CONMED (NASDAQ:CNMD) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Tuesday.
According to Zacks, “CONMED outperformed its industry in a year's time. Notably, the company delivered stellar performance in the fourth-quarter. 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 continued innovation undertaken by the company over the last year. 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, company operates in a highly competitive environment. Lower healthcare spending buoyed by the ongoing political conundrum in the U.S. healthcare space is a headwind. CONMED’s stock looks much overvalued at the moment.”
Other equities analysts also recently issued reports about the company. Needham & Company LLC increased their target price on CONMED from $58.00 to $71.00 and gave the company a “buy” rating in a research report on Thursday, February 1st. BidaskClub downgraded CONMED from a “sell” rating to a “strong sell” rating in a research report on Wednesday, December 27th. Finally, ValuEngine upgraded CONMED from a “hold” rating to a “buy” rating in a research report on Thursday, March 1st. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average target price of $58.50.
CONMED (NASDAQ:CNMD) last posted its earnings results on Wednesday, January 31st. The medical technology company reported $0.69 EPS for the quarter, beating the consensus estimate of $0.65 by $0.04. The firm had revenue of $222.60 million during the quarter, compared to the consensus estimate of $212.17 million. CONMED had a return on equity of 8.96% and a net margin of 6.97%. The business’s quarterly revenue was up 9.1% on a year-over-year basis. During the same period last year, the company earned $0.54 earnings per share. equities analysts predict that CONMED will post 2.14 EPS for the current fiscal year.
In other news, Director Jo Ann Golden sold 3,000 shares of the firm’s stock in a transaction dated Thursday, February 1st. The stock was sold at an average price of $63.90, for a total transaction of $191,700.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Luke A. Pomilio sold 19,620 shares of the firm’s stock in a transaction dated Thursday, March 1st. The stock was sold at an average price of $60.19, for a total value of $1,180,927.80. Following the transaction, the chief financial officer now owns 600 shares of the company’s stock, valued at $36,114. The disclosure for this sale can be found here. Insiders sold 46,473 shares of company stock valued at $2,874,693 over the last quarter. Corporate insiders own 2.62% of the company’s stock.
Institutional investors and hedge funds have recently modified their holdings of the company. Pinebridge Investments L.P. raised its position in shares of CONMED by 72.7% during the fourth quarter. Pinebridge Investments L.P. now owns 47,164 shares of the medical technology company’s stock worth $2,404,000 after acquiring an additional 19,848 shares during the last quarter. Granahan Investment Management Inc. MA raised its position in shares of CONMED by 7.0% during the third quarter. Granahan Investment Management Inc. MA now owns 103,176 shares of the medical technology company’s stock worth $5,414,000 after acquiring an additional 6,791 shares during the last quarter. Arizona State Retirement System raised its position in shares of CONMED by 223.8% during the fourth quarter. Arizona State Retirement System now owns 41,784 shares of the medical technology company’s stock worth $2,130,000 after acquiring an additional 28,881 shares during the last quarter. Koch Industries Inc. bought a new position in shares of CONMED during the fourth quarter worth about $275,000. Finally, Legal & General Group Plc raised its position in shares of CONMED by 4.3% during the third quarter. Legal & General Group Plc now owns 51,844 shares of the medical technology company’s stock worth $2,721,000 after acquiring an additional 2,155 shares during the last quarter. Institutional investors own 99.57% of the company’s stock.
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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