CONMED (CNMD) Downgraded by BidaskClub to “Strong Sell”
CONMED (NASDAQ:CNMD) was downgraded by investment analysts at BidaskClub from a “sell” rating to a “strong sell” rating in a research note issued on Wednesday.
Several other research firms have also commented on CNMD. Zacks Investment Research raised shares of CONMED from a “sell” rating to a “hold” rating in a report on Tuesday, November 14th. Needham & Company LLC reissued a “buy” rating and issued a $57.00 target price on shares of CONMED in a report on Friday, September 1st. KeyCorp reissued a “hold” rating on shares of CONMED in a report on Friday, November 3rd. Finally, Piper Jaffray Companies reissued a “hold” rating and issued a $46.00 target price on shares of CONMED in a report on Friday, November 3rd. One analyst has rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the company’s stock. CONMED currently has an average rating of “Hold” and an average price target of $50.67.
CONMED (NASDAQ CNMD) traded down $0.10 during mid-day trading on Wednesday, reaching $50.72. 90,572 shares of the company’s stock traded hands, compared to its average volume of 127,815. The company has a current ratio of 2.56, a quick ratio of 1.49 and a debt-to-equity ratio of 0.84. CONMED has a 52-week low of $39.74 and a 52-week high of $54.77. The company has a market cap of $1,420.00, a price-to-earnings ratio of 92.22, a P/E/G ratio of 3.27 and a beta of 0.66.
CONMED (NASDAQ:CNMD) last released its earnings results on Thursday, November 2nd. The medical technology company reported $0.42 EPS for the quarter, beating the consensus estimate of $0.41 by $0.01. CONMED had a net margin of 1.99% and a return on equity of 8.40%. The firm had revenue of $190.10 million for the quarter, compared to analyst estimates of $187.13 million. During the same period last year, the firm earned $0.41 EPS. The business’s quarterly revenue was up 2.9% compared to the same quarter last year. equities research analysts forecast that CONMED will post 1.84 EPS for the current fiscal year.
In related news, CFO Luke A. Pomilio sold 12,429 shares of CONMED stock in a transaction that occurred on Tuesday, November 7th. The shares were sold at an average price of $50.63, for a total transaction of $629,280.27. Following the sale, the chief financial officer now directly owns 45,486 shares of the company’s stock, valued at approximately $2,302,956.18. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Luke A. Pomilio sold 29,363 shares of CONMED stock in a transaction that occurred on Thursday, November 9th. The shares were sold at an average price of $50.70, for a total transaction of $1,488,704.10. Following the sale, the executive vice president now directly owns 45,486 shares in the company, valued at $2,306,140.20. The disclosure for this sale can be found here. Insiders have sold a total of 51,812 shares of company stock worth $2,654,756 over the last ninety days. 2.62% of the stock is currently owned by insiders.
Several institutional investors have recently made changes to their positions in CNMD. AHL Partners LLP grew its holdings in shares of CONMED by 2,792.2% during the 2nd quarter. AHL Partners LLP now owns 158,090 shares of the medical technology company’s stock valued at $8,053,000 after purchasing an additional 152,624 shares during the last quarter. Heartland Advisors Inc. grew its holdings in shares of CONMED by 315.7% during the 2nd quarter. Heartland Advisors Inc. now owns 165,992 shares of the medical technology company’s stock valued at $8,456,000 after purchasing an additional 126,062 shares during the last quarter. Victory Capital Management Inc. grew its holdings in shares of CONMED by 5.4% during the 3rd quarter. Victory Capital Management Inc. now owns 2,180,586 shares of the medical technology company’s stock valued at $114,415,000 after purchasing an additional 111,096 shares during the last quarter. Macquarie Group Ltd. grew its holdings in shares of CONMED by 13.9% during the 3rd quarter. Macquarie Group Ltd. now owns 731,957 shares of the medical technology company’s stock valued at $38,406,000 after purchasing an additional 89,078 shares during the last quarter. Finally, Martingale Asset Management L P bought a new stake in shares of CONMED during the 2nd quarter valued at approximately $4,193,000. 99.02% of the stock is currently owned by institutional investors.
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CONMED 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. 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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