Conmed Corp. (CNMD) Earns “Neutral” Rating from Leerink Swann
Conmed Corp. (NASDAQ:CNMD)‘s stock had its “neutral” rating reissued by research analysts at Leerink Swann in a research report issued on Wednesday.
The analysts wrote, “We remain cautious on the company’s ability to manage through what we believe could be meaningful top-line headwinds in F2H17 and FY2018 in order to return to and sustain a solid mid- single-digit growth trajectory after just 3% growth in F2Q17, including: (1) A competitive CRM (cardiac rhythm management) product cycle, (2) Current and upcoming competitive launches in DES (drug eluting stents), (3) Potential modest share loss in U.S. TAVR (transcatheter aortic valve replacement) with a competitor recently receiving an expanded indication that is likely ~12-18 months ahead of MDT only partially offset by MDT’s recent large valve size launch; and (4) Continued share loss in Neuromodulation, particularly in SCS (spinal cord stimulation), DBS (deep brain stimulation), and implantable drug infusion pumps.””
Several other equities analysts also recently commented on CNMD. Needham & Company LLC boosted their price target on shares of Conmed Corp. from $49.00 to $53.00 and gave the stock a “buy” rating in a research note on Friday, November 18th. Zacks Investment Research upgraded shares of Conmed Corp. from a “sell” rating to a “hold” rating in a research note on Tuesday, September 27th.
Shares of Conmed Corp. (NASDAQ:CNMD) traded down 0.49% during trading on Wednesday, reaching $44.88. The company had a trading volume of 37,556 shares. Conmed Corp. has a 1-year low of $35.51 and a 1-year high of $50.16. The firm has a market capitalization of $1.25 billion, a PE ratio of 80.14 and a beta of 0.81. The firm has a 50-day moving average of $41.17 and a 200 day moving average of $42.02.
Conmed Corp. (NASDAQ:CNMD) last announced its earnings results on Thursday, October 27th. The medical technology company reported $0.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.40 by $0.01. The company had revenue of $184.79 million for the quarter, compared to analyst estimates of $180.13 million. Conmed Corp. had a return on equity of 8.26% and a net margin of 2.11%. The firm’s quarterly revenue was up 9.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.45 earnings per share. Analysts expect that Conmed Corp. will post $1.87 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 5th. Shareholders of record on Thursday, December 15th will be paid a $0.20 dividend. The ex-dividend date of this dividend is Tuesday, December 13th. This represents a $0.80 annualized dividend and a dividend yield of 1.77%. Conmed Corp.’s dividend payout ratio (DPR) is 142.86%.
In related news, EVP Daniel Jonas sold 1,500 shares of the business’s stock in a transaction on Tuesday, November 8th. The shares were sold at an average price of $41.78, for a total transaction of $62,670.00. Following the completion of the transaction, the executive vice president now owns 16,590 shares in the company, valued at $693,130.20. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 1.91% of the stock is currently owned by company insiders.
Several institutional investors have recently modified their holdings of the company. PineBridge Investments L.P. increased its position in shares of Conmed Corp. by 3.9% in the second quarter. PineBridge Investments L.P. now owns 3,273 shares of the medical technology company’s stock worth $157,000 after buying an additional 124 shares during the last quarter. Teacher Retirement System of Texas increased its position in shares of Conmed Corp. by 14.0% in the second quarter. Teacher Retirement System of Texas now owns 3,490 shares of the medical technology company’s stock worth $167,000 after buying an additional 429 shares during the last quarter. Suntrust Banks Inc. purchased a new position in shares of Conmed Corp. during the second quarter worth approximately $205,000. SG Americas Securities LLC purchased a new position in shares of Conmed Corp. during the third quarter worth approximately $173,000. Finally, CNA Financial Corp purchased a new position in shares of Conmed Corp. during the second quarter worth approximately $229,000. Hedge funds and other institutional investors own 98.80% of the company’s stock.
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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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