Zacks Investment Research Upgrades Conmed Corp. (CNMD) to Hold
Conmed Corp. (NASDAQ:CNMD) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Tuesday.
According to Zacks, “CONMED Corporation reported impressive second-quarter 2016 results. Both earnings and revenues surpassed the Zacks Consensus Estimate and increased on a year-over-year basis. The general surgery and surgical visualization unit reported a stellar performance in the quarter. However, the company reduced its full-year 2016 guidance primairly due to lower organic growth. Moreover, unfavorable foreign currency exchange rate is expected to hurt top-line growth. Nevertheless, the company anticipates strong revenue contribution from the AirSeal system (SurgiQuest) for full-year 2016.”
Separately, Leerink Swann lowered Conmed Corp. from an “outperform” rating to a “market perform” rating and cut their target price for the company from $56.00 to $47.00 in a research report on Thursday, July 28th. Three equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Conmed Corp. currently has an average rating of “Buy” and an average target price of $49.00.
Conmed Corp. (NASDAQ:CNMD) opened at 40.51 on Tuesday. The firm has a market capitalization of $1.13 billion, a price-to-earnings ratio of 65.44 and a beta of 0.84. Conmed Corp. has a one year low of $35.51 and a one year high of $51.90. The stock’s 50 day moving average price is $40.04 and its 200-day moving average price is $42.24.
Conmed Corp. (NASDAQ:CNMD) last announced its earnings results on Wednesday, July 27th. The medical technology company reported $0.47 EPS for the quarter, beating the consensus estimate of $0.46 by $0.01. Conmed Corp. had a return on equity of 8.11% and a net margin of 2.36%. The company had revenue of $193.40 million for the quarter, compared to analyst estimates of $191.48 million. During the same quarter in the prior year, the company earned $0.36 EPS. The firm’s revenue for the quarter was up 6.8% compared to the same quarter last year. On average, equities research analysts expect that Conmed Corp. will post $1.87 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 5th. Investors of record on Thursday, September 15th will be paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 1.97%. The ex-dividend date of this dividend is Tuesday, September 13th. Conmed Corp.’s dividend payout ratio (DPR) is currently 129.03%.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Macquarie Group Ltd. increased its stake in shares of Conmed Corp. by 22.7% in the second quarter. Macquarie Group Ltd. now owns 535,880 shares of the medical technology company’s stock valued at $25,578,000 after buying an additional 99,040 shares during the period. Mason Street Advisors LLC bought a new stake in shares of Conmed Corp. during the second quarter valued at approximately $241,000. Schwab Charles Investment Management Inc. increased its stake in shares of Conmed Corp. by 6.5% in the second quarter. Schwab Charles Investment Management Inc. now owns 128,959 shares of the medical technology company’s stock valued at $6,156,000 after buying an additional 7,898 shares during the period. Point72 Asset Management L.P. bought a new stake in shares of Conmed Corp. during the second quarter valued at approximately $13,594,000. Finally, Arizona State Retirement System increased its stake in shares of Conmed Corp. by 1.5% in the second quarter. Arizona State Retirement System now owns 13,403 shares of the medical technology company’s stock valued at $640,000 after buying an additional 200 shares during the period. 98.80% of the stock is currently owned by institutional investors and hedge funds.
Conmed Corp. 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. Its products are used by surgeons and physicians in a range of specialties, including orthopedics, general surgery, gynecology, neurosurgery and gastroenterology.
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