Zacks Investment Research Downgrades CONMED (CNMD) to Hold

CONMED (NASDAQ:CNMD) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Thursday.

According to Zacks, “CONMED has underperformed the broader industry in terms of price performance in the last year. Nevertheless, strength in General Surgery business on the back of strong performances by Advanced Surgical and Endoscopic Technologies buoys optimism. We are also upbeat about the favorable foreign exchange movements. Solid revenue guidance is indicative of brighter prospects. CONMED is also benefiting from the increasing trend of using minimally invasive techniques as a large percentage of the company’s products are designed for these procedures. On the flipside, declining sales from Orthopedic surgery is a concern. The company operates in a highly competitive environment, adding to our woes. Lower healthcare spending buoyed by the ongoing political conundrum in the U.S. healthcare space is a headwind. CONMED’s stock looks a little overvalued at the moment.”

CNMD has been the subject of several other research reports. KeyCorp reiterated a “hold” rating on shares of CONMED in a research report on Friday, November 3rd. Piper Jaffray Companies reiterated a “hold” rating and set a $46.00 price target on shares of CONMED in a research report on Friday, November 3rd. BidaskClub cut shares of CONMED from a “hold” rating to a “sell” rating in a research report on Tuesday, December 12th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $58.00 price target on shares of CONMED in a research report on Friday, November 17th. One analyst has rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the company. CONMED currently has an average rating of “Hold” and a consensus target price of $52.25.

CONMED (NASDAQ:CNMD) opened at $52.39 on Thursday. CONMED has a 12 month low of $39.74 and a 12 month high of $54.77. The firm has a market cap of $1,428.54, a PE ratio of 93.55, a price-to-earnings-growth ratio of 2.93 and a beta of 0.66. The company has a debt-to-equity ratio of 0.84, a current ratio of 2.56 and a quick ratio of 1.49.

CONMED (NASDAQ:CNMD) last issued its quarterly earnings results on Thursday, November 2nd. The medical technology company reported $0.42 EPS for the quarter, topping 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 company had revenue of $190.10 million during the quarter, compared to analysts’ expectations of $187.13 million. During the same quarter in the previous year, the company earned $0.41 EPS. CONMED’s revenue was up 2.9% on a year-over-year basis. sell-side analysts anticipate that CONMED will post 1.86 EPS for the current year.

In related news, EVP Luke A. Pomilio sold 29,363 shares of the business’s 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 completion of the transaction, the executive vice president now owns 45,486 shares in the company, valued at $2,306,140.20. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Luke A. Pomilio sold 10,020 shares of the business’s stock in a transaction that occurred on Friday, November 3rd. The shares were sold at an average price of $53.57, for a total transaction of $536,771.40. Following the transaction, the executive vice president now owns 44,472 shares of the company’s stock, valued at approximately $2,382,365.04. The disclosure for this sale can be found here. In the last quarter, insiders have sold 51,812 shares of company stock valued at $2,654,756. 2.62% of the stock is owned by corporate insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of CNMD. Schwab Charles Investment Management Inc. grew its holdings in CONMED by 2.5% during the second quarter. Schwab Charles Investment Management Inc. now owns 167,338 shares of the medical technology company’s stock valued at $8,525,000 after purchasing an additional 4,152 shares during the period. SG Americas Securities LLC acquired a new position in CONMED during the second quarter valued at approximately $111,000. Legal & General Group Plc grew its holdings in CONMED by 9.5% during the second quarter. Legal & General Group Plc now owns 49,689 shares of the medical technology company’s stock valued at $2,531,000 after purchasing an additional 4,308 shares during the period. BNP Paribas Arbitrage SA grew its holdings in CONMED by 57.5% during the second quarter. BNP Paribas Arbitrage SA now owns 9,734 shares of the medical technology company’s stock valued at $496,000 after purchasing an additional 3,554 shares during the period. Finally, Prudential Financial Inc. grew its holdings in CONMED by 65.6% during the second quarter. Prudential Financial Inc. now owns 71,409 shares of the medical technology company’s stock valued at $3,638,000 after purchasing an additional 28,280 shares during the period. Hedge funds and other institutional investors own 99.02% of the company’s stock.

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About CONMED

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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