CONMED (CNMD) Upgraded to “Buy” at Zacks Investment Research

CONMED (NASDAQ:CNMD) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Tuesday. The firm currently has a $60.00 price target on the medical technology company’s stock. Zacks Investment Research‘s price objective indicates a potential upside of 12.42% from the stock’s current price.

According to Zacks, “CONMED has underperformed the broader industry in terms of price performance in the last year. However, 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 favorable foreign exchange movements. 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, declining sales from Orthopedic surgery is a concern. The company operates in a highly competitive environment, adding to our woes. 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.”

A number of other brokerages have also recently weighed in on CNMD. BidaskClub raised shares of CONMED from a “strong sell” rating to a “sell” rating in a research report on Tuesday. KeyCorp reissued a “hold” rating on shares of CONMED in a research report on Friday, November 3rd. Needham & Company LLC reissued a “buy” rating and set a $58.00 price target on shares of CONMED in a research report on Friday, November 17th. Finally, Piper Jaffray Companies reissued a “hold” rating and set a $46.00 price target on shares of CONMED in a research report on Friday, November 3rd. One research analyst has rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $53.00.

Shares of CONMED (NASDAQ CNMD) traded up $0.98 during mid-day trading on Tuesday, reaching $53.37. 221,700 shares of the company’s stock were exchanged, compared to its average volume of 126,100. CONMED has a 1 year low of $39.74 and a 1 year high of $54.77. The company has a market capitalization of $1,490.00, a PE ratio of 97.04, a PEG ratio of 3.00 and a beta of 0.66. The company has a current ratio of 2.56, a quick ratio of 1.49 and a debt-to-equity ratio of 0.84.

CONMED (NASDAQ:CNMD) last announced its quarterly earnings data on Thursday, November 2nd. The medical technology company reported $0.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.41 by $0.01. CONMED had a net margin of 1.99% and a return on equity of 8.40%. The firm had revenue of $190.10 million for the quarter, compared to analysts’ expectations of $187.13 million. During the same period last year, the firm earned $0.41 earnings per share. The business’s revenue for the quarter was up 2.9% on a year-over-year basis. analysts forecast that CONMED will post 1.86 EPS for the current year.

In related news, EVP Luke A. Pomilio sold 29,363 shares of the business’s stock in a transaction on Thursday, November 9th. The shares were sold at an average price of $50.70, for a total value of $1,488,704.10. Following the sale, the executive vice president now directly owns 45,486 shares of the company’s stock, valued at approximately $2,306,140.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Luke A. Pomilio sold 10,020 shares of the business’s stock in a transaction on Friday, November 3rd. The shares were sold at an average price of $53.57, for a total transaction of $536,771.40. Following the completion of the sale, the executive vice president now directly owns 44,472 shares in the company, valued at $2,382,365.04. The disclosure for this sale can be found here. Over the last three months, insiders have sold 51,812 shares of company stock worth $2,654,756. Insiders own 2.62% of the company’s stock.

A number of hedge funds have recently modified their holdings of CNMD. Schwab Charles Investment Management Inc. increased its stake in CONMED by 2.5% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 167,338 shares of the medical technology company’s stock valued at $8,525,000 after buying an additional 4,152 shares during the last quarter. SG Americas Securities LLC acquired a new position in shares of CONMED during the 2nd quarter worth about $111,000. Legal & General Group Plc increased its stake in shares of CONMED by 9.5% during the 2nd quarter. Legal & General Group Plc now owns 49,689 shares of the medical technology company’s stock worth $2,531,000 after purchasing an additional 4,308 shares during the last quarter. BNP Paribas Arbitrage SA increased its stake in shares of CONMED by 57.5% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 9,734 shares of the medical technology company’s stock worth $496,000 after purchasing an additional 3,554 shares during the last quarter. Finally, Prudential Financial Inc. increased its stake in shares of CONMED by 65.6% during the 2nd quarter. Prudential Financial Inc. now owns 71,409 shares of the medical technology company’s stock worth $3,638,000 after purchasing an additional 28,280 shares during the last quarter. Hedge funds and other institutional investors own 99.02% of the company’s stock.

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CONMED 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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