on shares of CONMED Corporation in a report on Friday, November 3rd. Finally, TheStreet raised CONMED Corporation from a “c+” rating to a “b-” rating in a report on Thursday, August 3rd. Two analysts have rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $50.33.
In other news, EVP Luke A. Pomilio sold 10,020 shares of the stock in a transaction dated Friday, November 3rd. The shares were sold at an average price of $53.57, for a total transaction of $536,771.40. Following the completion of the sale, the executive vice president now owns 44,472 shares in the company, valued at $2,382,365.04. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Luke A. Pomilio sold 12,429 shares of the stock in a transaction dated 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 approximately $2,302,956.18. The disclosure for this sale can be found here. Insiders have sold 51,812 shares of company stock valued at $2,654,756 in the last quarter. Insiders own 2.62% of the company’s stock.
A number of large investors have recently made changes to their positions in the stock. Epoch Investment Partners Inc. lifted its position in CONMED Corporation 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 period. Pinebridge Investments L.P. lifted its position in CONMED Corporation 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 period. OxFORD Asset Management LLP acquired a new stake in CONMED Corporation in the third quarter valued at about $294,000. Schwab Charles Investment Management Inc. lifted its position in CONMED Corporation by 4.6% in the third quarter. Schwab Charles Investment Management Inc. now owns 174,980 shares of the medical technology company’s stock valued at $9,182,000 after purchasing an additional 7,642 shares during the period. Finally, Wells Fargo & Company MN lifted its position in CONMED Corporation by 34.8% in the third quarter. Wells Fargo & Company MN now owns 40,224 shares of the medical technology company’s stock valued at $2,111,000 after purchasing an additional 10,394 shares during the period. Hedge funds and other institutional investors own 98.74% of the company’s stock.
CONMED Corporation (NASDAQ CNMD) opened at $50.24 on Tuesday. The stock has a market capitalization of $1,390.83, a PE ratio of 28.45, a price-to-earnings-growth ratio of 3.14 and a beta of 0.66. CONMED Corporation has a twelve month low of $39.74 and a twelve month high of $54.47. The company has a current ratio of 2.56, a quick ratio of 1.49 and a debt-to-equity ratio of 0.84.
About CONMED Corporation
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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