Conmed Corp. (NASDAQ:CNMD)‘s stock had its “neutral” rating reissued by investment analysts at Leerink Swann in a note issued to investors on Wednesday.
The analysts wrote, “We remain cautious on the company’s ability to manage through what we believe could be meaningful top-line headwinds in F2H17 and FY2018 in order to return to and sustain a solid mid- single-digit growth trajectory after just 3% growth in F2Q17, including: (1) A competitive CRM (cardiac rhythm management) product cycle, (2) Current and upcoming competitive launches in DES (drug eluting stents), (3) Potential modest share loss in U.S. TAVR (transcatheter aortic valve replacement) with a competitor recently receiving an expanded indication that is likely ~12-18 months ahead of MDT only partially offset by MDT’s recent large valve size launch; and (4) Continued share loss in Neuromodulation, particularly in SCS (spinal cord stimulation), DBS (deep brain stimulation), and implantable drug infusion pumps.””
CNMD has been the topic of several other research reports. Zacks Investment Research raised Conmed Corp. from a “sell” rating to a “hold” rating in a research note on Tuesday, September 27th. Needham & Company LLC boosted their price target on Conmed Corp. from $49.00 to $53.00 and gave the stock a “buy” rating in a research note on Friday, November 18th.
Shares of Conmed Corp. (NASDAQ:CNMD) opened at 45.11 on Wednesday. Conmed Corp. has a 1-year low of $35.51 and a 1-year high of $50.16. The firm has a market cap of $1.26 billion, a PE ratio of 80.55 and a beta of 0.81. The firm’s 50-day moving average price is $41.31 and its 200 day moving average price is $42.04.
Conmed Corp. (NASDAQ:CNMD) last announced its quarterly earnings results on Thursday, October 27th. The medical technology company reported $0.41 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.40 by $0.01. The business had revenue of $184.79 million for the quarter, compared to analyst estimates of $180.13 million. Conmed Corp. had a return on equity of 8.26% and a net margin of 2.11%. The company’s quarterly revenue was up 9.2% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.45 EPS. On average, equities research analysts forecast that Conmed Corp. will post $1.87 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, January 5th. Investors of record on Thursday, December 15th will be paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 1.77%. The ex-dividend date is Tuesday, December 13th. Conmed Corp.’s payout ratio is currently 142.86%.
In related news, EVP Daniel Jonas sold 1,500 shares of the company’s stock in a transaction that occurred on Tuesday, November 8th. The stock was sold at an average price of $41.78, for a total value of $62,670.00. Following the sale, the executive vice president now owns 16,590 shares of the company’s stock, valued at approximately $693,130.20. The transaction was disclosed in a filing with the SEC, which is available through this link. 1.91% of the stock is owned by corporate insiders.
Large investors have recently bought and sold shares of the stock. Fisher Asset Management LLC raised its stake in Conmed Corp. by 14.3% in the second quarter. Fisher Asset Management LLC now owns 441,386 shares of the medical technology company’s stock worth $21,774,000 after buying an additional 55,056 shares during the last quarter. Wellington Management Group LLP bought a new stake in Conmed Corp. during the first quarter worth about $11,522,000. Capstone Asset Management Co. raised its stake in Conmed Corp. by 6.3% in the second quarter. Capstone Asset Management Co. now owns 8,496 shares of the medical technology company’s stock worth $406,000 after buying an additional 500 shares during the last quarter. Sit Investment Associates Inc. bought a new stake in Conmed Corp. during the second quarter worth about $1,104,000. Finally, JPMorgan Chase & Co. raised its stake in Conmed Corp. by 5.5% in the second quarter. JPMorgan Chase & Co. now owns 50,366 shares of the medical technology company’s stock worth $2,404,000 after buying an additional 2,613 shares during the last quarter. 98.80% of the stock is currently owned by hedge funds and other institutional investors.
About Conmed Corp.