CONMED Co. (NASDAQ:CNMD) Given Average Recommendation of “Buy” by Analysts

CONMED Co. (NASDAQ:CNMD) has received a consensus rating of “Buy” from the six brokerages that are currently covering the firm, Marketbeat reports. Six equities research analysts have rated the stock with a buy rating. The average 12 month price target among brokerages that have covered the stock in the last year is $101.20.

A number of research analysts have issued reports on CNMD shares. BidaskClub upgraded CONMED from a “hold” rating to a “buy” rating in a research report on Thursday. Piper Jaffray Companies upgraded CONMED from a “neutral” rating to an “overweight” rating and lifted their target price for the company from $88.00 to $110.00 in a research report on Thursday, August 22nd. Stifel Nicolaus lifted their target price on CONMED from $97.00 to $99.00 and gave the company a “buy” rating in a research report on Thursday, August 1st. Barclays lifted their target price on CONMED from $96.00 to $105.00 and gave the company an “overweight” rating in a research report on Thursday, August 1st. Finally, Zacks Investment Research upgraded CONMED from a “hold” rating to a “buy” rating and set a $98.00 target price on the stock in a research report on Friday, August 2nd.

Shares of NASDAQ CNMD traded down $1.05 during mid-day trading on Friday, reaching $100.22. The company had a trading volume of 219,461 shares, compared to its average volume of 179,080. CONMED has a one year low of $56.90 and a one year high of $103.90. The company has a debt-to-equity ratio of 1.14, a quick ratio of 1.44 and a current ratio of 2.55. The business’s 50-day simple moving average is $97.82 and its 200 day simple moving average is $86.39. The firm has a market cap of $2.89 billion, a price-to-earnings ratio of 45.97, a PEG ratio of 2.38 and a beta of 0.54.

CONMED (NASDAQ:CNMD) last released its earnings results on Wednesday, July 31st. The medical technology company reported $0.56 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.53 by $0.03. CONMED had a return on equity of 9.95% and a net margin of 3.13%. The firm had revenue of $238.26 million for the quarter, compared to analysts’ expectations of $233.06 million. During the same quarter in the previous year, the business posted $0.46 earnings per share. The business’s revenue for the quarter was up 12.0% on a year-over-year basis. On average, sell-side analysts anticipate that CONMED will post 2.55 EPS for the current year.

The company also recently declared a quarterly dividend, which will be paid on Monday, October 7th. Stockholders of record on Friday, September 13th will be paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.80%. The ex-dividend date is Thursday, September 12th. CONMED’s payout ratio is 36.70%.

In other news, EVP Daniel Jonas sold 2,909 shares of CONMED stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $92.10, for a total transaction of $267,918.90. Following the sale, the executive vice president now directly owns 28,319 shares of the company’s stock, valued at $2,608,179.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Stanley W. Peters III sold 500 shares of CONMED stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $101.76, for a total value of $50,880.00. Following the sale, the vice president now directly owns 130 shares in the company, valued at $13,228.80. The disclosure for this sale can be found here. Insiders have sold 17,476 shares of company stock worth $1,610,458 over the last three months. Insiders own 4.38% of the company’s stock.

Several hedge funds have recently made changes to their positions in the company. Atria Investments LLC acquired a new stake in shares of CONMED during the second quarter valued at about $311,000. Royal Bank of Canada lifted its stake in shares of CONMED by 17.6% in the second quarter. Royal Bank of Canada now owns 16,517 shares of the medical technology company’s stock worth $1,413,000 after acquiring an additional 2,467 shares during the period. Verition Fund Management LLC acquired a new position in shares of CONMED in the second quarter worth approximately $1,780,000. Ladenburg Thalmann Financial Services Inc. lifted its stake in shares of CONMED by 743.8% in the second quarter. Ladenburg Thalmann Financial Services Inc. now owns 675 shares of the medical technology company’s stock worth $58,000 after acquiring an additional 595 shares during the period. Finally, Nuveen Asset Management LLC acquired a new position in shares of CONMED in the second quarter worth approximately $24,934,000.

About CONMED

CONMED Corporation, a medical technology company, develops, manufactures, and sells surgical devices and related equipment for minimally invasive procedures worldwide. 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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