CONMED Corporation (NASDAQ:CNMD) – Equities research analysts at Leerink Swann lowered their Q3 2017 earnings estimates for shares of CONMED Corporation in a report released on Wednesday. Leerink Swann analyst R. Newitter now forecasts that the medical technology company will post earnings of $0.39 per share for the quarter, down from their prior estimate of $0.43. Leerink Swann also issued estimates for CONMED Corporation’s Q4 2017 earnings at $0.72 EPS.
CNMD has been the subject of a number of other reports. BidaskClub cut CONMED Corporation from a “buy” rating to a “hold” rating in a research report on Thursday, June 29th. Zacks Investment Research cut CONMED Corporation from a “hold” rating to a “sell” rating in a research report on Tuesday, June 27th. Needham & Company LLC upped their target price on CONMED Corporation from $54.00 to $57.00 and gave the company a “buy” rating in a research report on Thursday, July 27th. Finally, Ladenburg Thalmann Financial Services cut CONMED Corporation from a “buy” rating to a “neutral” rating and decreased their target price for the company from $50.00 to $48.00 in a research report on Thursday, April 27th. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and one has assigned a buy rating to the stock. CONMED Corporation presently has an average rating of “Hold” and an average target price of $49.33.
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Shares of CONMED Corporation (NASDAQ:CNMD) opened at 51.32 on Monday. CONMED Corporation has a 12-month low of $37.60 and a 12-month high of $52.82. The company’s 50 day moving average price is $50.85 and its 200-day moving average price is $46.98. The firm has a market cap of $1.43 billion, a P/E ratio of 91.81 and a beta of 0.67.
CONMED Corporation (NASDAQ:CNMD) last released its earnings results on Wednesday, July 26th. The medical technology company reported $0.41 EPS for the quarter, hitting the Zacks’ consensus estimate of $0.41. CONMED Corporation had a return on equity of 8.38% and a net margin of 2.02%. The firm had revenue of $197.20 million during the quarter, compared to the consensus estimate of $194.50 million. During the same quarter in the previous year, the company posted $0.47 earnings per share. The company’s revenue was up 2.0% compared to the same quarter last year.
The company also recently announced a quarterly dividend, which was paid on Wednesday, July 5th. Investors of record on Thursday, June 15th were given a $0.20 dividend. The ex-dividend date of this dividend was Tuesday, June 13th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.56%. CONMED Corporation’s dividend payout ratio (DPR) is presently 142.86%.
In related news, Director Dirk Kuyper sold 1,000 shares of the company’s stock in a transaction dated Tuesday, June 13th. The stock was sold at an average price of $52.24, for a total value of $52,240.00. Following the completion of the sale, the director now directly owns 10,739 shares of the company’s stock, valued at approximately $561,005.36. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Daniel Jonas sold 3,000 shares of the company’s stock in a transaction dated Monday, May 15th. The shares were sold at an average price of $51.22, for a total value of $153,660.00. Following the completion of the sale, the executive vice president now directly owns 14,455 shares of the company’s stock, valued at $740,385.10. The disclosure for this sale can be found here. 2.62% of the stock is owned by corporate insiders.
Hedge funds have recently made changes to their positions in the stock. Ameritas Investment Partners Inc. purchased a new stake in shares of CONMED Corporation during the first quarter worth about $106,000. State of Alaska Department of Revenue boosted its stake in shares of CONMED Corporation by 1.9% in the first quarter. State of Alaska Department of Revenue now owns 2,730 shares of the medical technology company’s stock worth $121,000 after buying an additional 50 shares during the period. Karp Capital Management Corp purchased a new stake in shares of CONMED Corporation during the first quarter worth about $202,000. Oppenheimer Asset Management Inc. purchased a new stake in shares of CONMED Corporation during the first quarter worth about $203,000. Finally, Pillar Pacific Capital Management LLC purchased a new stake in shares of CONMED Corporation during the second quarter worth about $229,000. 99.77% of the stock is owned by hedge funds and other institutional investors.
CONMED Corporation Company Profile
CONMED Corporation is a medical technology company. The Company is engaged in the development, manufacturing and sale on a global basis of surgical devices and related equipment. The Company provides surgical devices and equipment for minimally invasive procedures. The Company’s products are used by surgeons and physicians in a range of specialties, including orthopedics, general surgery, gynecology, neurosurgery and gastroenterology.
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