Zacks Investment Research upgraded shares of CONMED (NASDAQ:CNMD) from a hold rating to a buy rating in a research note issued to investors on Tuesday morning. The firm currently has $60.00 price objective on the medical technology company’s stock.

According to Zacks, “CONMED has underperformed the broader industry in terms of price performance in the last year. However, strength in General Surgery business on the back of strong performances by Advanced Surgical and Endoscopic Technologies buoys optimism. We are also upbeat about the favorable foreign exchange movements. Solid revenue guidance is indicative of brighter prospects. CONMED is also benefiting from the increasing trend of using minimally invasive techniques as a large percentage of the company’s products are designed for these procedures. On the flipside, declining sales from Orthopedic surgery is a concern. The company operates in a highly competitive environment, adding to our woes. Lower healthcare spending buoyed by the ongoing political conundrum in the U.S. healthcare space is a headwind. CONMED’s stock looks much overvalued at the moment.”

Other equities research analysts have also issued research reports about the stock. BidaskClub upgraded shares of CONMED from a strong sell rating to a sell rating in a research note on Tuesday. Needham & Company LLC restated a buy rating and issued a $58.00 target price on shares of CONMED in a research note on Friday, November 17th. Piper Jaffray Companies restated a hold rating and issued a $46.00 target price on shares of CONMED in a research note on Friday, November 3rd. Finally, KeyCorp restated a hold rating on shares of CONMED in a research note on Friday, November 3rd. One analyst has rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the company’s stock. CONMED presently has an average rating of Hold and an average target price of $53.00.

Shares of CONMED (NASDAQ CNMD) traded up $0.72 during trading on Tuesday, hitting $54.14. 170,820 shares of the stock were exchanged, compared to its average volume of 125,600. The firm has a market cap of $1,490.00, a price-to-earnings ratio of 98.44, a PEG ratio of 3.00 and a beta of 0.66. The company has a current ratio of 2.56, a quick ratio of 1.49 and a debt-to-equity ratio of 0.84. CONMED has a 1-year low of $39.74 and a 1-year high of $54.77.

CONMED (NASDAQ:CNMD) last issued its earnings results on Thursday, November 2nd. The medical technology company reported $0.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.41 by $0.01. The business had revenue of $190.10 million for the quarter, compared to analyst estimates of $187.13 million. CONMED had a net margin of 1.99% and a return on equity of 8.40%. The company’s revenue for the quarter was up 2.9% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.41 EPS. equities analysts expect that CONMED will post 1.86 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, January 5th. Investors of record on Friday, December 15th were paid a dividend of $0.20 per share. The ex-dividend date was Thursday, December 14th. This represents a $0.80 annualized dividend and a yield of 1.48%. CONMED’s dividend payout ratio (DPR) is 145.45%.

In related news, EVP Luke A. Pomilio sold 29,363 shares of the stock in a transaction dated Thursday, November 9th. The shares were sold at an average price of $50.70, for a total transaction of $1,488,704.10. Following the sale, the executive vice president now owns 45,486 shares in the company, valued at $2,306,140.20. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Luke A. Pomilio sold 12,429 shares of the stock in a transaction dated Tuesday, November 7th. The stock was sold at an average price of $50.63, for a total transaction of $629,280.27. Following the sale, the chief financial officer now owns 45,486 shares in the company, valued at approximately $2,302,956.18. The disclosure for this sale can be found here. In the last quarter, insiders have sold 51,812 shares of company stock worth $2,654,756. 2.62% of the stock is owned by company insiders.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CNMD. Public Employees Retirement System of Ohio raised its stake in CONMED by 3.3% during the second quarter. Public Employees Retirement System of Ohio now owns 2,022 shares of the medical technology company’s stock worth $103,000 after acquiring an additional 64 shares during the period. SG Americas Securities LLC acquired a new stake in CONMED during the second quarter worth about $111,000. Quantbot Technologies LP acquired a new stake in CONMED during the third quarter worth about $133,000. Piedmont Investment Advisors LLC acquired a new stake in CONMED during the second quarter worth about $273,000. Finally, Crossmark Global Holdings Inc. acquired a new stake in CONMED during the third quarter worth about $281,000. Hedge funds and other institutional investors own 99.02% of the company’s stock.

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About CONMED

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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