Conmed Corp. (CNMD) Lifted to Hold at Zacks Investment Research

Zacks Investment Research upgraded shares of Conmed Corp. (NASDAQ:CNMD) from a sell rating to a hold rating in a research note issued to investors on Tuesday morning.

According to Zacks, “CONMED Corporation reported impressive second-quarter 2016 results. Both earnings and revenues surpassed the Zacks Consensus Estimate and increased on a year-over-year basis. The general surgery and surgical visualization unit reported a stellar performance in the quarter. However, the company reduced its full-year 2016 guidance primairly due to lower organic growth. Moreover, unfavorable foreign currency exchange rate is expected to hurt top-line growth. Nevertheless, the company anticipates strong revenue contribution from the AirSeal system (SurgiQuest) for full-year 2016.”

Separately, Leerink Swann cut Conmed Corp. from an outperform rating to a market perform rating and lowered their price target for the stock from $56.00 to $47.00 in a report on Thursday, July 28th. Three equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The stock currently has a consensus rating of Buy and an average target price of $49.00.

Conmed Corp. (NASDAQ:CNMD) opened at 39.51 on Tuesday. The firm has a 50-day moving average of $40.07 and a 200 day moving average of $42.22. Conmed Corp. has a 12-month low of $35.51 and a 12-month high of $51.90. The company has a market capitalization of $1.10 billion, a price-to-earnings ratio of 63.83 and a beta of 0.84.

Conmed Corp. (NASDAQ:CNMD) last posted its quarterly earnings results on Wednesday, July 27th. The medical technology company reported $0.47 EPS for the quarter, topping the Zacks’ consensus estimate of $0.46 by $0.01. Conmed Corp. had a return on equity of 8.11% and a net margin of 2.36%. The company had revenue of $193.40 million for the quarter, compared to analysts’ expectations of $191.48 million. During the same period in the previous year, the firm earned $0.36 EPS. The firm’s revenue was up 6.8% compared to the same quarter last year. Analysts expect that Conmed Corp. will post $1.87 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 5th. Stockholders of record on Thursday, September 15th will be issued a dividend of $0.20 per share. The ex-dividend date of this dividend is Tuesday, September 13th. This represents a $0.80 annualized dividend and a dividend yield of 2.02%. Conmed Corp.’s dividend payout ratio (DPR) is 129.03%.

Hedge funds have recently modified their holdings of the company. Wellington Management Group LLP bought a new stake in Conmed Corp. during the first quarter valued at $11,522,000. Goldman Sachs Group Inc. raised its stake in Conmed Corp. by 103.8% in the first quarter. Goldman Sachs Group Inc. now owns 990,609 shares of the medical technology company’s stock valued at $41,546,000 after buying an additional 504,423 shares during the last quarter. AXA bought a new stake in Conmed Corp. during the first quarter valued at $1,028,000. Menta Capital LLC bought a new stake in Conmed Corp. during the first quarter valued at $279,000. Finally, Champlain Investment Partners LLC raised its stake in Conmed Corp. by 102.7% in the first quarter. Champlain Investment Partners LLC now owns 909,580 shares of the medical technology company’s stock valued at $38,148,000 after buying an additional 460,885 shares during the last quarter. 98.80% of the stock is currently owned by institutional investors and hedge funds.

About Conmed Corp.

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. Its products are used by surgeons and physicians in a range of specialties, including orthopedics, general surgery, gynecology, neurosurgery and gastroenterology.

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