According to Zacks, “CONMED Corporation reported impressive second-quarter 2016 results. Both earnings and revenues surpassed the Zacks Consensus Estimate and increased on a year-over-year basis. The general surgery and surgical visualization unit reported a stellar performance in the quarter. However, the company reduced its full-year 2016 guidance primairly due to lower organic growth. Moreover, unfavorable foreign currency exchange rate is expected to hurt top-line growth. Nevertheless, the company anticipates strong revenue contribution from the AirSeal system (SurgiQuest) for full-year 2016.”
Separately, Leerink Swann downgraded shares of Conmed Corp. from an outperform rating to a market perform rating and reduced their price target for the company from $56.00 to $47.00 in a report on Thursday, July 28th. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. The stock presently has an average rating of Buy and an average price target of $49.00.
Shares of Conmed Corp. (NASDAQ:CNMD) opened at 40.06 on Tuesday. The firm’s 50-day moving average is $40.10 and its 200 day moving average is $42.21. Conmed Corp. has a 52-week low of $35.51 and a 52-week high of $51.90. The stock has a market capitalization of $1.11 billion, a price-to-earnings ratio of 64.72 and a beta of 0.90.
Conmed Corp. (NASDAQ:CNMD) last released its earnings results on Wednesday, July 27th. The medical technology company reported $0.47 earnings per share for the quarter, beating analysts’ consensus estimates of $0.46 by $0.01. Conmed Corp. had a net margin of 2.36% and a return on equity of 8.11%. The company had revenue of $193.40 million for the quarter, compared to analysts’ expectations of $191.48 million. During the same quarter in the previous year, the company earned $0.36 EPS. Conmed Corp.’s revenue for the quarter was up 6.8% on a year-over-year basis. Equities analysts expect that Conmed Corp. will post $1.87 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 5th. Stockholders of record on Thursday, September 15th will be issued a $0.20 dividend. The ex-dividend date is Tuesday, September 13th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.00%. Conmed Corp.’s dividend payout ratio (DPR) is presently 129.03%.
Hedge funds have recently bought and sold shares of the company. Scopia Capital Management LP acquired a new stake in Conmed Corp. during the first quarter worth $99,828,000. Dimensional Fund Advisors LP increased its stake in Conmed Corp. by 1.7% in the second quarter. Dimensional Fund Advisors LP now owns 2,350,620 shares of the medical technology company’s stock worth $112,193,000 after buying an additional 38,595 shares during the period. BlackRock Fund Advisors increased its stake in Conmed Corp. by 2.5% in the second quarter. BlackRock Fund Advisors now owns 1,684,436 shares of the medical technology company’s stock worth $80,398,000 after buying an additional 41,335 shares during the period. Champlain Investment Partners LLC increased its stake in Conmed Corp. by 61.1% in the second quarter. Champlain Investment Partners LLC now owns 1,465,640 shares of the medical technology company’s stock worth $69,955,000 after buying an additional 556,060 shares during the period. Finally, Goldman Sachs Group Inc. increased its stake in Conmed Corp. by 103.8% in the first quarter. Goldman Sachs Group Inc. now owns 990,609 shares of the medical technology company’s stock worth $41,546,000 after buying an additional 504,423 shares during the period. Hedge funds and other institutional investors own 98.80% of the company’s stock.
About Conmed Corp.
CONMED Corporation is a medical technology company. The Company is engaged in the development, manufacturing and sale on a global basis of surgical devices and related equipment. Its products are used by surgeons and physicians in a range of specialties, including orthopedics, general surgery, gynecology, neurosurgery and gastroenterology.
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