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

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

A number of other research firms also recently commented on CNMD. Piper Jaffray Companies upgraded 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 report on Thursday, August 22nd. Barclays upped their price objective on CONMED from $96.00 to $105.00 and gave the company an overweight rating in a report on Thursday, August 1st. Stifel Nicolaus upped their price objective on CONMED from $97.00 to $99.00 and gave the company a buy rating in a report on Thursday, August 1st. Finally, Zacks Investment Research upgraded CONMED from a hold rating to a buy rating and set a $98.00 price objective for the company in a report on Friday, August 2nd. Six research analysts have rated the stock with a buy rating, CONMED currently has a consensus rating of Buy and an average price target of $101.20.

NASDAQ CNMD opened at $100.22 on Thursday. The stock has a 50-day simple moving average of $97.82 and a 200 day simple moving average of $86.39. The company has a market capitalization of $2.87 billion, a PE ratio of 45.97, a P/E/G ratio of 2.37 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. CONMED has a 12 month low of $56.90 and a 12 month high of $103.90.

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

The firm also recently announced a quarterly dividend, which will be paid on Monday, October 7th. Shareholders of record on Friday, September 13th will be paid a $0.20 dividend. The ex-dividend date of this dividend is Thursday, September 12th. This represents a $0.80 dividend on an annualized basis and a yield of 0.80%. CONMED’s payout ratio is 36.70%.

In other CONMED news, EVP Peter K. Shagory sold 2,000 shares of the business’s stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $95.31, for a total value of $190,620.00. Following the completion of the transaction, the executive vice president now directly owns 3,649 shares of the company’s stock, valued at $347,786.19. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, VP Stanley W. Peters III sold 500 shares of the business’s stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $101.76, for a total value of $50,880.00. Following the completion of the transaction, the vice president now directly owns 130 shares of the company’s stock, valued at $13,228.80. The disclosure for this sale can be found here. Over the last three months, insiders sold 17,476 shares of company stock valued at $1,610,458. Insiders own 4.38% of the company’s stock.

Large investors have recently bought and sold shares of the business. Altshuler Shaham Ltd acquired a new position in CONMED in the second quarter valued at about $27,000. Pearl River Capital LLC acquired a new position in CONMED in the second quarter valued at about $31,000. Ladenburg Thalmann Financial Services Inc. grew its stake in CONMED by 743.8% in the second quarter. Ladenburg Thalmann Financial Services Inc. now owns 675 shares of the medical technology company’s stock valued at $58,000 after acquiring an additional 595 shares during the period. Tower Research Capital LLC TRC grew its stake in CONMED by 272.6% in the second quarter. Tower Research Capital LLC TRC now owns 1,088 shares of the medical technology company’s stock valued at $93,000 after acquiring an additional 796 shares during the period. Finally, Amundi Pioneer Asset Management Inc. acquired a new position in CONMED in the first quarter valued at about $150,000.

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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