$187.21 Million in Sales Expected for CONMED Corporation (CNMD) This Quarter
Equities analysts expect CONMED Corporation (NASDAQ:CNMD) to post sales of $187.21 million for the current fiscal quarter, according to Zacks Investment Research. Three analysts have issued 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 during the same quarter last year, which suggests a positive year over year growth rate of 1.3%. The firm is expected to report its next 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 forecast that the firm will post 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 analysts that follow CONMED Corporation.
CONMED Corporation (NASDAQ:CNMD) last issued its earnings results on Wednesday, July 26th. The medical technology company reported $0.41 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.41. CONMED Corporation had a return on equity of 8.38% and a net margin of 2.02%. The business had revenue of $197.20 million during the quarter, compared to analysts’ expectations of $194.50 million. During the same quarter in the previous year, the business earned $0.47 EPS. The company’s revenue for the quarter was up 2.0% on a year-over-year basis.
Several equities research analysts recently issued reports on CNMD shares. BidaskClub raised CONMED Corporation from a “buy” rating to a “strong-buy” rating in a research note on Saturday, June 10th. Needham & Company LLC raised their price target on CONMED Corporation from $54.00 to $57.00 and gave the stock a “buy” rating in a research note on Thursday, July 27th. Zacks Investment Research downgraded CONMED Corporation from a “hold” rating to a “sell” rating in a research note on Friday, July 28th. TheStreet raised CONMED Corporation from a “c+” rating to a “b-” rating in a research note on Thursday, August 3rd. Finally, KeyCorp reaffirmed a “hold” rating on shares of CONMED Corporation in a research note on Friday, August 25th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the stock. CONMED Corporation currently has an average rating of “Hold” and a consensus target price of $49.33.
Shares of CONMED Corporation (NASDAQ CNMD) opened at 54.21 on Friday. CONMED Corporation has a one year low of $37.60 and a one year high of $54.47. The stock’s 50 day moving average price is $50.57 and its 200-day moving average price is $49.46. The stock has a market cap of $1.51 billion, a PE ratio of 96.98 and a beta of 0.68.
The company also recently declared a quarterly dividend, which was paid on Thursday, October 5th. Stockholders of record on Friday, September 15th were paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.48%. The ex-dividend date of this dividend was Thursday, September 14th. CONMED Corporation’s dividend payout ratio (DPR) is presently 142.86%.
In other news, Director Jo Ann Golden sold 3,000 shares of the firm’s stock in a transaction dated Monday, August 14th. The stock was sold at an average price of $50.00, for a total transaction of $150,000.00. Following the completion of the sale, the director now directly owns 19,782 shares of the company’s stock, valued at approximately $989,100. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.62% of the stock is owned by company insiders.
Several institutional investors and hedge funds have recently bought and sold shares of the company. Public Employees Retirement System of Ohio raised 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 worth $103,000 after purchasing an additional 64 shares in the last quarter. Rothschild Asset Management Inc. raised 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 worth $1,795,000 after purchasing an additional 107 shares in the last quarter. Texas Permanent School Fund raised 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 worth $923,000 after purchasing an additional 173 shares in the last quarter. Arizona State Retirement System raised 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 worth $573,000 after purchasing an additional 200 shares in the last quarter. Finally, Municipal Employees Retirement System of Michigan raised its stake in shares of CONMED Corporation by 3.9% during the 2nd quarter. Municipal Employees Retirement System of Michigan now owns 5,850 shares of the medical technology company’s stock worth $298,000 after purchasing an additional 220 shares in the last quarter. 98.32% of the stock is owned by institutional investors.
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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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