Conmed Corp. (CNMD) Rating Lowered to Sell at Zacks Investment Research
Conmed Corp. (NASDAQ:CNMD) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Monday.
According to Zacks, “CONMED Corporation reported impressive third-quarter 2016 results wherein revenues surpassed the Zacks Consensus Estimate and increased on a year-over-year basis. However, earnings were in-line with the estimate mark. Foreign exchange movements have been unfavorably impacting the company’s results of late. Additionally, CONMED operates in a highly competitive environment that includes competition from companies like Johnson & Johnson, Medtronic, Smith & Nephew, Stryker Corporation, and others which are likely to mar the top-line growth. Declining Orthopaedic surgery sales, especially in the U.S. in the last reported quarter is an added concern. Nevertheless, the company anticipates strong revenue contribution from the AirSeal system (SurgiQuest) for full-year 2016.”
CNMD has been the subject of several other research reports. Leerink Swann restated a “market perform” rating and issued a $43.00 price target (down previously from $47.00) on shares of Conmed Corp. in a research note on Friday, October 28th. Needham & Company LLC boosted their price target on Conmed Corp. from $49.00 to $53.00 and gave the stock a “buy” rating in a research note on Friday, November 18th.
Conmed Corp. (NASDAQ:CNMD) traded down 0.3210% on Monday, hitting $44.9303. The stock had a trading volume of 123,989 shares. The company has a market capitalization of $1.25 billion, a price-to-earnings ratio of 80.2327 and a beta of 0.81. The firm has a 50-day moving average of $41.46 and a 200 day moving average of $42.06. Conmed Corp. has a 52 week low of $35.51 and a 52 week high of $50.16.
Conmed Corp. (NASDAQ:CNMD) last announced its quarterly earnings data on Thursday, October 27th. The medical technology company reported $0.41 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.40 by $0.01. The business earned $184.79 million during the quarter, compared to analysts’ expectations 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 business earned $0.45 earnings per share. On average, analysts predict 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. Stockholders of record on Thursday, December 15th will be paid a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 1.78%. The ex-dividend date is Tuesday, December 13th. Conmed Corp.’s dividend payout ratio is currently 142.86%.
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In related news, EVP Daniel Jonas sold 1,500 shares of Conmed Corp. stock in a transaction on Tuesday, November 8th. The stock was sold at an average price of $41.78, for a total value of $62,670.00. Following the completion of the sale, the executive vice president now owns 16,590 shares of the company’s stock, valued at $693,130.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.91% of the stock is owned by insiders.
Several hedge funds have recently modified their holdings of CNMD. PineBridge Investments L.P. raised its stake 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 valued at $157,000 after buying an additional 124 shares during the last quarter. Teacher Retirement System of Texas raised its stake 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 valued at $167,000 after buying an additional 429 shares during the last quarter. SG Americas Securities LLC purchased a new stake in shares of Conmed Corp. during the third quarter valued at approximately $173,000. Suntrust Banks Inc. purchased a new stake in shares of Conmed Corp. during the second quarter valued at approximately $205,000. Finally, CNA Financial Corp purchased a new stake in shares of Conmed Corp. during the second quarter valued at approximately $229,000. 98.80% of the stock is owned by institutional investors.
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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