CONMED Corporation (CNMD) Announces Quarterly Earnings Results, Beats Expectations By $0.01 EPS
CONMED Corporation (NASDAQ:CNMD) posted its quarterly earnings data on Thursday. The medical technology company reported $0.42 EPS for the quarter, topping the consensus estimate of $0.41 by $0.01, Bloomberg Earnings reports. The business had revenue of $190.10 million for the quarter, compared to analyst estimates of $187.13 million. CONMED Corporation had a net margin of 2.02% and a return on equity of 8.38%. CONMED Corporation’s quarterly revenue was up 2.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.41 earnings per share. CONMED Corporation updated its FY17 guidance to $1.85-1.90 EPS.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, October 5th. Stockholders of record on Friday, September 15th were issued a dividend of $0.20 per share. The ex-dividend date was Thursday, September 14th. This represents a $0.80 annualized dividend and a dividend yield of Infinity.
In related news, Director Jo Ann Golden sold 3,000 shares of CONMED Corporation stock in a transaction that occurred on Monday, August 14th. The shares were sold at an average price of $50.00, for a total value of $150,000.00. Following the completion of the sale, the director now directly owns 19,782 shares in the company, valued at approximately $989,100. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.62% of the stock is owned by company insiders.
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CNMD has been the subject of several recent analyst reports. BidaskClub cut shares of CONMED Corporation from a “sell” rating to a “strong sell” rating in a report on Sunday, August 20th. Needham & Company LLC reaffirmed a “buy” rating and issued a $57.00 target price on shares of CONMED Corporation in a report on Friday, September 1st. Zacks Investment Research raised shares of CONMED Corporation from a “sell” rating to a “hold” rating in a report on Tuesday. KeyCorp reaffirmed a “hold” rating on shares of CONMED Corporation in a report on Friday, August 25th. Finally, TheStreet raised shares of CONMED Corporation from a “c+” rating to a “b-” rating in a report on Thursday, August 3rd. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the company’s stock. CONMED Corporation currently has an average rating of “Hold” and an average price target of $52.50.
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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