CONMED (NASDAQ:CNMD) Rating Lowered to Strong Sell at BidaskClub

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BidaskClub downgraded shares of CONMED (NASDAQ:CNMD) from a sell rating to a strong sell rating in a research note issued to investors on Tuesday morning, BidAskClub reports.

A number of other analysts have also issued reports on the company. Needham & Company LLC lowered CONMED from a buy rating to a hold rating in a report on Tuesday, November 26th. JPMorgan Chase & Co. began coverage on CONMED in a report on Tuesday, November 12th. They issued an overweight rating and a $136.00 target price on the stock. Finally, Zacks Investment Research downgraded CONMED from a buy rating to a hold rating and set a $107.00 price objective for the company. in a research report on Monday, February 3rd. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and four have issued a buy rating to the company’s stock. The stock has an average rating of Hold and an average target price of $112.00.

CNMD opened at $104.86 on Tuesday. The firm has a market capitalization of $2.98 billion, a P/E ratio of 110.38, a price-to-earnings-growth ratio of 2.18 and a beta of 0.56. The stock’s 50 day moving average price is $107.71 and its two-hundred day moving average price is $103.85. The company has a quick ratio of 1.40, a current ratio of 2.48 and a debt-to-equity ratio of 1.11. CONMED has a 12-month low of $71.11 and a 12-month high of $116.81.

CONMED (NASDAQ:CNMD) last released its earnings results on Wednesday, January 29th. The medical technology company reported $0.90 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.89 by $0.01. The firm had revenue of $264.90 million for the quarter, compared to analyst estimates of $264.83 million. CONMED had a return on equity of 11.18% and a net margin of 3.00%. The company’s revenue was up 9.3% on a year-over-year basis. During the same quarter last year, the firm posted $0.73 EPS. As a group, analysts anticipate that CONMED will post 3.1 earnings per share for the current year.

In other CONMED news, VP John Jed Kennedy sold 11,354 shares of the business’s stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $114.01, for a total value of $1,294,469.54. 4.38% of the stock is currently owned by insiders.

A number of large investors have recently bought and sold shares of the business. Columbus Circle Investors bought a new stake in shares of CONMED in the third quarter valued at about $24,616,000. Eagle Asset Management Inc. lifted its holdings in shares of CONMED by 194.7% in the third quarter. Eagle Asset Management Inc. now owns 358,231 shares of the medical technology company’s stock valued at $34,443,000 after purchasing an additional 236,680 shares in the last quarter. Castleark Management LLC bought a new stake in shares of CONMED in the third quarter valued at about $10,351,000. Carillon Tower Advisers Inc. bought a new stake in shares of CONMED in the third quarter valued at about $10,243,000. Finally, Bank of Montreal Can lifted its holdings in shares of CONMED by 85.4% in the fourth quarter. Bank of Montreal Can now owns 152,318 shares of the medical technology company’s stock valued at $17,033,000 after purchasing an additional 70,145 shares in the last quarter.

About CONMED

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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Analyst Recommendations for CONMED (NASDAQ:CNMD)

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