Zacks: Brokerages Anticipate CONMED Co. (CNMD) to Announce $0.45 EPS

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Equities analysts forecast that CONMED Co. (NASDAQ:CNMD) will report $0.45 earnings per share (EPS) for the current fiscal quarter, according to Zacks. Three analysts have issued estimates for CONMED’s earnings, with estimates ranging from $0.39 to $0.48. CONMED posted earnings per share of $0.42 during the same quarter last year, which would indicate a positive year over year growth rate of 7.1%. The firm is expected to issue its next earnings results on Thursday, November 1st.

According to Zacks, analysts expect that CONMED will report full year earnings of $2.17 per share for the current financial year, with EPS estimates ranging from $2.15 to $2.18. For the next fiscal year, analysts anticipate that the business will post earnings of $2.41 per share, with EPS estimates ranging from $2.39 to $2.43. Zacks Investment Research’s earnings per share calculations are an average based on a survey of sell-side research firms that cover CONMED.

CONMED (NASDAQ:CNMD) last released its earnings results on Wednesday, August 1st. The medical technology company reported $0.46 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.45 by $0.01. The firm had revenue of $212.80 million during the quarter, compared to analysts’ expectations of $207.12 million. CONMED had a return on equity of 9.51% and a net margin of 8.85%. The company’s revenue was up 7.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.41 EPS.

Several equities analysts have recently weighed in on CNMD shares. BidaskClub cut CONMED from a “strong-buy” rating to a “buy” rating in a report on Saturday, August 11th. Leerink Swann raised their price objective on CONMED from $76.00 to $81.00 and gave the company a “market perform” rating in a report on Thursday, August 30th. Zacks Investment Research cut CONMED from a “hold” rating to a “sell” rating in a report on Monday, August 6th. Finally, Needham & Company LLC raised their price objective on CONMED from $73.00 to $83.00 and gave the company a “buy” rating in a report on Thursday, August 2nd. One analyst has rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the stock. CONMED has an average rating of “Hold” and an average price target of $73.50.

CNMD stock traded up $0.65 during trading hours on Friday, reaching $81.56. 900 shares of the stock were exchanged, compared to its average volume of 116,576. The stock has a market cap of $2.26 billion, a PE ratio of 43.17, a price-to-earnings-growth ratio of 3.23 and a beta of 0.53. The company has a current ratio of 1.97, a quick ratio of 1.15 and a debt-to-equity ratio of 0.67. CONMED has a 12 month low of $48.64 and a 12 month high of $83.49.

The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 8th. Stockholders of record on Friday, September 14th will be issued a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 0.98%. The ex-dividend date is Thursday, September 13th. CONMED’s payout ratio is 42.33%.

In related news, EVP Daniel Jonas sold 4,000 shares of CONMED stock in a transaction dated Thursday, August 2nd. The stock was sold at an average price of $79.73, for a total transaction of $318,920.00. Following the completion of the transaction, the executive vice president now owns 20,347 shares in the company, valued at $1,622,266.31. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Terence M. Berge sold 673 shares of CONMED stock in a transaction dated Wednesday, June 13th. The stock was sold at an average price of $73.00, for a total value of $49,129.00. Following the transaction, the vice president now owns 19,908 shares of the company’s stock, valued at approximately $1,453,284. The disclosure for this sale can be found here. Insiders sold a total of 7,173 shares of company stock valued at $568,049 in the last 90 days. 3.13% of the stock is owned by corporate insiders.

A number of institutional investors have recently bought and sold shares of CNMD. Renaissance Technologies LLC grew its holdings in CONMED by 68.1% during the fourth quarter. Renaissance Technologies LLC now owns 19,000 shares of the medical technology company’s stock worth $968,000 after purchasing an additional 7,700 shares during the period. Wells Fargo & Company MN lifted its position in CONMED by 7.6% during the first quarter. Wells Fargo & Company MN now owns 52,183 shares of the medical technology company’s stock worth $3,305,000 after acquiring an additional 3,683 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in CONMED by 72.1% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,926 shares of the medical technology company’s stock worth $122,000 after acquiring an additional 807 shares during the last quarter. Summit Global Investments acquired a new stake in CONMED during the first quarter worth approximately $602,000. Finally, Prudential Financial Inc. lifted its position in CONMED by 29.3% during the first quarter. Prudential Financial Inc. now owns 135,606 shares of the medical technology company’s stock worth $8,588,000 after acquiring an additional 30,721 shares during the last quarter. Institutional investors and hedge funds own 96.10% of the company’s stock.

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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