CONMED Corporation (CNMD) Lifted to Hold at Zacks Investment Research
CONMED Corporation (NASDAQ:CNMD) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Tuesday.
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.”
A number of other analysts have also recently issued reports on the company. KeyCorp reissued a “hold” rating on shares of CONMED Corporation in a research report on Friday, August 25th. Needham & Company LLC reissued a “buy” rating and issued a $57.00 target price on shares of CONMED Corporation in a research report on Friday, September 1st. Piper Jaffray Companies reissued a “hold” rating and issued a $46.00 target price on shares of CONMED Corporation in a research report on Friday, November 3rd. TheStreet raised CONMED Corporation from a “c+” rating to a “b-” rating in a research report on Thursday, August 3rd. Finally, BidaskClub cut CONMED Corporation from a “hold” rating to a “sell” rating in a research report on Thursday, July 27th. One analyst has rated the stock with a sell rating, five have given a hold rating and one has assigned a buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $50.33.
Shares of CONMED Corporation (CNMD) traded up $0.45 during midday trading on Tuesday, hitting $50.24. The company had a trading volume of 56,900 shares, compared to its average volume of 127,855. The firm has a market cap of $1,390.83, a PE ratio of 28.45, a PEG ratio of 3.14 and a beta of 0.66. The company has a current ratio of 2.56, a quick ratio of 1.49 and a debt-to-equity ratio of 0.84. CONMED Corporation has a 1 year low of $39.74 and a 1 year high of $54.47.
CONMED Corporation (NASDAQ:CNMD) last announced its earnings results on Thursday, November 2nd. The medical technology company reported $0.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.41 by $0.01. The firm had revenue of $190.10 million during the quarter, compared to analysts’ expectations of $187.13 million. CONMED Corporation had a return on equity of 8.40% and a net margin of 1.99%. The business’s revenue was up 2.9% on a year-over-year basis. During the same period in the prior year, the firm earned $0.41 EPS. research analysts forecast that CONMED Corporation will post 1.87 EPS for the current year.
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In other CONMED Corporation news, 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 transaction of $1,488,704.10. Following the completion of the sale, the executive vice president now directly owns 45,486 shares of the company’s stock, valued at approximately $2,306,140.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Luke A. Pomilio sold 10,020 shares of the stock in a transaction that occurred on Friday, November 3rd. The stock was sold at an average price of $53.57, for a total value of $536,771.40. Following the sale, the executive vice president now directly owns 44,472 shares of the company’s stock, valued at $2,382,365.04. The disclosure for this sale can be found here. Insiders have sold a total of 51,812 shares of company stock valued at $2,654,756 over the last ninety days. 2.62% of the stock is owned by insiders.
A number of institutional investors have recently bought and sold shares of the business. Public Employees Retirement System of Ohio raised its stake in shares of CONMED Corporation by 3.3% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 2,022 shares of the medical technology company’s stock worth $103,000 after buying an additional 64 shares in the last quarter. SG Americas Securities LLC purchased a new position in shares of CONMED Corporation during the 2nd quarter worth approximately $111,000. Quantbot Technologies LP purchased a new position in shares of CONMED Corporation during the 3rd quarter worth approximately $133,000. Pillar Pacific Capital Management LLC purchased a new position in shares of CONMED Corporation during the 2nd quarter worth approximately $229,000. Finally, State of Alaska Department of Revenue raised its stake in shares of CONMED Corporation by 79.3% during the 2nd quarter. State of Alaska Department of Revenue now owns 4,896 shares of the medical technology company’s stock worth $249,000 after buying an additional 2,166 shares in the last quarter. 98.74% of the stock is owned by institutional investors.
CONMED Corporation 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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