Conmed Corp. (NASDAQ:CNMD) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Monday.
According to Zacks, “CONMED Corporation reported impressive third-quarter 2016 results wherein revenues surpassed the Zacks Consensus Estimate and increased on a year-over-year basis. However, earnings were in-line with the estimate mark. Foreign exchange movements have been unfavorably impacting the company’s results of late. Additionally, CONMED operates in a highly competitive environment that includes competition from companies like Johnson & Johnson, Medtronic, Smith & Nephew, Stryker Corporation, and others which are likely to mar the top-line growth. Declining Orthopaedic surgery sales, especially in the U.S. in the last reported quarter is an added concern. Nevertheless, the company anticipates strong revenue contribution from the AirSeal system (SurgiQuest) for full-year 2016.”
Several other brokerages also recently commented on CNMD. Leerink Swann reissued a “market perform” rating and issued a $43.00 price objective (down previously from $47.00) on shares of Conmed Corp. in a research note on Friday, October 28th. Needham & Company LLC increased their price objective on shares of Conmed Corp. from $49.00 to $53.00 and gave the company a “buy” rating in a research note on Friday, November 18th.
Shares of Conmed Corp. (NASDAQ:CNMD) traded down 0.3210% during trading on Monday, hitting $44.9303. 124,100 shares of the stock were exchanged. The firm’s 50 day moving average price is $41.46 and its 200-day moving average price is $42.06. Conmed Corp. has a 52 week low of $35.51 and a 52 week high of $50.16. The stock has a market cap of $1.25 billion, a P/E ratio of 80.2327 and a beta of 0.81.
Conmed Corp. (NASDAQ:CNMD) last issued its quarterly earnings data on Thursday, October 27th. The medical technology company reported $0.41 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.40 by $0.01. The business earned $184.79 million during the quarter, compared to the consensus estimate of $180.13 million. Conmed Corp. had a net margin of 2.11% and a return on equity of 8.26%. The firm’s revenue was up 9.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.45 EPS. On average, analysts predict that Conmed Corp. will post $1.87 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 5th. Shareholders of record on Thursday, December 15th will be given a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 1.78%. The ex-dividend date of this dividend is Tuesday, December 13th. Conmed Corp.’s dividend payout ratio (DPR) is currently 142.86%.
In other Conmed Corp. news, EVP Daniel Jonas sold 2,555 shares of the company’s stock in a transaction that occurred on Monday, November 7th. The shares were sold at an average price of $40.40, for a total value of $103,222.00. Following the completion of the transaction, the executive vice president now directly owns 20,120 shares in the company, valued at approximately $812,848. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. 1.91% of the stock is currently owned by company insiders.
Institutional investors have recently made changes to their positions in the stock. PineBridge Investments L.P. boosted its position in shares of Conmed Corp. by 3.9% in the second quarter. PineBridge Investments L.P. now owns 3,273 shares of the medical technology company’s stock valued at $157,000 after buying an additional 124 shares during the period. Teacher Retirement System of Texas boosted its stake in Conmed Corp. by 14.0% in the second quarter. Teacher Retirement System of Texas now owns 3,490 shares of the medical technology company’s stock valued at $167,000 after buying an additional 429 shares during the period. SG Americas Securities LLC purchased a new stake in Conmed Corp. during the third quarter valued at $173,000. Suntrust Banks Inc. purchased a new stake in Conmed Corp. during the second quarter valued at $205,000. Finally, CNA Financial Corp purchased a new stake in Conmed Corp. during the second quarter valued at $229,000. Hedge funds and other institutional investors own 98.80% of the company’s stock.
Conmed Corp. Company Profile
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. Its products are used by surgeons and physicians in a range of specialties, including orthopedics, general surgery, gynecology, neurosurgery and gastroenterology.