$187.21 Million in Sales Expected for CONMED Corporation (CNMD) This Quarter
Wall Street analysts expect that CONMED Corporation (NASDAQ:CNMD) will report $187.21 million in sales for the current quarter, Zacks Investment Research reports. Three analysts have made estimates for CONMED Corporation’s earnings. The lowest sales estimate is $186.40 million and the highest is $188.02 million. CONMED Corporation posted sales of $184.79 million in the same quarter last year, which would indicate a positive year-over-year growth rate of 1.3%. The firm is scheduled to announce its next quarterly earnings results on Thursday, October 26th.
According to Zacks, analysts expect that CONMED Corporation will report full year sales of $187.21 million for the current year, with estimates ranging from $780.27 million to $784.10 million. For the next fiscal year, analysts expect that the company will report sales of $807.02 million per share, with estimates ranging from $803.40 million to $810.80 million. Zacks’ sales averages are a mean average based on a survey of sell-side research firms that that provide coverage for CONMED Corporation.
CONMED Corporation (NASDAQ:CNMD) last posted its quarterly earnings results on Wednesday, July 26th. The medical technology company reported $0.41 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.41. CONMED Corporation had a net margin of 2.02% and a return on equity of 8.38%. The business had revenue of $197.20 million during the quarter, compared to analyst estimates of $194.50 million. During the same period in the prior year, the business posted $0.47 earnings per share. The company’s revenue was up 2.0% on a year-over-year basis.
CNMD has been the topic of a number of recent research reports. BidaskClub upgraded shares of CONMED Corporation from a “buy” rating to a “strong-buy” rating in a report on Saturday, June 10th. Zacks Investment Research lowered shares of CONMED Corporation from a “hold” rating to a “sell” rating in a report on Tuesday, June 27th. Needham & Company LLC upped their target price on shares of CONMED Corporation from $54.00 to $57.00 and gave the company a “buy” rating in a report on Thursday, July 27th. TheStreet upgraded shares of CONMED Corporation from a “c+” rating to a “b-” rating in a report on Thursday, August 3rd. Finally, KeyCorp restated a “hold” rating on shares of CONMED Corporation in a report on Friday, August 25th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $49.33.
Shares of CONMED Corporation (NASDAQ CNMD) opened at 51.83 on Friday. The stock has a market capitalization of $1.45 billion, a price-to-earnings ratio of 92.72 and a beta of 0.68. CONMED Corporation has a 52-week low of $37.60 and a 52-week high of $52.82. The firm’s 50-day moving average is $49.69 and its 200 day moving average is $48.39.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 5th. Stockholders of record on Friday, September 15th will be paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.54%. The ex-dividend date is Thursday, September 14th. CONMED Corporation’s dividend payout ratio is currently 142.86%.
In other news, Director Jo Ann Golden sold 3,000 shares of the company’s stock in a transaction dated Monday, August 14th. The shares were sold at an average price of $50.00, for a total transaction of $150,000.00. Following the completion of the transaction, the director now owns 19,782 shares of the company’s stock, valued at approximately $989,100. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Corporate insiders own 2.62% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of the company. Public Employees Retirement System of Ohio increased its stake in shares of CONMED Corporation by 3.3% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 2,022 shares of the medical technology company’s stock valued at $103,000 after acquiring an additional 64 shares during the last quarter. Louisiana State Employees Retirement System increased its stake in shares of CONMED Corporation by 1.0% during the 1st quarter. Louisiana State Employees Retirement System now owns 10,100 shares of the medical technology company’s stock valued at $449,000 after acquiring an additional 100 shares during the last quarter. Rothschild Asset Management Inc. increased its stake in shares of CONMED Corporation by 0.3% during the 2nd quarter. Rothschild Asset Management Inc. now owns 35,232 shares of the medical technology company’s stock valued at $1,795,000 after acquiring an additional 107 shares during the last quarter. Texas Permanent School Fund increased its stake in shares of CONMED Corporation by 1.0% during the 2nd quarter. Texas Permanent School Fund now owns 18,111 shares of the medical technology company’s stock valued at $923,000 after acquiring an additional 173 shares during the last quarter. Finally, Arizona State Retirement System increased its stake in shares of CONMED Corporation by 1.6% during the 1st quarter. Arizona State Retirement System now owns 12,903 shares of the medical technology company’s stock valued at $573,000 after acquiring an additional 200 shares during the last quarter. 98.86% of the stock is owned by institutional investors.
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About CONMED Corporation
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. The Company provides surgical devices and equipment for minimally invasive procedures. The Company’s products are used by surgeons and physicians in a range of specialties, including orthopedics, general surgery, gynecology, neurosurgery and gastroenterology.
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