CONMED (NASDAQ:CNMD) Receives New Coverage from Analysts at Stifel Nicolaus

Research analysts at Stifel Nicolaus started coverage on shares of CONMED (NASDAQ:CNMD) in a note issued to investors on Wednesday, April 17th, Marketbeat Ratings reports. The brokerage set a “buy” rating and a $95.00 price target on the medical technology company’s stock. Stifel Nicolaus’ price target suggests a potential upside of 16.28% from the company’s previous close.

Several other brokerages have also issued reports on CNMD. Needham & Company LLC restated a “buy” rating and set a $79.00 price target (down from $86.00) on shares of CONMED in a research note on Wednesday, January 23rd. Zacks Investment Research upgraded CONMED from a “hold” rating to a “buy” rating and set a $93.00 price target on the stock in a research note on Monday, April 15th. BidaskClub lowered CONMED from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, April 16th. Finally, Barclays started coverage on CONMED in a research note on Tuesday, February 19th. They set an “overweight” rating and a $85.00 price target on the stock. One research analyst has rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $91.00.

NASDAQ CNMD opened at $81.70 on Wednesday. CONMED has a twelve month low of $56.90 and a twelve month high of $85.91. The company has a quick ratio of 1.45, a current ratio of 2.58 and a debt-to-equity ratio of 1.16. The stock has a market cap of $2.31 billion, a P/E ratio of 37.48, a price-to-earnings-growth ratio of 2.48 and a beta of 0.64.

CONMED (NASDAQ:CNMD) last posted its quarterly earnings data on Wednesday, April 24th. The medical technology company reported $0.57 earnings per share for the quarter, topping the consensus estimate of $0.54 by $0.03. CONMED had a return on equity of 9.67% and a net margin of 3.56%. The business had revenue of $218.38 million during the quarter, compared to analysts’ expectations of $213.95 million. During the same quarter in the previous year, the firm earned $0.53 EPS. The firm’s revenue was up 8.1% compared to the same quarter last year. As a group, analysts expect that CONMED will post 2.5 EPS for the current year.

In other news, EVP Peter K. Shagory sold 3,000 shares of the company’s stock in a transaction that occurred on Friday, March 8th. The stock was sold at an average price of $77.77, for a total value of $233,310.00. Following the sale, the executive vice president now directly owns 4,649 shares in the company, valued at approximately $361,552.73. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Dirk Kuyper sold 2,000 shares of the company’s stock in a transaction that occurred on Monday, April 8th. The shares were sold at an average price of $83.39, for a total value of $166,780.00. Following the completion of the sale, the director now owns 13,906 shares in the company, valued at $1,159,621.34. The disclosure for this sale can be found here. Insiders have sold 10,511 shares of company stock worth $846,032 over the last 90 days. Corporate insiders own 4.38% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in CNMD. Bank of New York Mellon Corp grew its stake in shares of CONMED by 4.4% in the 3rd quarter. Bank of New York Mellon Corp now owns 421,887 shares of the medical technology company’s stock valued at $33,422,000 after purchasing an additional 17,851 shares during the period. Martingale Asset Management L P grew its stake in shares of CONMED by 3.3% in the 3rd quarter. Martingale Asset Management L P now owns 101,229 shares of the medical technology company’s stock valued at $8,020,000 after purchasing an additional 3,200 shares during the period. FMR LLC grew its stake in shares of CONMED by 0.8% in the 3rd quarter. FMR LLC now owns 289,078 shares of the medical technology company’s stock valued at $22,901,000 after purchasing an additional 2,298 shares during the period. Allianz Asset Management GmbH bought a new stake in shares of CONMED in the 3rd quarter valued at approximately $2,518,000. Finally, Riverhead Capital Management LLC grew its stake in shares of CONMED by 29.4% in the 3rd quarter. Riverhead Capital Management LLC now owns 3,520 shares of the medical technology company’s stock valued at $279,000 after purchasing an additional 800 shares during the period. Institutional investors own 96.36% of the company’s stock.

About CONMED

CONMED Corporation, a medical technology company, develops, manufactures, and sells surgical devices and related equipment for minimally invasive procedures worldwide. 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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