BidaskClub Downgrades CONMED (NASDAQ:CNMD) to Buy

BidaskClub downgraded shares of CONMED (NASDAQ:CNMD) from a strong-buy rating to a buy rating in a research note published on Wednesday, April 4th.

CNMD has been the subject of several other reports. Needham & Company LLC increased their price target on CONMED from $58.00 to $71.00 and gave the company a buy rating in a research report on Thursday, February 1st. ValuEngine raised CONMED from a hold rating to a buy rating in a research report on Thursday, March 1st. Finally, Zacks Investment Research raised CONMED from a hold rating to a buy rating and set a $60.00 price target for the company in a research report on Tuesday, January 9th. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The stock currently has an average rating of Buy and an average price target of $58.50.

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NASDAQ CNMD traded up $0.83 on Wednesday, reaching $62.40. The company had a trading volume of 101,294 shares, compared to its average volume of 173,230. CONMED has a 52 week low of $40.92 and a 52 week high of $64.99. The company has a current ratio of 2.38, a quick ratio of 1.44 and a debt-to-equity ratio of 0.75. The company has a market capitalization of $1,730.84, a PE ratio of 32.58, a P/E/G ratio of 2.51 and a beta of 0.59.

CONMED (NASDAQ:CNMD) last posted its earnings results on Wednesday, January 31st. The medical technology company reported $0.69 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.65 by $0.04. The firm had revenue of $222.60 million during the quarter, compared to analysts’ expectations of $212.17 million. CONMED had a return on equity of 8.96% and a net margin of 6.97%. The company’s revenue was up 9.1% on a year-over-year basis. During the same period in the previous year, the firm earned $0.54 earnings per share. sell-side analysts predict that CONMED will post 2.14 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Thursday, April 5th. Stockholders of record on Thursday, March 15th were paid a dividend of $0.20 per share. The ex-dividend date of this dividend was Wednesday, March 14th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.28%. CONMED’s dividend payout ratio (DPR) is currently 42.33%.

In other CONMED news, CFO Luke A. Pomilio sold 19,620 shares of the firm’s stock in a transaction on Thursday, March 1st. The stock was sold at an average price of $60.19, for a total transaction of $1,180,927.80. Following the transaction, the chief financial officer now owns 600 shares in the company, valued at approximately $36,114. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, VP Terence M. Berge sold 3,868 shares of the firm’s stock in a transaction on Friday, March 9th. The stock was sold at an average price of $62.45, for a total value of $241,556.60. Following the transaction, the vice president now owns 19,908 shares in the company, valued at approximately $1,243,254.60. The disclosure for this sale can be found here. In the last quarter, insiders have sold 46,473 shares of company stock worth $2,874,693. 2.62% of the stock is owned by corporate insiders.

Several hedge funds have recently modified their holdings of CNMD. Epoch Investment Partners Inc. raised its position in CONMED by 2.1% during the 3rd quarter. Epoch Investment Partners Inc. now owns 232,576 shares of the medical technology company’s stock worth $12,203,000 after purchasing an additional 4,839 shares during the last quarter. Pinebridge Investments L.P. raised its position in CONMED by 72.7% during the 4th quarter. Pinebridge Investments L.P. now owns 47,164 shares of the medical technology company’s stock worth $2,404,000 after purchasing an additional 19,848 shares during the last quarter. Municipal Employees Retirement System of Michigan raised its position in CONMED by 59.1% during the 3rd quarter. Municipal Employees Retirement System of Michigan now owns 9,310 shares of the medical technology company’s stock worth $488,000 after purchasing an additional 3,460 shares during the last quarter. Granahan Investment Management Inc. MA raised its position in CONMED by 7.0% during the 3rd quarter. Granahan Investment Management Inc. MA now owns 103,176 shares of the medical technology company’s stock worth $5,414,000 after purchasing an additional 6,791 shares during the last quarter. Finally, Arizona State Retirement System raised its position in CONMED by 223.8% during the 4th quarter. Arizona State Retirement System now owns 41,784 shares of the medical technology company’s stock worth $2,130,000 after purchasing an additional 28,881 shares during the last quarter. 99.57% of the stock is currently owned by hedge funds and other institutional investors.

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About CONMED

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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