Zacks Investment Research upgraded shares of CONMED (NASDAQ:CNMD) from a hold rating to a buy rating in a report released on Monday morning, Zacks.com reports. They currently have $93.00 target price on the medical technology company’s stock.
According to Zacks, “CONMED outperformed the industry in a year’s time. The company’s core units — Orthopedic Surgery and General Surgery — continue to boost the topline. Of the most unique products under General Surgery, the Anchor Tissue Retrieval bag deserves a mention. Solid international sales growth in recent times is a positive. Management is confident of the company’s broad product portfolio as well. It expects the ongoing buyout of Buffalo Filter to boost CONMED’s General Surgery portfolio. A strong 2019 guidance buoy optimism in the stock. On the flip side, contraction in the company's gross and operating margins in recent times is worrisome. CONMED operates in a highly competitive environment, especially with respect to the General Surgery business. The company’s high long-term debt is a concern. The stock looks overvalued at the moment.”
A number of other equities research analysts also recently weighed in on CNMD. BidaskClub downgraded CONMED from a hold rating to a sell rating in a research report on Friday, December 21st. Needham & Company LLC restated a buy rating and set a $79.00 target price (down previously from $86.00) on shares of CONMED in a research report on Wednesday, January 23rd. Finally, Barclays started coverage on CONMED in a research report on Tuesday, February 19th. They set an overweight rating and a $85.00 target price for the company. One equities research analyst has rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. The stock has an average rating of Buy and an average target price of $88.25.
CONMED (NASDAQ:CNMD) last released its earnings results on Tuesday, January 22nd. The medical technology company reported $0.73 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.73. The company had revenue of $242.40 million during the quarter, compared to the consensus estimate of $228.40 million. CONMED had a return on equity of 9.65% and a net margin of 4.75%. The firm’s quarterly revenue was up 8.9% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.69 earnings per share. On average, equities research analysts predict that CONMED will post 2.44 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, April 5th. Stockholders of record on Friday, March 15th were given a dividend of $0.20 per share. The ex-dividend date was Thursday, March 14th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.96%. CONMED’s payout ratio is currently 36.70%.
In related news, EVP Peter K. Shagory sold 4,000 shares of CONMED stock in a transaction on Thursday, January 31st. The stock was sold at an average price of $69.29, for a total transaction of $277,160.00. Following the completion of the sale, the executive vice president now directly owns 5,155 shares of the company’s stock, valued at $357,189.95. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Dirk Kuyper sold 2,000 shares of CONMED stock in a transaction on Monday, April 8th. The stock was sold at an average price of $83.39, for a total value of $166,780.00. Following the sale, the director now directly owns 13,906 shares of the company’s stock, valued at $1,159,621.34. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 9,000 shares of company stock valued at $677,250. 3.13% of the stock is currently owned by corporate insiders.
Several institutional investors have recently made changes to their positions in the stock. Piedmont Investment Advisors Inc. grew its stake in shares of CONMED by 3.3% during the fourth quarter. Piedmont Investment Advisors Inc. now owns 6,147 shares of the medical technology company’s stock worth $395,000 after purchasing an additional 198 shares during the period. Diversified Trust Co grew its stake in shares of CONMED by 6.5% during the third quarter. Diversified Trust Co now owns 4,950 shares of the medical technology company’s stock worth $392,000 after purchasing an additional 300 shares during the period. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. grew its stake in CONMED by 35.2% in the fourth quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 1,742 shares of the medical technology company’s stock valued at $106,000 after acquiring an additional 454 shares during the period. Financial Gravity Companies Inc. acquired a new position in CONMED in the fourth quarter valued at about $45,000. Finally, Texas Permanent School Fund grew its stake in CONMED by 4.1% in the fourth quarter. Texas Permanent School Fund now owns 16,935 shares of the medical technology company’s stock valued at $1,087,000 after acquiring an additional 662 shares during the period. 96.69% of the stock is owned by institutional investors and hedge funds.
CONMED Company Profile
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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