Conmed Corp. (NASDAQ:CNMD) Given Consensus Rating of “Buy” by Analysts
Shares of Conmed Corp. (NASDAQ:CNMD) have been given a consensus rating of “Buy” by the six research firms that are covering the firm. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The average 12 month price target among brokerages that have updated their coverage on the stock in the last year is $48.75.
A number of research analysts recently issued reports on the stock. Zacks Investment Research raised shares of Conmed Corp. from a “hold” rating to a “buy” rating and set a $48.00 price objective on the stock in a research note on Tuesday, June 14th. Leerink Swann cut shares of Conmed Corp. from an “outperform” rating to a “market perform” rating and decreased their target price for the stock from $56.00 to $47.00 in a research note on Thursday, July 28th.
Conmed Corp. (NASDAQ:CNMD) traded down 1.50% during mid-day trading on Thursday, hitting $40.12. 49,948 shares of the company were exchanged. The company’s 50-day moving average is $40.17 and its 200 day moving average is $42.23. The company has a market capitalization of $1.12 billion, a P/E ratio of 64.81 and a beta of 0.90. Conmed Corp. has a 12-month low of $35.51 and a 12-month high of $51.90.
Conmed Corp. (NASDAQ:CNMD) last announced its quarterly earnings data on Wednesday, July 27th. The medical technology company reported $0.47 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.46 by $0.01. The business had revenue of $193.40 million for the quarter, compared to analysts’ expectations of $191.48 million. Conmed Corp. had a net margin of 2.36% and a return on equity of 8.11%. The firm’s quarterly revenue was up 6.8% compared to the same quarter last year. During the same period last year, the firm posted $0.36 earnings per share. Analysts expect that Conmed Corp. will post $1.87 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Wednesday, October 5th. Stockholders of record on Thursday, September 15th were issued a dividend of $0.20 per share. The ex-dividend date was Tuesday, September 13th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.96%. Conmed Corp.’s dividend payout ratio (DPR) is presently 129.03%.
Institutional investors have recently modified their holdings of the company. Fisher Asset Management LLC raised its position in shares of Conmed Corp. by 14.3% in the second quarter. Fisher Asset Management LLC now owns 441,386 shares of the medical technology company’s stock worth $21,774,000 after buying an additional 55,056 shares during the period. BlackRock Institutional Trust Company N.A. raised its position in shares of Conmed Corp. by 0.5% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 669,687 shares of the medical technology company’s stock worth $28,087,000 after buying an additional 3,201 shares during the period. Scopia Capital Management LP acquired a new position in shares of Conmed Corp. during the first quarter worth approximately $99,828,000. Aperio Group LLC acquired a new position in shares of Conmed Corp. during the first quarter worth approximately $255,000. Finally, Wellington Management Group LLP acquired a new position in shares of Conmed Corp. during the first quarter worth approximately $11,522,000. Institutional investors own 98.80% of the company’s stock.
About Conmed Corp.
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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