Zacks Investment Research lowered shares of Conmed Corp. (NASDAQ:CNMD) 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.”
Other equities research analysts have also issued research reports about the stock. Leerink Swann reissued a market perform rating and set a $43.00 target price (down previously from $47.00) on shares of Conmed Corp. in a research note on Friday, October 28th. Needham & Company LLC lifted their target price 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.
Conmed Corp. (NASDAQ:CNMD) opened at 44.65 on Monday. Conmed Corp. has a 52-week low of $35.51 and a 52-week high of $50.16. The stock has a market capitalization of $1.24 billion, a PE ratio of 79.73 and a beta of 0.81. The firm has a 50-day moving average of $41.59 and a 200-day moving average of $42.09.
Conmed Corp. (NASDAQ:CNMD) last posted its quarterly earnings data on Thursday, October 27th. The medical technology company reported $0.41 EPS for the quarter, topping analysts’ consensus estimates of $0.40 by $0.01. Conmed Corp. had a net margin of 2.11% and a return on equity of 8.26%. The firm earned $184.79 million during the quarter, compared to analyst estimates of $180.13 million. During the same quarter last year, the business posted $0.45 EPS. The company’s revenue was up 9.2% on a year-over-year basis. On average, equities analysts expect 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. 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 dividend on an annualized basis and a dividend yield of 1.78%. Conmed Corp.’s dividend payout ratio is currently 142.86%.
In other news, EVP Daniel Jonas sold 1,500 shares of the firm’s stock in a transaction on Tuesday, November 8th. The shares were sold at an average price of $41.78, for a total transaction of $62,670.00. Following the transaction, the executive vice president now owns 16,590 shares in the company, valued at approximately $693,130.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 1.91% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. PineBridge Investments L.P. increased its position in 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 in the last quarter. Teacher Retirement System of Texas increased 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 valued at $167,000 after buying an additional 429 shares during the period. Suntrust Banks Inc. purchased a new position in shares of Conmed Corp. during the second quarter valued at approximately $205,000. SG Americas Securities LLC purchased a new position in shares of Conmed Corp. during the third quarter valued at approximately $173,000. Finally, CNA Financial Corp purchased a new position in shares of Conmed Corp. during the second quarter valued at approximately $229,000. Institutional investors and hedge funds 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.