CONMED Co. (CNMD) Receives $80.67 Consensus Price Target from Analysts

CONMED Co. (NASDAQ:CNMD) has been assigned an average recommendation of “Hold” from the six analysts that are currently covering the firm, MarketBeat.com reports. One analyst has rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the company. The average 1 year price objective among analysts that have covered the stock in the last year is $80.67.

A number of research firms have weighed in on CNMD. Zacks Investment Research upgraded shares of CONMED from a “sell” rating to a “hold” rating in a research report on Tuesday, September 25th. Barclays set a $78.00 price objective on shares of CONMED and gave the stock an “equal weight” rating in a research report on Tuesday, October 16th. BidaskClub upgraded shares of CONMED from a “sell” rating to a “hold” rating in a research report on Wednesday, October 17th. Needham & Company LLC upped their price objective on shares of CONMED from $73.00 to $83.00 and gave the stock a “buy” rating in a research report on Thursday, August 2nd. Finally, Leerink Swann upped their price objective on shares of CONMED from $76.00 to $81.00 and gave the stock a “market perform” rating in a research report on Thursday, August 30th.

In other news, VP Stanley W. Peters III sold 1,500 shares of the company’s stock in a transaction on Friday, September 14th. The shares were sold at an average price of $80.43, for a total transaction of $120,645.00. Following the completion of the sale, the vice president now owns 1,496 shares of the company’s stock, valued at $120,323.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Heather L. Cohen bought 900 shares of the company’s stock in a transaction dated Tuesday, November 6th. The shares were acquired at an average cost of $68.60 per share, with a total value of $61,740.00. The disclosure for this purchase can be found here. 3.13% of the stock is owned by corporate insiders.

Institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its holdings in shares of CONMED by 6.1% in the third quarter. Vanguard Group Inc. now owns 2,666,773 shares of the medical technology company’s stock valued at $211,262,000 after purchasing an additional 153,396 shares during the period. Morgan Stanley grew its holdings in shares of CONMED by 47.6% in the third quarter. Morgan Stanley now owns 259,823 shares of the medical technology company’s stock valued at $20,582,000 after purchasing an additional 83,830 shares during the period. Legal & General Group Plc grew its holdings in shares of CONMED by 10.5% in the third quarter. Legal & General Group Plc now owns 61,330 shares of the medical technology company’s stock valued at $4,864,000 after purchasing an additional 5,837 shares during the period. Sawgrass Asset Management LLC grew its holdings in shares of CONMED by 23.5% in the third quarter. Sawgrass Asset Management LLC now owns 8,780 shares of the medical technology company’s stock valued at $696,000 after purchasing an additional 1,670 shares during the period. Finally, Teachers Advisors LLC grew its holdings in shares of CONMED by 4.0% in the third quarter. Teachers Advisors LLC now owns 234,217 shares of the medical technology company’s stock valued at $18,555,000 after purchasing an additional 8,969 shares during the period. 95.85% of the stock is owned by institutional investors and hedge funds.

Shares of CNMD traded down $0.33 during trading hours on Friday, hitting $67.46. The stock had a trading volume of 1,750 shares, compared to its average volume of 188,803. The company has a debt-to-equity ratio of 0.68, a current ratio of 2.20 and a quick ratio of 1.27. CONMED has a fifty-two week low of $49.22 and a fifty-two week high of $83.49. The stock has a market cap of $1.91 billion, a P/E ratio of 35.72, a P/E/G ratio of 2.72 and a beta of 0.68.

CONMED (NASDAQ:CNMD) last posted its earnings results on Thursday, November 1st. The medical technology company reported $0.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.45 by $0.01. CONMED had a net margin of 8.56% and a return on equity of 9.51%. The firm had revenue of $202.30 million during the quarter, compared to analysts’ expectations of $198.51 million. During the same period in the previous year, the business posted $0.42 EPS. The business’s revenue was up 6.4% compared to the same quarter last year. Equities analysts expect that CONMED will post 2.17 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Monday, January 7th. Stockholders of record on Friday, December 14th will be issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.19%. The ex-dividend date of this dividend is Thursday, December 13th. CONMED’s payout ratio is 42.33%.

CONMED Company Profile

CONMED Corporation, a medical technology company, develops, manufactures, and sells surgical devices and related equipment for minimally invasive procedures in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. 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.

Further Reading: Asset Allocation, Balancing Your Investments

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