CONMED (NASDAQ:CNMD) Lifted to “Buy” at Zacks Investment Research
Zacks Investment Research upgraded shares of CONMED (NASDAQ:CNMD) from a hold rating to a buy rating in a research note published on Wednesday, January 3rd. Zacks Investment Research currently has $57.00 target price on the medical technology company’s stock.
According to Zacks, “CONMED has underperformed the broader industry in terms of price performance in the last year. Nevertheless, 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. 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. On the flipside, 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.”
A number of other equities research analysts also recently weighed in on CNMD. Piper Jaffray Companies reiterated a hold rating and set a $46.00 price target on shares of CONMED in a research note on Friday, November 3rd. KeyCorp restated a hold rating on shares of CONMED in a research note on Friday, November 3rd. BidaskClub downgraded shares of CONMED from a hold rating to a sell rating in a research note on Tuesday, December 12th. Finally, Needham & Company LLC restated a buy rating and issued a $58.00 target price on shares of CONMED in a research note on Friday, November 17th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the company. CONMED has a consensus rating of Hold and a consensus price target of $53.00.
CONMED (NASDAQ:CNMD) last released its quarterly earnings results on Thursday, November 2nd. The medical technology company reported $0.42 EPS for the quarter, beating 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 company had revenue of $190.10 million for the quarter, compared to analyst estimates of $187.13 million. During the same quarter last year, the firm posted $0.41 earnings per share. The company’s quarterly revenue was up 2.9% compared to the same quarter last year. equities analysts expect that CONMED will post 1.86 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, January 5th. Shareholders of record on Friday, December 15th were issued a dividend of $0.20 per share. The ex-dividend date of this dividend was Thursday, December 14th. This represents a $0.80 annualized dividend and a yield of 1.40%. CONMED’s dividend payout ratio is currently 142.86%.
In related news, CFO Luke A. Pomilio sold 12,429 shares of the business’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 value of $629,280.27. Following the completion of the transaction, the chief financial officer now directly owns 45,486 shares in the company, valued at approximately $2,302,956.18. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Luke A. Pomilio sold 29,363 shares of the company’s stock in a transaction that occurred on Thursday, November 9th. The stock was sold at an average price of $50.70, for a total value of $1,488,704.10. Following the transaction, the executive vice president now directly owns 45,486 shares of the company’s stock, valued at approximately $2,306,140.20. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 51,812 shares of company stock valued at $2,654,756. 2.62% of the stock is currently owned by company insiders.
A number of large investors have recently added to or reduced their stakes in CNMD. Public Employees Retirement System of Ohio boosted its position in CONMED 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 acquiring an additional 64 shares during the last quarter. SG Americas Securities LLC acquired a new stake in shares of CONMED in the 2nd quarter valued at approximately $111,000. Quantbot Technologies LP acquired a new stake in shares of CONMED in the 3rd quarter valued at approximately $133,000. Piedmont Investment Advisors LLC acquired a new stake in shares of CONMED in the 2nd quarter valued at approximately $273,000. Finally, Crossmark Global Holdings Inc. acquired a new stake in shares of CONMED in the 3rd quarter valued at approximately $281,000. 99.05% of the stock is owned by hedge funds and other institutional investors.
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CONMED 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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