CONMED (NASDAQ:CNMD) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Tuesday.
According to Zacks, “CONMED outperformed the industry in a year’s time. Strong performances by Advanced Surgical and Endoscopic Technologies consistently drive the company’s top-line. We are also upbeat about the continued innovation undertaken by the company to enhance its R&D stature. 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. However, CONMED operates in a highly competitive environment, especially in the General Surgery business. Lower healthcare spending buoyed by the foreign exchange volatility is a headwind. Moreover, CONMED’s stock looks much overvalued at the moment. Pricing pressures add to the woes. The company’s high long-term debt also raises concern.”
A number of other brokerages also recently issued reports on CNMD. BidaskClub raised shares of CONMED from a “buy” rating to a “strong-buy” rating in a research report on Friday, May 4th. Needham & Company LLC boosted their price objective on shares of CONMED from $71.00 to $73.00 and gave the company a “buy” rating in a research report on Thursday, April 26th. Finally, ValuEngine raised shares of CONMED from a “hold” rating to a “buy” rating in a research report on Thursday, March 1st. Three investment analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. CONMED currently has an average rating of “Buy” and an average target price of $67.67.
Shares of CNMD stock traded down $0.77 during mid-day trading on Tuesday, reaching $74.61. 1,555 shares of the company’s stock traded hands, compared to its average volume of 188,931. CONMED has a 12 month low of $47.41 and a 12 month high of $76.63. The company has a debt-to-equity ratio of 0.69, a current ratio of 2.15 and a quick ratio of 1.23. The company has a market cap of $2.14 billion, a price-to-earnings ratio of 39.48, a PEG ratio of 3.06 and a beta of 0.60.
CONMED (NASDAQ:CNMD) last issued its quarterly earnings data on Wednesday, April 25th. The medical technology company reported $0.53 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.43 by $0.10. CONMED had a net margin of 8.71% and a return on equity of 9.46%. The firm had revenue of $202.10 million during the quarter, compared to the consensus estimate of $196.51 million. During the same quarter in the previous year, the firm posted $0.38 EPS. The company’s revenue for the quarter was up 8.3% compared to the same quarter last year. equities research analysts expect that CONMED will post 2.17 EPS for the current year.
In related news, Director Jo Ann Golden sold 5,698 shares of CONMED stock in a transaction on Friday, April 27th. The shares were sold at an average price of $65.40, for a total transaction of $372,649.20. Following the transaction, the director now owns 19,480 shares in the company, valued at approximately $1,273,992. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP Terence M. Berge sold 673 shares of CONMED stock in a transaction on Wednesday, June 13th. The shares were sold at an average price of $73.00, for a total transaction of $49,129.00. Following the transaction, the vice president now owns 19,908 shares in the company, valued at approximately $1,453,284. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 18,780 shares of company stock worth $1,243,985. 3.13% of the stock is owned by corporate insiders.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Profund Advisors LLC lifted its stake in shares of CONMED by 20.0% during the 1st quarter. Profund Advisors LLC now owns 4,713 shares of the medical technology company’s stock valued at $298,000 after buying an additional 786 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of CONMED by 72.1% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,926 shares of the medical technology company’s stock valued at $122,000 after buying an additional 807 shares in the last quarter. Schwab Charles Investment Management Inc. lifted its stake in shares of CONMED by 0.5% during the 1st quarter. Schwab Charles Investment Management Inc. now owns 184,850 shares of the medical technology company’s stock valued at $11,707,000 after buying an additional 854 shares in the last quarter. Legal & General Group Plc lifted its stake in shares of CONMED by 1.7% during the 1st quarter. Legal & General Group Plc now owns 52,894 shares of the medical technology company’s stock valued at $3,348,000 after buying an additional 889 shares in the last quarter. Finally, Swiss National Bank lifted its stake in shares of CONMED by 5.0% during the 1st quarter. Swiss National Bank now owns 43,800 shares of the medical technology company’s stock valued at $2,774,000 after buying an additional 2,100 shares in the last quarter. Institutional investors own 95.43% of the company’s stock.
CONMED Company Profile
CONMED Corporation, a medical technology company, develops, manufactures, and sells surgical devices and related equipment for minimally invasive procedures in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. The company offers orthopedic surgery products, including sports medicine products comprising powered resection instruments, arthroscopes, reconstructive systems, tissue repair sets, and metal and bioabsorbable implants, as well as related disposable products and fluid management systems; powered surgical instruments for use in bone orthopedic, arthroscopic, oral/maxillofacial, podiatric, plastic, ENT, neurological, spinal, and cardiothoracic surgeries; sports biologics and tissue products; and surgical visualization products.
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