CONMED (NASDAQ:CNMD) Upgraded to “Buy” at BidaskClub

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BidaskClub upgraded shares of CONMED (NASDAQ:CNMD) from a hold rating to a buy rating in a research report report published on Thursday morning, BidAskClub reports.

Several other analysts have also recently issued reports on CNMD. Piper Jaffray Companies raised shares of CONMED from a neutral rating to an overweight rating and upped their price objective for the company from $88.00 to $110.00 in a research note on Thursday, August 22nd. Zacks Investment Research raised shares of CONMED from a hold rating to a buy rating and set a $98.00 price objective for the company in a research note on Friday, August 2nd. Stifel Nicolaus upped their price objective on shares of CONMED from $97.00 to $99.00 and gave the company a buy rating in a research note on Thursday, August 1st. Finally, Barclays upped their price objective on shares of CONMED from $96.00 to $105.00 and gave the company an overweight rating in a research note on Thursday, August 1st. Six analysts have rated the stock with a buy rating, The stock has a consensus rating of Buy and a consensus target price of $101.20.

Shares of NASDAQ CNMD opened at $101.27 on Thursday. CONMED has a 12-month low of $56.90 and a 12-month high of $103.90. The stock has a market cap of $2.89 billion, a PE ratio of 46.45, a P/E/G ratio of 2.70 and a beta of 0.54. The company has a current ratio of 2.55, a quick ratio of 1.44 and a debt-to-equity ratio of 1.14. The company has a 50-day moving average of $97.57 and a 200 day moving average of $86.28.

CONMED (NASDAQ:CNMD) last announced its quarterly earnings data on Wednesday, July 31st. The medical technology company reported $0.56 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.53 by $0.03. CONMED had a net margin of 3.13% and a return on equity of 9.95%. The company had revenue of $238.26 million during the quarter, compared to analysts’ expectations of $233.06 million. During the same quarter in the prior year, the company earned $0.46 EPS. CONMED’s revenue was up 12.0% compared to the same quarter last year. On average, sell-side analysts forecast that CONMED will post 2.55 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Monday, October 7th. Stockholders of record on Friday, September 13th will be paid a $0.20 dividend. The ex-dividend date is Thursday, September 12th. This represents a $0.80 annualized dividend and a dividend yield of 0.79%. CONMED’s dividend payout ratio (DPR) is 36.70%.

In other news, VP Johonna Marie Pelletier sold 453 shares of the company’s stock in a transaction that occurred on Thursday, August 8th. The shares were sold at an average price of $94.93, for a total value of $43,003.29. Following the transaction, the vice president now directly owns 3,965 shares in the company, valued at approximately $376,397.45. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Stanley W. Peters III sold 500 shares of the company’s stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $101.76, for a total transaction of $50,880.00. Following the completion of the transaction, the vice president now owns 130 shares in the company, valued at $13,228.80. The disclosure for this sale can be found here. In the last three months, insiders sold 17,476 shares of company stock valued at $1,610,458. Corporate insiders own 4.38% of the company’s stock.

Institutional investors have recently added to or reduced their stakes in the business. Geode Capital Management LLC grew its position in shares of CONMED by 9.2% in the 4th quarter. Geode Capital Management LLC now owns 296,766 shares of the medical technology company’s stock valued at $19,052,000 after buying an additional 24,920 shares during the last quarter. Rhumbline Advisers lifted its stake in shares of CONMED by 1.3% in the first quarter. Rhumbline Advisers now owns 83,743 shares of the medical technology company’s stock valued at $6,966,000 after purchasing an additional 1,057 shares during the period. Comerica Bank lifted its stake in shares of CONMED by 1.9% in the first quarter. Comerica Bank now owns 25,614 shares of the medical technology company’s stock valued at $2,121,000 after purchasing an additional 479 shares during the period. Texas Permanent School Fund lifted its stake in shares of CONMED by 3.8% in the first quarter. Texas Permanent School Fund now owns 17,584 shares of the medical technology company’s stock valued at $1,463,000 after purchasing an additional 649 shares during the period. Finally, Raymond James & Associates acquired a new position in CONMED during the first quarter worth about $2,343,000.

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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