CONMED (NASDAQ:CNMD) Cut to Sell at BidaskClub

BidaskClub cut shares of CONMED (NASDAQ:CNMD) from a hold rating to a sell rating in a report released on Friday, November 2nd.

Other equities research analysts have also issued research reports about the company. Needham & Company LLC increased their price target on CONMED from $73.00 to $83.00 and gave the stock a buy rating in a research note on Thursday, August 2nd. Barclays set a $78.00 price objective on shares of CONMED and gave the company an equal weight rating in a report on Tuesday, October 16th. Zacks Investment Research raised shares of CONMED from a sell rating to a hold rating in a report on Wednesday, October 3rd. Finally, Leerink Swann increased their price objective on shares of CONMED from $76.00 to $81.00 and gave the company a market perform rating in a report on Thursday, August 30th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the company’s stock. The company currently has an average rating of Hold and an average price target of $81.50.

Shares of NASDAQ CNMD traded down $0.15 during midday trading on Friday, hitting $69.10. 148,877 shares of the stock traded hands, compared to its average volume of 238,799. The stock has a market capitalization of $1.93 billion, a price-to-earnings ratio of 36.56, a PEG ratio of 2.75 and a beta of 0.68. The company has a debt-to-equity ratio of 0.68, a current ratio of 2.20 and a quick ratio of 1.15. CONMED has a one year low of $49.22 and a one year high of $83.49.

CONMED (NASDAQ:CNMD) last released its quarterly earnings results on Thursday, November 1st. The medical technology company reported $0.46 earnings per share for the quarter, beating the consensus estimate of $0.45 by $0.01. The firm had revenue of $202.30 million for the quarter, compared to analysts’ expectations of $198.51 million. CONMED had a return on equity of 9.51% and a net margin of 8.56%. The company’s revenue was up 6.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.42 EPS. Equities research analysts anticipate that CONMED will post 2.17 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Monday, January 7th. Investors of record on Friday, December 14th will be issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.16%. The ex-dividend date of this dividend is Thursday, December 13th. CONMED’s payout ratio is 42.33%.

In other news, EVP Heather L. Cohen acquired 900 shares of the firm’s stock in a transaction on Tuesday, November 6th. The stock was acquired at an average price of $68.60 per share, with a total value of $61,740.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Peter K. Shagory sold 2,500 shares of the firm’s stock in a transaction dated Friday, August 31st. The stock was sold at an average price of $80.00, for a total transaction of $200,000.00. Following the completion of the sale, the executive vice president now directly owns 3,655 shares of the company’s stock, valued at approximately $292,400. The disclosure for this sale can be found here. 3.13% of the stock is owned by company insiders.

A number of hedge funds have recently modified their holdings of the stock. Trexquant Investment LP purchased a new stake in shares of CONMED during the third quarter worth about $229,000. FMR LLC increased its stake in shares of CONMED by 0.8% during the third quarter. FMR LLC now owns 289,078 shares of the medical technology company’s stock worth $22,901,000 after purchasing an additional 2,298 shares in the last quarter. Globeflex Capital L P increased its stake in shares of CONMED by 40.2% during the third quarter. Globeflex Capital L P now owns 11,518 shares of the medical technology company’s stock worth $912,000 after purchasing an additional 3,300 shares in the last quarter. BlackRock Inc. increased its stake in shares of CONMED by 7.3% during the third quarter. BlackRock Inc. now owns 4,033,768 shares of the medical technology company’s stock worth $319,555,000 after purchasing an additional 274,394 shares in the last quarter. Finally, Martingale Asset Management L P increased its stake in shares of CONMED by 3.3% during the third quarter. Martingale Asset Management L P now owns 101,229 shares of the medical technology company’s stock worth $8,020,000 after purchasing an additional 3,200 shares in the last quarter. 96.83% of the stock is currently owned by institutional investors.

CONMED Company Profile

CONMED Corporation, a medical technology company, develops, manufactures, and sells surgical devices and related equipment for minimally invasive procedures in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. The company offers orthopedic surgery products, including sports medicine products comprising powered resection instruments, arthroscopes, reconstructive systems, tissue repair sets, and metal and bioabsorbable implants, as well as related disposable products and fluid management systems; powered surgical instruments for use in bone orthopedic, arthroscopic, oral/maxillofacial, podiatric, plastic, ENT, neurological, spinal, and cardiothoracic surgeries; sports biologics and tissue products; and surgical visualization products.

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