BidaskClub Downgrades CONMED (NASDAQ:CNMD) to Buy

BidaskClub cut shares of CONMED (NASDAQ:CNMD) from a strong-buy rating to a buy rating in a research report report published on Tuesday, April 16th, BidAskClub reports.

A number of other equities research analysts have also recently weighed in on CNMD. Zacks Investment Research cut CONMED from a hold rating to a sell rating in a report on Monday, January 21st. Needham & Company LLC reiterated a buy rating and issued a $79.00 price objective (down from $86.00) on shares of CONMED in a research report on Wednesday, January 23rd. Finally, Barclays assumed coverage on CONMED in a research report on Tuesday, February 19th. They issued an overweight rating and a $85.00 price objective on the stock. One research analyst has rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the stock. The stock presently has an average rating of Buy and a consensus price target of $91.00.

Shares of CNMD traded up $0.15 during mid-day trading on Tuesday, reaching $81.85. The company had a trading volume of 153,917 shares, compared to its average volume of 309,853. CONMED has a twelve month low of $56.90 and a twelve month high of $85.91. The stock has a market cap of $2.31 billion, a PE ratio of 37.55, a PEG ratio of 2.46 and a beta of 0.64. The company has a current ratio of 2.58, a quick ratio of 1.45 and a debt-to-equity ratio of 1.16.

CONMED (NASDAQ:CNMD) last released its quarterly earnings results on Wednesday, April 24th. The medical technology company reported $0.57 earnings per share for the quarter, beating the Zacks’ 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 firm had revenue of $218.38 million during the quarter, compared to analysts’ expectations of $213.95 million. During the same period last year, the firm posted $0.53 EPS. The business’s revenue was up 8.1% on a year-over-year basis. On average, sell-side analysts forecast that CONMED will post 2.5 EPS for the current fiscal year.

In other CONMED news, EVP Daniel Jonas sold 4,000 shares of CONMED stock in a transaction dated Friday, April 26th. The stock was sold at an average price of $80.51, for a total transaction of $322,040.00. Following the transaction, the executive vice president now directly owns 27,497 shares in the company, valued at $2,213,783.47. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, VP Stanley W. Peters III sold 1,511 shares of CONMED stock in a transaction dated Friday, April 26th. The stock was sold at an average price of $82.00, for a total value of $123,902.00. Following the transaction, the vice president now owns 618 shares in the company, valued at $50,676. The disclosure for this sale can be found here. Insiders sold a total of 10,511 shares of company stock worth $846,032 over the last 90 days. 4.38% of the stock is owned by corporate insiders.

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Macquarie Group Ltd. raised its stake in shares of CONMED by 2.1% in the 4th quarter. Macquarie Group Ltd. now owns 807,148 shares of the medical technology company’s stock valued at $51,819,000 after purchasing an additional 16,408 shares during the period. Norges Bank acquired a new stake in shares of CONMED in the fourth quarter valued at about $33,144,000. Wendell David Associates Inc. acquired a new stake in shares of CONMED in the first quarter valued at about $218,000. Bank of Montreal Can increased its position in shares of CONMED by 16.8% in the fourth quarter. Bank of Montreal Can now owns 74,306 shares of the medical technology company’s stock valued at $4,770,000 after acquiring an additional 10,684 shares during the last quarter. Finally, Great West Life Assurance Co. Can increased its position in shares of CONMED by 9.2% in the fourth quarter. Great West Life Assurance Co. Can now owns 35,029 shares of the medical technology company’s stock valued at $2,075,000 after acquiring an additional 2,965 shares during the last quarter. 96.36% of the stock is currently owned by hedge funds and other institutional investors.

CONMED Company Profile

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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