Zacks: Analysts Anticipate CONMED Co. (NASDAQ:CNMD) Will Post Quarterly Sales of $233.10 Million
Wall Street analysts forecast that CONMED Co. (NASDAQ:CNMD) will post sales of $233.10 million for the current fiscal quarter, according to Zacks. Four analysts have issued estimates for CONMED’s earnings. The highest sales estimate is $233.90 million and the lowest is $231.90 million. CONMED posted sales of $212.82 million in the same quarter last year, which suggests a positive year over year growth rate of 9.5%. The company is scheduled to issue its next quarterly earnings results after the market closes on Wednesday, July 31st.
On average, analysts expect that CONMED will report full-year sales of $945.15 million for the current year, with estimates ranging from $944.19 million to $946.10 million. For the next year, analysts expect that the company will post sales of $1.01 billion, with estimates ranging from $1.00 billion to $1.01 billion. Zacks’ sales averages are an average based on a survey of analysts that follow CONMED.
CONMED (NASDAQ:CNMD) last issued its earnings results on Wednesday, April 24th. The medical technology company reported $0.57 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.54 by $0.03. The firm had revenue of $218.38 million for the quarter, compared to analysts’ expectations of $213.95 million. CONMED had a return on equity of 9.67% and a net margin of 3.56%. The firm’s revenue for the quarter was up 8.1% compared to the same quarter last year. During the same quarter last year, the firm earned $0.53 earnings per share.
Shares of CNMD traded up $0.15 during midday trading on Friday, reaching $88.06. 154,896 shares of the company were exchanged, compared to its average volume of 227,937. The company’s 50-day moving average is $84.10. The stock has a market capitalization of $2.49 billion, a P/E ratio of 40.39, a price-to-earnings-growth ratio of 2.64 and a beta of 0.62. CONMED has a 1-year low of $56.90 and a 1-year high of $88.71. The company has a debt-to-equity ratio of 1.16, a quick ratio of 1.45 and a current ratio of 2.58.
The business also recently disclosed a quarterly dividend, which was paid on Friday, July 5th. Shareholders of record on Friday, June 14th were paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.91%. The ex-dividend date of this dividend was Thursday, June 13th. CONMED’s dividend payout ratio is presently 36.70%.
In related news, VP Stanley W. Peters III sold 1,511 shares of the business’s stock in a transaction dated Friday, April 26th. The stock was sold at an average price of $82.00, for a total value of $123,902.00. Following the transaction, the vice president now owns 618 shares in the company, valued at $50,676. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Dirk Kuyper sold 8,970 shares of the business’s stock in a transaction dated Friday, June 14th. The stock was sold at an average price of $83.00, for a total value of $744,510.00. Following the completion of the transaction, the director now owns 5,000 shares in the company, valued at approximately $415,000. The disclosure for this sale can be found here. In the last quarter, insiders sold 21,907 shares of company stock worth $1,807,208. Insiders own 4.38% of the company’s stock.
Several large investors have recently added to or reduced their stakes in CNMD. Norges Bank acquired a new position in shares of CONMED in the fourth quarter worth about $33,144,000. Principal Financial Group Inc. lifted its stake in shares of CONMED by 142.5% in the first quarter. Principal Financial Group Inc. now owns 548,342 shares of the medical technology company’s stock worth $45,611,000 after acquiring an additional 322,249 shares in the last quarter. Marshall Wace LLP lifted its stake in shares of CONMED by 148.9% in the first quarter. Marshall Wace LLP now owns 398,722 shares of the medical technology company’s stock worth $33,166,000 after acquiring an additional 238,500 shares in the last quarter. BlackRock Inc. increased its holdings in CONMED by 5.9% in the fourth quarter. BlackRock Inc. now owns 4,271,666 shares of the medical technology company’s stock valued at $274,240,000 after buying an additional 237,898 shares during the last quarter. Finally, Millennium Management LLC increased its holdings in CONMED by 693.6% in the fourth quarter. Millennium Management LLC now owns 107,796 shares of the medical technology company’s stock valued at $6,921,000 after buying an additional 94,212 shares during the last quarter. Institutional investors and hedge funds own 96.74% 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 worldwide. 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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