BidaskClub Downgrades CONMED Corporation (NASDAQ:CNMD) to Sell
BidaskClub cut shares of CONMED Corporation (NASDAQ:CNMD) from a hold rating to a sell rating in a research report released on Thursday morning.
Other equities analysts have also recently issued reports about the stock. Needham & Company LLC lifted their price target on shares of CONMED Corporation from $48.00 to $54.00 and gave the stock a buy rating in a research note on Thursday, April 27th. Zacks Investment Research upgraded shares of CONMED Corporation from a sell rating to a hold rating in a report on Friday, April 28th. Finally, Ladenburg Thalmann Financial Services lowered shares of CONMED Corporation from a buy rating to a neutral rating and decreased their price objective for the company from $50.00 to $48.00 in a report on Thursday, April 27th. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and one has assigned a buy rating to the company’s stock. CONMED Corporation has an average rating of Hold and an average price target of $49.33.
Shares of CONMED Corporation (CNMD) traded up 0.20% during trading on Thursday, hitting $51.26. 63,903 shares of the stock traded hands. The stock has a market cap of $1.43 billion, a PE ratio of 91.70 and a beta of 0.67. CONMED Corporation has a 12 month low of $37.60 and a 12 month high of $52.82. The firm’s 50-day moving average price is $50.87 and its 200-day moving average price is $46.91.
CONMED Corporation (NASDAQ:CNMD) last released its quarterly earnings results on Wednesday, July 26th. The medical technology company reported $0.41 EPS for the quarter, hitting analysts’ consensus estimates of $0.41. CONMED Corporation had a net margin of 2.02% and a return on equity of 8.38%. The firm had revenue of $197.20 million during the quarter, compared to analysts’ expectations of $194.50 million. During the same period in the previous year, the company earned $0.47 EPS. The firm’s revenue for the quarter was up 2.0% compared to the same quarter last year. Analysts anticipate that CONMED Corporation will post $1.86 EPS for the current year.
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The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 5th. Investors of record on Thursday, June 15th were issued a dividend of $0.20 per share. The ex-dividend date of this dividend was Tuesday, June 13th. This represents a $0.80 dividend on an annualized basis and a yield of 1.56%. CONMED Corporation’s payout ratio is 142.86%.
In related news, Director Dirk Kuyper sold 1,000 shares of CONMED Corporation stock in a transaction dated Tuesday, June 13th. The shares were sold at an average price of $52.24, for a total transaction of $52,240.00. Following the completion of the sale, the director now owns 10,739 shares in the company, valued at approximately $561,005.36. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Daniel Jonas sold 3,000 shares of CONMED Corporation stock in a transaction dated Monday, May 15th. The shares were sold at an average price of $51.22, for a total transaction of $153,660.00. Following the sale, the executive vice president now owns 14,455 shares of the company’s stock, valued at approximately $740,385.10. The disclosure for this sale can be found here. Company insiders own 2.62% of the company’s stock.
Several large investors have recently bought and sold shares of the stock. BlackRock Inc. raised its stake in CONMED Corporation by 46,036.5% in the first quarter. BlackRock Inc. now owns 3,153,427 shares of the medical technology company’s stock valued at $140,043,000 after buying an additional 3,146,592 shares in the last quarter. Victory Capital Management Inc. raised its stake in CONMED Corporation by 12.9% in the first quarter. Victory Capital Management Inc. now owns 2,150,886 shares of the medical technology company’s stock valued at $95,521,000 after buying an additional 245,246 shares in the last quarter. Champlain Investment Partners LLC raised its stake in CONMED Corporation by 16.4% in the first quarter. Champlain Investment Partners LLC now owns 1,728,445 shares of the medical technology company’s stock valued at $76,760,000 after buying an additional 243,610 shares in the last quarter. Epoch Investment Partners Inc. acquired a new stake in CONMED Corporation during the first quarter valued at approximately $9,447,000. Finally, Norges Bank acquired a new stake in CONMED Corporation during the fourth quarter valued at approximately $9,236,000. Institutional investors and hedge funds own 99.77% of the company’s stock.
About CONMED Corporation
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. The Company provides surgical devices and equipment for minimally invasive procedures. The Company’s products are used by surgeons and physicians in a range of specialties, including orthopedics, general surgery, gynecology, neurosurgery and gastroenterology.
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