CONMED Co. (CNMD) Receives Consensus Rating of “Buy” from Brokerages

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Shares of CONMED Co. (NASDAQ:CNMD) have been given a consensus rating of “Buy” by the six brokerages that are presently covering the firm, Marketbeat.com reports. One investment analyst has rated the stock with a hold recommendation, four have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month target price among brokerages that have updated their coverage on the stock in the last year is $91.00.

Several research analysts have weighed in on CNMD shares. Stifel Nicolaus started coverage on shares of CONMED in a report on Wednesday, April 17th. They set a “buy” rating and a $95.00 price objective on the stock. BidaskClub upgraded shares of CONMED from a “hold” rating to a “buy” rating in a research note on Wednesday, March 6th. Needham & Company LLC upped their target price on shares of CONMED to $87.00 and gave the stock a “buy” rating in a research note on Wednesday, February 27th. Zacks Investment Research lowered shares of CONMED from a “hold” rating to a “sell” rating in a research note on Monday, January 21st. Finally, Barclays upped their target price on shares of CONMED from $85.00 to $92.00 and gave the stock an “overweight” rating in a research note on Monday, April 15th.

In other news, Director Dirk Kuyper sold 2,000 shares of CONMED stock in a transaction dated Monday, April 8th. The stock was sold at an average price of $83.39, for a total value of $166,780.00. Following the completion of the transaction, the director now owns 13,906 shares of the company’s stock, valued at approximately $1,159,621.34. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Daniel Jonas sold 4,000 shares of CONMED stock in a transaction dated Friday, April 26th. The stock was sold at an average price of $80.51, for a total value of $322,040.00. Following the completion of the transaction, the executive vice president now directly owns 27,497 shares of the company’s stock, valued at approximately $2,213,783.47. The disclosure for this sale can be found here. In the last quarter, insiders sold 10,511 shares of company stock valued at $846,032. Company insiders own 4.38% of the company’s stock.

Several institutional investors and hedge funds have recently bought and sold shares of CNMD. 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 worth $51,819,000 after purchasing an additional 16,408 shares during the last quarter. Norges Bank bought a new position in shares of CONMED in the 4th quarter valued at about $33,144,000. Wendell David Associates Inc. bought a new position in shares of CONMED in the 1st quarter valued at about $218,000. Bank of Montreal Can grew its position in shares of CONMED by 16.8% in 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 acquiring an additional 10,684 shares during the period. Finally, Great West Life Assurance Co. Can grew its position in shares of CONMED by 9.2% in 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 acquiring an additional 2,965 shares during the period. 96.52% of the stock is owned by hedge funds and other institutional investors.

CNMD traded down $1.58 during trading on Friday, hitting $80.31. 7,039 shares of the company’s stock were exchanged, compared to its average volume of 296,850. The company has a current ratio of 2.58, a quick ratio of 1.45 and a debt-to-equity ratio of 1.16. CONMED has a fifty-two week low of $56.90 and a fifty-two week high of $85.91. The company has a market cap of $2.33 billion, a price-to-earnings ratio of 36.84, a PEG ratio of 2.47 and a beta of 0.64.

CONMED (NASDAQ:CNMD) last released its quarterly earnings data on Wednesday, April 24th. The medical technology company reported $0.57 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.54 by $0.03. CONMED had a net margin of 3.56% and a return on equity of 9.67%. The firm had revenue of $218.38 million for the quarter, compared to the consensus estimate of $213.95 million. During the same quarter in the prior year, the company posted $0.53 earnings per share. The business’s revenue was up 8.1% on a year-over-year basis. As a group, equities analysts forecast that CONMED will post 2.5 earnings per share for the current fiscal year.

About CONMED

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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