Wall Street brokerages expect CONMED Co. (NASDAQ:CNMD) to announce $0.53 earnings per share for the current quarter, Zacks reports. Four analysts have made estimates for CONMED’s earnings, with the lowest EPS estimate coming in at $0.52 and the highest estimate coming in at $0.54. CONMED reported earnings of $0.46 per share during the same quarter last year, which indicates a positive year-over-year growth rate of 15.2%. The business is expected to announce its next quarterly earnings report on Wednesday, August 7th.
On average, analysts expect that CONMED will report full-year earnings of $2.50 per share for the current year, with EPS estimates ranging from $2.49 to $2.50. For the next financial year, analysts forecast that the firm will report earnings of $2.94 per share, with EPS estimates ranging from $2.88 to $3.04. Zacks’ EPS averages are an average based on a survey of sell-side research analysts that follow CONMED.
CONMED (NASDAQ:CNMD) last issued its quarterly earnings results on Wednesday, April 24th. The medical technology company reported $0.57 EPS for the quarter, topping the Zacks’ consensus estimate of $0.54 by $0.03. The business had revenue of $218.38 million for the quarter, compared to analyst estimates of $213.95 million. CONMED had a return on equity of 9.67% and a net margin of 3.56%. CONMED’s quarterly revenue was up 8.1% compared to the same quarter last year. During the same period last year, the company posted $0.53 earnings per share.
A number of analysts recently commented on CNMD shares. BidaskClub upgraded CONMED from a “buy” rating to a “strong-buy” rating in a report on Wednesday, March 27th. Stifel Nicolaus started coverage on CONMED in a report on Wednesday, April 17th. They set a “buy” rating and a $95.00 price target on the stock. Needham & Company LLC lifted their price target on CONMED to $87.00 and gave the stock a “buy” rating in a report on Wednesday, February 27th. Barclays started coverage on CONMED in a report on Tuesday, February 19th. They set an “overweight” rating and a $85.00 price target on the stock. Finally, Zacks Investment Research upgraded CONMED from a “hold” rating to a “buy” rating and set a $93.00 target price on the stock in a research note on Monday, April 15th. One equities research analyst has rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company’s stock. CONMED presently has a consensus rating of “Buy” and an average price target of $91.00.
In other CONMED news, EVP Peter K. Shagory sold 3,000 shares of the business’s stock in a transaction on Friday, March 8th. The stock was sold at an average price of $77.77, for a total value of $233,310.00. Following the sale, the executive vice president now directly owns 4,649 shares in the company, valued at $361,552.73. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Daniel Jonas sold 4,000 shares of the business’s stock in a transaction on Friday, April 26th. The shares were sold at an average price of $80.51, for a total value of $322,040.00. Following the completion of the sale, the executive vice president now owns 27,497 shares in the company, valued at $2,213,783.47. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 10,511 shares of company stock worth $846,032. Corporate insiders own 4.38% of the company’s stock.
Institutional investors and hedge funds have recently modified their holdings of the business. Macquarie Group Ltd. raised its stake in shares of CONMED by 2.1% in the fourth quarter. Macquarie Group Ltd. now owns 807,148 shares of the medical technology company’s stock valued at $51,819,000 after buying an additional 16,408 shares during the period. Norges Bank bought a new stake in shares of CONMED during the 4th quarter valued at $33,144,000. Wendell David Associates Inc. bought a new stake in shares of CONMED during the 1st quarter valued at $218,000. Bank of Montreal Can raised its stake in shares of CONMED by 16.8% during the 4th quarter. Bank of Montreal Can now owns 74,306 shares of the medical technology company’s stock valued at $4,770,000 after purchasing an additional 10,684 shares during the period. Finally, Great West Life Assurance Co. Can raised its stake in shares of CONMED by 9.2% during the 4th quarter. Great West Life Assurance Co. Can now owns 35,029 shares of the medical technology company’s stock valued at $2,075,000 after purchasing an additional 2,965 shares during the period. Hedge funds and other institutional investors own 96.75% of the company’s stock.
Shares of CONMED stock opened at $80.99 on Friday. The firm has a market cap of $2.29 billion, a P/E ratio of 37.15, a price-to-earnings-growth ratio of 2.42 and a beta of 0.64. CONMED has a 12 month low of $56.90 and a 12 month high of $85.91. The company has a debt-to-equity ratio of 1.16, a quick ratio of 1.45 and a current ratio of 2.58.
The company also recently announced a quarterly dividend, which will be paid on Friday, July 5th. Shareholders of record on Friday, June 14th will be paid a $0.20 dividend. The ex-dividend date is Thursday, June 13th. This represents a $0.80 annualized dividend and a dividend yield of 0.99%. CONMED’s payout ratio is presently 36.70%.
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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