Conmed Corp. (NASDAQ:CNMD) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors 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.”
Other analysts have also recently issued research reports about the company. Leerink Swann reaffirmed a “market perform” rating and set a $43.00 target price (down previously from $47.00) on shares of Conmed Corp. in a research report on Friday, October 28th. Needham & Company LLC increased their target price on Conmed Corp. from $49.00 to $53.00 and gave the company a “buy” rating in a research report on Friday, November 18th.
Conmed Corp. (NASDAQ:CNMD) traded down 0.3210% during mid-day trading on Monday, reaching $44.9303. The company’s stock had a trading volume of 123,989 shares. The company has a market capitalization of $1.25 billion, a price-to-earnings ratio of 80.2327 and a beta of 0.81. The stock has a 50-day moving average price of $41.46 and a 200-day moving average price of $42.06. Conmed Corp. has a one year low of $35.51 and a one year high of $50.16.
Conmed Corp. (NASDAQ:CNMD) last announced its earnings results on Thursday, October 27th. The medical technology company reported $0.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.40 by $0.01. The business had revenue of $184.79 million for the quarter, compared to analysts’ expectations of $180.13 million. Conmed Corp. had a return on equity of 8.26% and a net margin of 2.11%. The business’s revenue for the quarter was up 9.2% on a year-over-year basis. During the same quarter last year, the firm earned $0.45 EPS. Equities research analysts forecast that Conmed Corp. will post $1.87 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 5th. Stockholders of record on Thursday, December 15th will be issued a dividend of $0.20 per share. The ex-dividend date of this dividend is Tuesday, December 13th. This represents a $0.80 annualized dividend and a dividend yield of 1.78%. Conmed Corp.’s dividend payout ratio is presently 142.86%.
In other news, EVP Daniel Jonas sold 1,500 shares of the stock in a transaction on Tuesday, November 8th. The stock was sold at an average price of $41.78, for a total transaction of $62,670.00. Following the completion of the sale, the executive vice president now owns 16,590 shares in the company, valued at approximately $693,130.20. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 1.91% of the company’s stock.
Several hedge funds have recently modified their holdings of CNMD. PineBridge Investments L.P. raised 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 worth $157,000 after buying an additional 124 shares during the period. Teacher Retirement System of Texas raised its position in shares of 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 worth $167,000 after buying an additional 429 shares during the period. SG Americas Securities LLC purchased a new position in shares of Conmed Corp. during the third quarter worth about $173,000. Suntrust Banks Inc. purchased a new position in shares of Conmed Corp. during the second quarter worth about $205,000. Finally, CNA Financial Corp purchased a new position in shares of Conmed Corp. during the second quarter worth about $229,000. Hedge funds and other institutional investors own 98.80% of the company’s stock.
About Conmed Corp.
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.