TheStreet Lowers CONMED (NYSE:CNMD) to C+

TheStreet downgraded shares of CONMED (NYSE:CNMDGet Rating) from a b- rating to a c+ rating in a research note issued to investors on Tuesday morning, TheStreetRatingsTable reports.

Separately, Bank of America assumed coverage on shares of CONMED in a research report on Wednesday, March 2nd. They set a neutral rating for the company.

Shares of CNMD opened at $91.24 on Tuesday. The firm has a market capitalization of $2.69 billion, a P/E ratio of 47.03, a P/E/G ratio of 3.19 and a beta of 1.53. CONMED has a 12-month low of $87.24 and a 12-month high of $159.11. The company has a current ratio of 2.34, a quick ratio of 1.16 and a debt-to-equity ratio of 0.86. The firm has a fifty day moving average price of $116.90 and a 200-day moving average price of $132.12.

CONMED (NYSE:CNMDGet Rating) last released its quarterly earnings data on Wednesday, May 4th. The company reported $0.70 earnings per share for the quarter, topping analysts’ consensus estimates of $0.62 by $0.08. CONMED had a net margin of 6.19% and a return on equity of 13.20%. The company had revenue of $242.33 million during the quarter, compared to analyst estimates of $235.77 million. During the same period in the prior year, the firm earned $0.63 earnings per share. The firm’s revenue for the quarter was up 4.1% compared to the same quarter last year. Analysts predict that CONMED will post 3.7 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 5th. Stockholders of record on Wednesday, June 15th will be paid a dividend of $0.20 per share. The ex-dividend date is Tuesday, June 14th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.88%. CONMED’s payout ratio is 41.24%.

In other news, Director Jerome J. Lande sold 1,521 shares of the stock in a transaction that occurred on Tuesday, May 17th. The stock was sold at an average price of $117.00, for a total transaction of $177,957.00. Following the transaction, the director now owns 2,407 shares in the company, valued at approximately $281,619. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Todd W. Garner sold 2,662 shares of the stock in a transaction that occurred on Monday, June 13th. The shares were sold at an average price of $99.79, for a total value of $265,640.98. The disclosure for this sale can be found here. Insiders have sold a total of 10,183 shares of company stock worth $1,136,118 in the last ninety days. Corporate insiders own 1.10% of the company’s stock.

A number of hedge funds have recently made changes to their positions in CNMD. Jennison Associates LLC purchased a new position in CONMED in the 4th quarter valued at $44,198,000. Lord Abbett & CO. LLC acquired a new stake in shares of CONMED in the 1st quarter worth $37,445,000. Balyasny Asset Management LLC acquired a new stake in shares of CONMED in the 3rd quarter worth $14,466,000. Capital Research Global Investors increased its stake in shares of CONMED by 10.1% in the 4th quarter. Capital Research Global Investors now owns 1,127,056 shares of the company’s stock worth $159,771,000 after acquiring an additional 103,061 shares during the last quarter. Finally, Great Lakes Advisors LLC acquired a new stake in shares of CONMED in the 1st quarter worth $11,882,000.

About CONMED (Get Rating)

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 PopLok 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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