Zacks: Brokerages Anticipate CONMED Co. (CNMD) Will Post Quarterly Sales of $196.87 Million

Equities analysts expect CONMED Co. (NASDAQ:CNMD) to post $196.87 million in sales for the current fiscal quarter, according to Zacks Investment Research. Two analysts have made estimates for CONMED’s earnings, with the lowest sales estimate coming in at $194.50 million and the highest estimate coming in at $199.24 million. CONMED posted sales of $186.57 million during the same quarter last year, which suggests a positive year over year growth rate of 5.5%. The firm is scheduled to announce its next earnings report on Wednesday, April 25th.

On average, analysts expect that CONMED will report full year sales of $196.87 million for the current year, with estimates ranging from $831.80 million to $836.32 million. For the next fiscal year, analysts forecast that the firm will report sales of $873.57 million per share, with estimates ranging from $866.90 million to $882.12 million. Zacks Investment Research’s sales calculations are a mean average based on a survey of analysts that follow CONMED.

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CONMED (NASDAQ:CNMD) last released its quarterly earnings results on Wednesday, January 31st. The medical technology company reported $0.69 EPS for the quarter, beating the Zacks’ consensus estimate of $0.65 by $0.04. The firm had revenue of $222.60 million for the quarter, compared to analyst estimates of $212.17 million. CONMED had a net margin of 6.97% and a return on equity of 8.96%. The company’s revenue for the quarter was up 9.1% compared to the same quarter last year. During the same period in the previous year, the business earned $0.54 earnings per share.

CNMD has been the topic of a number of recent analyst reports. Zacks Investment Research lowered shares of CONMED from a “buy” rating to a “hold” rating in a research report on Thursday, January 11th. BidaskClub downgraded shares of CONMED from a “hold” rating to a “sell” rating in a research note on Tuesday, December 12th. ValuEngine raised shares of CONMED from a “hold” rating to a “buy” rating in a research note on Thursday, March 1st. Finally, Needham & Company LLC boosted their target price on shares of CONMED from $58.00 to $71.00 and gave the stock a “buy” rating in a research note on Thursday, February 1st. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. CONMED currently has a consensus rating of “Buy” and an average price target of $59.00.

In other CONMED news, VP Terence M. Berge sold 3,868 shares of the business’s stock in a transaction dated Friday, March 9th. The shares were sold at an average price of $62.45, for a total value of $241,556.60. Following the completion of the transaction, the vice president now directly owns 19,908 shares of the company’s stock, valued at $1,243,254.60. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Luke A. Pomilio sold 19,620 shares of the business’s stock in a transaction dated 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 completion of the transaction, the chief financial officer now directly owns 600 shares of the company’s stock, valued at $36,114. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 46,473 shares of company stock valued at $2,874,693. Insiders own 2.62% of the company’s stock.

Several institutional investors and hedge funds have recently bought and sold shares of CNMD. Millennium Management LLC bought a new stake in shares of CONMED during the fourth quarter worth approximately $5,757,000. Macquarie Group Ltd. increased its stake in CONMED by 13.9% in the third quarter. Macquarie Group Ltd. now owns 731,957 shares of the medical technology company’s stock valued at $38,406,000 after purchasing an additional 89,078 shares in the last quarter. BlackRock Inc. increased its stake in CONMED by 2.7% in the fourth quarter. BlackRock Inc. now owns 3,281,817 shares of the medical technology company’s stock valued at $167,275,000 after purchasing an additional 85,022 shares in the last quarter. Assenagon Asset Management S.A. bought a new stake in CONMED in the fourth quarter valued at approximately $3,169,000. Finally, Goldman Sachs Group Inc. increased its stake in CONMED by 6.1% in the fourth quarter. Goldman Sachs Group Inc. now owns 1,067,319 shares of the medical technology company’s stock valued at $54,401,000 after purchasing an additional 61,617 shares in the last quarter. 99.57% of the stock is owned by institutional investors and hedge funds.

CNMD stock traded up $0.70 during trading hours on Thursday, reaching $64.53. 86,807 shares of the company’s stock were exchanged, compared to its average volume of 185,178. The firm has a market capitalization of $1,801.06, a price-to-earnings ratio of 32.86, a PEG ratio of 2.61 and a beta of 0.67. CONMED has a 52-week low of $40.54 and a 52-week high of $64.99. The company has a debt-to-equity ratio of 0.75, a quick ratio of 1.44 and a current ratio of 2.38.

The business also recently announced a quarterly dividend, which will be paid on Thursday, April 5th. Shareholders of record on Thursday, March 15th will be paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.24%. The ex-dividend date is Wednesday, March 14th. CONMED’s dividend payout ratio is presently 40.61%.

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CONMED Company Profile

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. The Company provides surgical devices and equipment for minimally invasive procedures. The Company’s products are used by surgeons and physicians in a range of specialties, including orthopedics, general surgery, gynecology, neurosurgery and gastroenterology.

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