CONMED Given “Neutral” Rating at Zacks (CNMD)
CONMED (NASDAQ:CNMD)‘s stock had its “neutral” rating reiterated by Zacks in a research report issued to clients and investors on Wednesday. They currently have a $42.00 price target on the stock. Zacks‘s price target would suggest a potential upside of 5.53% from the company’s current price.
Zacks’ analyst wrote, “CONMED’s 2014-second quarter earnings of $0.47 per share rose 9.3% but missed the Zacks Consensus Estimate by a penny. However, revenues continue to fall. In the quarter it fell 2.5% on weaker sales of General Surgery devices, Surgical Visualization capital products and the discontinuance of the Cascade PRP product line. The company lowered its revenues and earnings guidance for 2014. CONMED is benefiting from the increasing trend of using minimally invasive techniques. Its broader line of surgical products is expected to boost revenues. As such, we maintain our Neutral recommendation with a target of $42.00.”
CONMED (NASDAQ:CNMD) traded up 0.50% during mid-day trading on Wednesday, hitting $40.00. 117,474 shares of the company’s stock traded hands. CONMED has a one year low of $31.75 and a one year high of $50.47. The stock has a 50-day moving average of $39.01 and a 200-day moving average of $43.77. The company has a market cap of $1.094 billion and a P/E ratio of 31.87.
CONMED (NASDAQ:CNMD) last issued its quarterly earnings data on Wednesday, July 23rd. The company reported $0.47 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.47. The company had revenue of $188.20 million for the quarter, compared to the consensus estimate of $190.62 million. During the same quarter in the previous year, the company posted $0.43 earnings per share. The company’s revenue for the quarter was down 2.5% on a year-over-year basis. On average, analysts predict that CONMED will post $1.87 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Monday, October 6th. Stockholders of record on Monday, September 15th will be paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 2.01%. The ex-dividend date is Thursday, September 11th.
In other CONMED news, EVP William Abraham unloaded 7,423 shares of the company’s stock on the open market in a transaction dated Tuesday, August 26th. The stock was sold at an average price of $38.36, for a total transaction of $284,746.28. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.
CONMED Corporation (NASDAQ:CNMD) is a medical technology company/ The Company emphasizes on surgical devices and equipment for minimally invasive procedures and monitoring.
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