Zacks: Analysts Anticipate CONMED Corporation (CNMD) Will Post Earnings of $0.40 Per Share
Brokerages forecast that CONMED Corporation (NASDAQ:CNMD) will announce earnings of $0.40 per share for the current quarter, according to Zacks. Three analysts have issued estimates for CONMED Corporation’s earnings, with estimates ranging from $0.39 to $0.43. CONMED Corporation posted earnings per share of $0.41 in the same quarter last year, which would suggest a negative year over year growth rate of 2.4%. The company is expected to announce its next quarterly earnings report on Thursday, October 26th.
On average, analysts expect that CONMED Corporation will report full year earnings of $1.90 per share for the current fiscal year, with EPS estimates ranging from $1.87 to $1.93. For the next year, analysts expect that the firm will report earnings of $2.09 per share, with EPS estimates ranging from $1.94 to $2.20. Zacks’ EPS calculations are a mean average based on a survey of analysts that that provide coverage for CONMED Corporation.
CONMED Corporation (NASDAQ:CNMD) last issued its quarterly earnings data on Wednesday, July 26th. The medical technology company reported $0.41 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.41. The business had revenue of $197.20 million during the quarter, compared to analysts’ expectations of $194.50 million. CONMED Corporation had a net margin of 2.02% and a return on equity of 8.38%. CONMED Corporation’s revenue for the quarter was up 2.0% on a year-over-year basis. During the same period in the previous year, the company earned $0.47 earnings per share.
A number of equities research analysts have recently issued reports on CNMD shares. BidaskClub cut CONMED Corporation from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 5th. TheStreet raised shares of CONMED Corporation from a “c+” rating to a “b-” rating in a research note on Thursday, August 3rd. Zacks Investment Research cut shares of CONMED Corporation from a “hold” rating to a “sell” rating in a research note on Friday, July 28th. Needham & Company LLC boosted their target price on shares of CONMED Corporation from $54.00 to $57.00 and gave the stock a “buy” rating in a report on Thursday, July 27th. Finally, KeyCorp restated a “hold” rating on shares of CONMED Corporation in a report on Friday, August 25th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $49.33.
In other CONMED Corporation news, Director Jo Ann Golden sold 3,000 shares of the company’s stock in a transaction that occurred on Monday, August 14th. The stock was sold at an average price of $50.00, for a total value of $150,000.00. Following the sale, the director now owns 19,782 shares in the company, valued at $989,100. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 2.62% of the stock is owned by insiders.
Several large investors have recently added to or reduced their stakes in CNMD. BlackRock Inc. increased its holdings in shares of CONMED Corporation by 46,036.5% in the first quarter. BlackRock Inc. now owns 3,153,427 shares of the medical technology company’s stock valued at $140,043,000 after purchasing an additional 3,146,592 shares during the last quarter. Champlain Investment Partners LLC raised its position in shares of CONMED Corporation by 16.4% in the first quarter. Champlain Investment Partners LLC now owns 1,728,445 shares of the medical technology company’s stock valued at $76,760,000 after purchasing an additional 243,610 shares during the period. Epoch Investment Partners Inc. acquired a new stake in shares of CONMED Corporation during the 1st quarter worth about $9,447,000. AHL Partners LLP lifted its stake in shares of CONMED Corporation by 2,792.2% during the 2nd quarter. AHL Partners LLP now owns 158,090 shares of the medical technology company’s stock worth $8,053,000 after buying an additional 152,624 shares during the last quarter. Finally, Heartland Advisors Inc. lifted its stake in shares of CONMED Corporation by 315.7% during the 2nd quarter. Heartland Advisors Inc. now owns 165,992 shares of the medical technology company’s stock worth $8,456,000 after buying an additional 126,062 shares during the last quarter. Hedge funds and other institutional investors own 98.32% of the company’s stock.
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CONMED Corporation (CNMD) traded up 1.13% on Wednesday, reaching $53.88. 35,398 shares of the company were exchanged. CONMED Corporation has a 12-month low of $37.60 and a 12-month high of $54.21. The firm has a market capitalization of $1.50 billion, a PE ratio of 96.39 and a beta of 0.68. The stock has a 50 day moving average of $50.34 and a 200 day moving average of $49.40.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 5th. Investors of record on Friday, September 15th will be issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 1.50%. The ex-dividend date is Thursday, September 14th. CONMED Corporation’s payout ratio is currently 142.86%.
CONMED Corporation Company Profile
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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