CONMED Co. (NYSE:CNMD – Free Report) – Stock analysts at Zacks Research boosted their Q3 2023 earnings estimates for shares of CONMED in a report issued on Wednesday, August 9th. Zacks Research analyst I. Bandyopadhyay now anticipates that the company will post earnings per share of $0.82 for the quarter, up from their prior forecast of $0.79. The consensus estimate for CONMED’s current full-year earnings is $3.48 per share. Zacks Research also issued estimates for CONMED’s Q4 2023 earnings at $1.12 EPS, FY2023 earnings at $3.43 EPS, Q1 2024 earnings at $0.88 EPS, Q2 2024 earnings at $1.06 EPS, Q4 2024 earnings at $1.27 EPS, FY2024 earnings at $4.27 EPS, Q2 2025 earnings at $1.21 EPS and FY2025 earnings at $5.50 EPS.
Several other brokerages have also issued reports on CNMD. Wells Fargo & Company raised their target price on shares of CONMED from $96.00 to $119.00 in a research note on Thursday, April 27th. Piper Sandler lifted their price objective on shares of CONMED from $128.00 to $145.00 in a research note on Thursday, July 27th. Needham & Company LLC reissued a “buy” rating and set a $139.00 price objective on shares of CONMED in a research note on Monday, July 24th. StockNews.com began coverage on shares of CONMED in a research note on Thursday, May 18th. They set a “hold” rating on the stock. Finally, KeyCorp lifted their price objective on shares of CONMED from $131.00 to $141.00 and gave the stock an “overweight” rating in a research note on Thursday, July 27th. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $135.67.
CONMED Stock Up 0.2 %
Shares of NYSE CNMD opened at $112.92 on Friday. The firm has a market capitalization of $3.47 billion, a PE ratio of 39.90, a price-to-earnings-growth ratio of 1.16 and a beta of 1.38. The company has a current ratio of 1.74, a quick ratio of 0.82 and a debt-to-equity ratio of 1.25. CONMED has a 1 year low of $71.09 and a 1 year high of $138.47. The firm’s 50-day moving average is $127.89 and its 200-day moving average is $118.30.
CONMED (NYSE:CNMD – Get Free Report) last posted its quarterly earnings data on Wednesday, July 26th. The company reported $0.83 earnings per share for the quarter, beating the consensus estimate of $0.79 by $0.04. The firm had revenue of $317.70 million during the quarter, compared to analysts’ expectations of $306.15 million. CONMED had a net margin of 7.75% and a return on equity of 11.14%. The company’s quarterly revenue was up 14.6% compared to the same quarter last year. During the same quarter last year, the company posted $0.76 EPS.
CONMED Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 5th. Stockholders of record on Friday, September 15th will be issued a $0.20 dividend. The ex-dividend date of this dividend is Thursday, September 14th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.71%. CONMED’s dividend payout ratio (DPR) is presently 28.27%.
Insider Activity
In related news, VP Stanley W. Peters III sold 5,000 shares of the business’s stock in a transaction on Thursday, June 8th. The shares were sold at an average price of $131.14, for a total transaction of $655,700.00. Following the transaction, the vice president now directly owns 63 shares in the company, valued at $8,261.82. The sale was disclosed in a filing with the SEC, which is available through this link. In other CONMED news, VP Stanley W. Peters III sold 1,500 shares of CONMED stock in a transaction on Monday, May 22nd. The shares were sold at an average price of $120.89, for a total transaction of $181,335.00. Following the completion of the transaction, the vice president now directly owns 63 shares of the company’s stock, valued at $7,616.07. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP Stanley W. Peters III sold 5,000 shares of CONMED stock in a transaction on Thursday, June 8th. The stock was sold at an average price of $131.14, for a total transaction of $655,700.00. Following the transaction, the vice president now directly owns 63 shares of the company’s stock, valued at $8,261.82. The disclosure for this sale can be found here. Insiders have sold 10,012 shares of company stock worth $1,301,868 over the last ninety days. Insiders own 7.60% of the company’s stock.
Hedge Funds Weigh In On CONMED
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Price T Rowe Associates Inc. MD boosted its position in shares of CONMED by 0.7% in the third quarter. Price T Rowe Associates Inc. MD now owns 272,463 shares of the company’s stock valued at $21,844,000 after acquiring an additional 1,915 shares during the period. Vanguard Group Inc. boosted its position in shares of CONMED by 4.0% in the third quarter. Vanguard Group Inc. now owns 3,338,586 shares of the company’s stock valued at $267,654,000 after acquiring an additional 127,857 shares during the period. Thrivent Financial for Lutherans lifted its position in CONMED by 10.6% during the third quarter. Thrivent Financial for Lutherans now owns 32,085 shares of the company’s stock worth $2,572,000 after purchasing an additional 3,076 shares during the period. Public Employees Retirement System of Ohio lifted its position in CONMED by 13.7% during the third quarter. Public Employees Retirement System of Ohio now owns 42,012 shares of the company’s stock worth $3,368,000 after purchasing an additional 5,058 shares during the period. Finally, State Street Corp lifted its position in CONMED by 2.9% during the third quarter. State Street Corp now owns 1,077,498 shares of the company’s stock worth $86,594,000 after purchasing an additional 30,369 shares during the period.
CONMED Company Profile
CONMED Corporation, a medical technology company, develops, manufactures, and sells surgical devices and related equipment for surgical procedures worldwide. It offers orthopedic surgery products, including TruShot with Y-Knot All-In-One Soft Tissue Fixation System, Y-knot All-Suture Anchors, and Agro Knotless Suture Anchors, which provide unique clinical solutions to orthopedic surgeons for the repair of soft tissue injuries, as well as supporting products that enable surgeons to perform minimally invasive sports medicine surgeries.
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