CONMED Corporation (CNMD) Given Buy Rating at Needham & Company LLC
Needham & Company LLC reaffirmed their buy rating on shares of CONMED Corporation (NASDAQ:CNMD) in a research note published on Friday. The brokerage currently has a $58.00 price target on the medical technology company’s stock.
“We hosted investor meetings in Boston with CNMD’s CEO and CFO earlier this week. We believe that CNMD is making progress in its turnaround, as evidenced by its organic revenue growth of 3% year-to-date (YTD), which is a considerable improvement from the bottom of (3%) growth in 2H14. We expect further improvement in its domestic Orthopedic Surgery business as new products continue to gain momentum and believe that this can push overall revenue growth towards 5%. We also believe that margin expansion will be the next chapter in the CNMD story given higher revenue growth, a reduced currency headwind, and a renewed focus on cost reductions. CNMD’s operating margin is currently around 9% and we see potential for this to reach the mid-teens or higher over time. We think the stock looks undervalued at a P/E of 25.5x our 2018E estimate considering that we think its potential earnings power is $3.00+ per share and we reiterate our Buy rating.”,” Needham & Company LLC’s analyst wrote.
Several other analysts have also issued reports on the company. BidaskClub lowered CONMED Corporation from a sell rating to a strong sell rating in a report on Sunday, August 20th. Zacks Investment Research lowered CONMED Corporation from a hold rating to a sell rating in a report on Monday, November 6th. KeyCorp reiterated a hold rating on shares of CONMED Corporation in a report on Friday, November 3rd. Piper Jaffray Companies reiterated a hold rating and set a $46.00 target price on shares of CONMED Corporation in a report on Friday, November 3rd. Finally, TheStreet upgraded CONMED Corporation from a c+ rating to a b- rating in a report on Thursday, August 3rd. One analyst has rated the stock with a sell rating, five have given a hold rating and one has assigned a buy rating to the stock. CONMED Corporation presently has a consensus rating of Hold and an average price target of $50.67.
CONMED Corporation (CNMD) opened at $52.46 on Friday. The company has a current ratio of 2.56, a quick ratio of 1.49 and a debt-to-equity ratio of 0.84. The firm has a market capitalization of $1,470.00, a PE ratio of 29.79, a PEG ratio of 3.30 and a beta of 0.66. CONMED Corporation has a 52-week low of $39.74 and a 52-week high of $54.47.
CONMED Corporation (NASDAQ:CNMD) last posted its quarterly earnings data on Thursday, November 2nd. The medical technology company reported $0.42 earnings per share for the quarter, topping the consensus estimate of $0.41 by $0.01. The company had revenue of $190.10 million during the quarter, compared to analysts’ expectations of $187.13 million. CONMED Corporation had a return on equity of 8.40% and a net margin of 1.99%. CONMED Corporation’s revenue for the quarter was up 2.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.41 earnings per share. research analysts anticipate that CONMED Corporation will post 1.86 EPS for the current fiscal year.
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In other CONMED Corporation news, CFO Luke A. Pomilio sold 12,429 shares of the company’s stock in a transaction that occurred on Tuesday, November 7th. The stock was sold at an average price of $50.63, for a total value of $629,280.27. Following the sale, the chief financial officer now owns 45,486 shares in the company, valued at $2,302,956.18. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Luke A. Pomilio sold 10,020 shares of the company’s stock in a transaction that occurred on Friday, November 3rd. The shares were sold at an average price of $53.57, for a total value of $536,771.40. Following the completion of the sale, the executive vice president now owns 44,472 shares in the company, valued at approximately $2,382,365.04. The disclosure for this sale can be found here. Insiders have sold 51,812 shares of company stock worth $2,654,756 in the last quarter. 2.62% of the stock is currently owned by corporate insiders.
A number of large investors have recently added to or reduced their stakes in CNMD. Public Employees Retirement System of Ohio raised its stake in CONMED Corporation by 3.3% in the second quarter. Public Employees Retirement System of Ohio now owns 2,022 shares of the medical technology company’s stock valued at $103,000 after buying an additional 64 shares during the period. SG Americas Securities LLC bought a new stake in CONMED Corporation in the second quarter valued at approximately $111,000. Quantbot Technologies LP bought a new stake in CONMED Corporation in the third quarter valued at approximately $133,000. Pillar Pacific Capital Management LLC bought a new stake in CONMED Corporation in the second quarter valued at approximately $229,000. Finally, State of Alaska Department of Revenue raised its stake in CONMED Corporation by 79.3% in the second quarter. State of Alaska Department of Revenue now owns 4,896 shares of the medical technology company’s stock valued at $249,000 after buying an additional 2,166 shares during the period. Hedge funds and other institutional investors own 98.61% of the company’s stock.
About CONMED Corporation
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. The Company provides surgical devices and equipment for minimally invasive procedures. The Company’s products are used by surgeons and physicians in a range of specialties, including orthopedics, general surgery, gynecology, neurosurgery and gastroenterology.
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