CONMED (NASDAQ:CNMD) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Tuesday.

According to Zacks, “CONMED has outperformed the industry in a year’s time. Strong performance by the Orthopedic and General Surgery units is encouraging. Significant expansion in the gross and operating margin buoys optimism. The company has invested significantly in R&D, which reflects focus on innovation. CONMED is also benefiting from the rising use of minimally invasive techniques as a large percentage of the company’s products are designed for such procedures. A strong full-year revenue guidance also paints a bright picture. However, CONMED operates in a highly competitive environment, especially with respect to the General Surgery business. Lower healthcare spending owing to foreign exchange volatility is a headwind. Moreover, CONMED’s stock looks quite overvalued at the moment. Pricing pressure adds to the woes.”

A number of other analysts have also commented on the company. BidaskClub lowered CONMED from a “strong-buy” rating to a “buy” rating in a research note on Thursday, September 20th. Leerink Swann raised their price target on CONMED from $76.00 to $81.00 and gave the stock a “market perform” rating in a research note on Thursday, August 30th. Finally, Needham & Company LLC raised their price target on CONMED from $73.00 to $83.00 and gave the stock a “buy” rating in a research note on Thursday, August 2nd. Four investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. CONMED currently has a consensus rating of “Hold” and an average price target of $73.50.

CNMD stock traded down $0.62 on Tuesday, reaching $79.00. The company’s stock had a trading volume of 5,698 shares, compared to its average volume of 157,674. CONMED has a 12-month low of $49.09 and a 12-month high of $83.49. The firm has a market capitalization of $2.19 billion, a price-to-earnings ratio of 41.80, a PEG ratio of 3.13 and a beta of 0.53. The company has a quick ratio of 1.15, a current ratio of 1.97 and a debt-to-equity ratio of 0.67.

CONMED (NASDAQ:CNMD) last announced its quarterly earnings results on Wednesday, August 1st. The medical technology company reported $0.46 EPS for the quarter, topping analysts’ consensus estimates of $0.45 by $0.01. CONMED had a return on equity of 9.51% and a net margin of 8.85%. The company had revenue of $212.80 million during the quarter, compared to analyst estimates of $207.12 million. During the same quarter last year, the firm posted $0.41 earnings per share. The firm’s revenue was up 7.9% on a year-over-year basis. equities research analysts anticipate that CONMED will post 2.17 earnings per share for the current year.

In other CONMED news, VP Stanley W. Peters III sold 1,500 shares of the stock in a transaction on Friday, September 14th. The stock was sold at an average price of $80.43, for a total value of $120,645.00. Following the completion of the transaction, the vice president now owns 1,496 shares in the company, valued at $120,323.28. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Peter K. Shagory sold 2,500 shares of the stock in a transaction on Friday, August 31st. The stock was sold at an average price of $80.00, for a total value of $200,000.00. Following the completion of the transaction, the executive vice president now owns 3,655 shares of the company’s stock, valued at approximately $292,400. The disclosure for this sale can be found here. In the last quarter, insiders sold 8,000 shares of company stock valued at $639,565. 3.13% of the stock is owned by corporate insiders.

A number of institutional investors and hedge funds have recently bought and sold shares of CNMD. Hood River Capital Management LLC bought a new position in shares of CONMED during the second quarter valued at $25,372,000. FMR LLC bought a new position in shares of CONMED during the second quarter valued at $20,992,000. BlackRock Inc. increased its holdings in shares of CONMED by 8.4% during the first quarter. BlackRock Inc. now owns 3,558,330 shares of the medical technology company’s stock valued at $225,348,000 after acquiring an additional 276,513 shares in the last quarter. Citadel Advisors LLC increased its holdings in shares of CONMED by 4,203.7% during the second quarter. Citadel Advisors LLC now owns 147,015 shares of the medical technology company’s stock valued at $10,761,000 after acquiring an additional 143,599 shares in the last quarter. Finally, WINTON GROUP Ltd bought a new position in shares of CONMED during the first quarter valued at $6,517,000. Institutional investors and hedge funds own 96.09% of the company’s stock.

CONMED Company Profile

CONMED Corporation, a medical technology company, develops, manufactures, and sells surgical devices and related equipment for minimally invasive procedures in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. The company offers orthopedic surgery products, including sports medicine products comprising powered resection instruments, arthroscopes, reconstructive systems, tissue repair sets, and metal and bioabsorbable implants, as well as related disposable products and fluid management systems; powered surgical instruments for use in bone orthopedic, arthroscopic, oral/maxillofacial, podiatric, plastic, ENT, neurological, spinal, and cardiothoracic surgeries; sports biologics and tissue products; and surgical visualization products.

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