Zacks Investment Research Lowers CONMED (NASDAQ:CNMD) to Hold

Zacks Investment Research downgraded shares of CONMED (NASDAQ:CNMD) from a buy rating to a hold rating in a research note issued to investors on Tuesday, April 10th.

According to Zacks, “CONMED outperformed its industry in a year's time. Notably, the company delivered stellar performance in the fourth-quarter. Strength in General Surgery business on the back of strong performances by Advanced Surgical and Endoscopic Technologies buoys optimism. We are also upbeat about the continued innovation undertaken by the company over the last year. Solid revenue guidance is indicative of brighter prospects. CONMED is also benefiting from the increasing trend of using minimally invasive techniques as a large percentage of the company’s products are designed for these procedures. On the flipside, company operates in a highly competitive environment. Lower healthcare spending buoyed by the ongoing political conundrum in the U.S. healthcare space is a headwind. CONMED’s stock looks much overvalued at the moment.”

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Other research analysts have also issued reports about the stock. BidaskClub lowered shares of CONMED from a sell rating to a strong sell rating in a research note on Wednesday, December 27th. Needham & Company LLC boosted their price target on shares of CONMED from $58.00 to $71.00 and gave the stock a buy rating in a research note on Thursday, February 1st. Finally, ValuEngine upgraded shares of CONMED from a hold rating to a buy rating in a research note on Thursday, March 1st. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The company presently has an average rating of Hold and a consensus target price of $58.50.

Shares of NASDAQ:CNMD traded up $0.23 on Tuesday, reaching $63.02. The company’s stock had a trading volume of 69,043 shares, compared to its average volume of 174,664. CONMED has a 52-week low of $43.88 and a 52-week high of $64.99. The company has a debt-to-equity ratio of 0.75, a quick ratio of 1.44 and a current ratio of 2.38. The stock has a market capitalization of $1,735.80, a price-to-earnings ratio of 33.60, a PEG ratio of 2.51 and a beta of 0.58.

CONMED (NASDAQ:CNMD) last announced its earnings results on Wednesday, January 31st. The medical technology company reported $0.69 EPS for the quarter, beating analysts’ consensus estimates of $0.65 by $0.04. CONMED had a net margin of 6.97% and a return on equity of 8.96%. The business had revenue of $222.60 million during the quarter, compared to analysts’ expectations of $212.17 million. During the same period in the prior year, the company earned $0.54 earnings per share. The business’s revenue was up 9.1% compared to the same quarter last year. research analysts forecast that CONMED will post 2.14 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Thursday, April 5th. Shareholders of record on Thursday, March 15th were given a dividend of $0.20 per share. The ex-dividend date of this dividend was Wednesday, March 14th. This represents a $0.80 annualized dividend and a yield of 1.27%. CONMED’s payout ratio is currently 42.33%.

In other CONMED news, Director Jo Ann Golden sold 3,000 shares of the company’s stock in a transaction dated Thursday, February 1st. The shares were sold at an average price of $63.90, for a total transaction of $191,700.00. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Luke A. Pomilio sold 19,620 shares of the company’s stock in a transaction dated Thursday, March 1st. The stock was sold at an average price of $60.19, for a total transaction of $1,180,927.80. Following the transaction, the chief financial officer now owns 600 shares in the company, valued at $36,114. The disclosure for this sale can be found here. Insiders have sold 46,473 shares of company stock worth $2,874,693 over the last 90 days. 2.62% of the stock is currently owned by company insiders.

Several hedge funds have recently added to or reduced their stakes in CNMD. Millennium Management LLC purchased a new position in shares of CONMED during the fourth quarter valued at approximately $5,757,000. BlackRock Inc. lifted its stake in shares of CONMED by 2.7% during the fourth quarter. BlackRock Inc. now owns 3,281,817 shares of the medical technology company’s stock valued at $167,275,000 after buying an additional 85,022 shares during the period. Assenagon Asset Management S.A. purchased a new position in shares of CONMED during the fourth quarter valued at approximately $3,169,000. Goldman Sachs Group Inc. lifted its stake in shares of CONMED by 6.1% during the fourth quarter. Goldman Sachs Group Inc. now owns 1,067,319 shares of the medical technology company’s stock valued at $54,401,000 after buying an additional 61,617 shares during the period. Finally, Hudson Bay Capital Management LP purchased a new position in shares of CONMED during the fourth quarter valued at approximately $2,676,000. Institutional investors and hedge funds own 99.60% of the company’s stock.

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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.

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