CONMED Co. (NASDAQ:CNMD) – Research analysts at KeyCorp lowered their Q1 2019 earnings per share (EPS) estimates for CONMED in a note issued to investors on Monday, April 15th. KeyCorp analyst M. Mishan now anticipates that the medical technology company will post earnings of $0.52 per share for the quarter, down from their previous forecast of $0.53. KeyCorp also issued estimates for CONMED’s Q2 2019 earnings at $0.54 EPS, Q3 2019 earnings at $0.54 EPS, Q4 2019 earnings at $0.86 EPS, FY2019 earnings at $2.46 EPS and FY2020 earnings at $3.00 EPS.
CONMED (NASDAQ:CNMD) last announced its quarterly earnings results on Tuesday, January 22nd. The medical technology company reported $0.73 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.73. The firm had revenue of $242.40 million for the quarter, compared to analyst estimates of $228.40 million. CONMED had a net margin of 4.75% and a return on equity of 9.65%. The business’s revenue for the quarter was up 8.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.69 EPS.
Several other equities research analysts have also weighed in on CNMD. Barclays upped their target price on shares of CONMED from $85.00 to $92.00 and gave the stock an “overweight” rating in a report on Monday. Needham & Company LLC upped their target price on shares of CONMED from $87.00 to $94.00 and gave the stock a “buy” rating in a report on Tuesday. Zacks Investment Research lowered shares of CONMED from a “hold” rating to a “sell” rating in a report on Monday, January 21st. Finally, BidaskClub raised shares of CONMED from a “hold” rating to a “buy” rating in a report on Wednesday, March 6th. One analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. The company has a consensus rating of “Buy” and an average price target of $90.00.
Shares of CONMED stock opened at $80.92 on Wednesday. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.37 and a current ratio of 2.33. CONMED has a 52-week low of $56.90 and a 52-week high of $84.26. The firm has a market capitalization of $2.36 billion, a price-to-earnings ratio of 37.12, a price-to-earnings-growth ratio of 2.97 and a beta of 0.67.
The business also recently disclosed a quarterly dividend, which was paid on Friday, April 5th. Shareholders of record on Friday, March 15th were issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 0.99%. The ex-dividend date of this dividend was Thursday, March 14th. CONMED’s dividend payout ratio is currently 36.70%.
In other CONMED news, EVP Peter K. Shagory sold 3,000 shares of the company’s stock in a transaction dated Friday, March 8th. The shares were sold at an average price of $77.77, for a total transaction of $233,310.00. Following the transaction, the executive vice president now directly owns 4,649 shares in the company, valued at approximately $361,552.73. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Dirk Kuyper sold 2,000 shares of the company’s stock in a transaction dated Monday, April 8th. The shares were sold at an average price of $83.39, for a total transaction of $166,780.00. Following the transaction, the director now owns 13,906 shares in the company, valued at $1,159,621.34. The disclosure for this sale can be found here. In the last three months, insiders have sold 9,000 shares of company stock worth $677,250. Insiders own 3.13% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in CNMD. Norges Bank acquired a new position in CONMED during the 4th quarter valued at about $33,144,000. BlackRock Inc. raised its position in shares of CONMED by 5.9% in the 4th quarter. BlackRock Inc. now owns 4,271,666 shares of the medical technology company’s stock valued at $274,240,000 after acquiring an additional 237,898 shares during the period. Vanguard Group Inc raised its position in shares of CONMED by 6.1% in the 3rd quarter. Vanguard Group Inc now owns 2,666,773 shares of the medical technology company’s stock valued at $211,262,000 after acquiring an additional 153,396 shares during the period. Vanguard Group Inc. raised its position in shares of CONMED by 6.1% in the 3rd quarter. Vanguard Group Inc. now owns 2,666,773 shares of the medical technology company’s stock valued at $211,262,000 after acquiring an additional 153,396 shares during the period. Finally, Millennium Management LLC raised its position in shares of CONMED by 693.6% in the 4th quarter. Millennium Management LLC now owns 107,796 shares of the medical technology company’s stock valued at $6,921,000 after acquiring an additional 94,212 shares during the period. Institutional investors own 96.69% of the company’s stock.
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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