BidaskClub Lowers CONMED Corporation (NASDAQ:CNMD) to Strong Sell

BidaskClub downgraded shares of CONMED Corporation (NASDAQ:CNMD) from a sell rating to a strong sell rating in a research note published on Saturday morning.

Several other brokerages also recently commented on CNMD. Zacks Investment Research downgraded CONMED Corporation from a hold rating to a sell rating in a research report on Tuesday, June 27th. Needham & Company LLC boosted their price objective on CONMED Corporation from $54.00 to $57.00 and gave the company a buy rating in a research report on Thursday, July 27th. TheStreet upgraded CONMED Corporation from a c+ rating to a b- rating in a research report on Thursday, August 3rd. Finally, Ladenburg Thalmann Financial Services downgraded CONMED Corporation from a buy rating to a neutral rating and lowered their price objective for the company from $50.00 to $48.00 in a research report on Thursday, April 27th. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and one has assigned a buy rating to the company’s stock. The stock presently has an average rating of Hold and a consensus target price of $49.33.

CONMED Corporation (NASDAQ CNMD) opened at 49.62 on Friday. The stock has a market cap of $1.39 billion, a PE ratio of 88.77 and a beta of 0.67. The firm has a 50-day moving average price of $50.81 and a 200 day moving average price of $47.03. CONMED Corporation has a 52-week low of $37.60 and a 52-week high of $52.82.

CONMED Corporation (NASDAQ:CNMD) last announced its quarterly earnings data on Wednesday, July 26th. The medical technology company reported $0.41 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.41. CONMED Corporation had a return on equity of 8.38% and a net margin of 2.02%. The business had revenue of $197.20 million for the quarter, compared to the consensus estimate of $194.50 million. During the same period in the previous year, the business earned $0.47 earnings per share. The business’s revenue was up 2.0% on a year-over-year basis. On average, analysts forecast that CONMED Corporation will post $1.87 earnings per share for the current fiscal year.

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In other news, EVP Daniel Jonas sold 3,000 shares of the company’s stock in a transaction that occurred on Monday, May 15th. The stock was sold at an average price of $51.22, for a total transaction of $153,660.00. Following the transaction, the executive vice president now owns 14,455 shares of the company’s stock, valued at $740,385.10. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Dirk Kuyper sold 1,000 shares of the company’s stock in a transaction that occurred on Tuesday, June 13th. The shares were sold at an average price of $52.24, for a total value of $52,240.00. Following the transaction, the director now directly owns 10,739 shares in the company, valued at approximately $561,005.36. The disclosure for this sale can be found here. Insiders own 2.62% of the company’s stock.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Ameritas Investment Partners Inc. acquired a new position in CONMED Corporation during the first quarter worth approximately $106,000. SG Americas Securities LLC acquired a new position in CONMED Corporation during the second quarter worth approximately $111,000. State of Alaska Department of Revenue boosted its position in 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 in the last quarter. Karp Capital Management Corp acquired a new position in CONMED Corporation during the first quarter worth approximately $202,000. Finally, Oppenheimer Asset Management Inc. acquired a new position in CONMED Corporation during the first quarter worth approximately $203,000. 99.75% of the stock is currently 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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