CONMED (NASDAQ:CNMD) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Thursday.

According to Zacks, “CONMED has underperformed the broader industry in terms of price performance in the last year. However, strength in General Surgery business on the back of strong performances by Advanced Surgical and Endoscopic Technologies buoys optimism. We are also upbeat about the favorable foreign exchange movements. Solid revenue guidance is indicative of brighter prospects. CONMED is also benefiting from the increasing trend of using minimally invasive techniques as a large percentage of the company’s products are designed for these procedures. On the flipside, declining sales from Orthopedic surgery is a concern. The company operates in a highly competitive environment, adding to our woes. Lower healthcare spending buoyed by the ongoing political conundrum in the U.S. healthcare space is a headwind. CONMED’s stock looks much overvalued at the moment.”

Other equities research analysts have also issued reports about the stock. BidaskClub raised shares of CONMED from a “strong sell” rating to a “sell” rating in a report on Tuesday. Needham & Company LLC reaffirmed a “buy” rating and issued a $58.00 price target on shares of CONMED in a report on Friday, November 17th. Piper Jaffray Companies reiterated a “hold” rating and issued a $46.00 price objective on shares of CONMED in a research report on Friday, November 3rd. Finally, KeyCorp reiterated a “hold” rating on shares of CONMED in a research report on Friday, November 3rd. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $53.00.

CONMED (NASDAQ:CNMD) traded up $0.72 during trading hours on Thursday, reaching $54.14. 170,800 shares of the company’s stock traded hands, compared to its average volume of 125,600. CONMED has a one year low of $39.74 and a one year high of $54.77. The company has a debt-to-equity ratio of 0.84, a quick ratio of 1.49 and a current ratio of 2.56. The stock has a market capitalization of $1,490.00, a price-to-earnings ratio of 98.44, a price-to-earnings-growth ratio of 3.00 and a beta of 0.66.

CONMED (NASDAQ:CNMD) last posted its quarterly earnings results on Thursday, November 2nd. The medical technology company reported $0.42 EPS for the quarter, beating the consensus estimate of $0.41 by $0.01. CONMED had a net margin of 1.99% and a return on equity of 8.40%. The company had revenue of $190.10 million for the quarter, compared to analyst estimates of $187.13 million. During the same period in the prior year, the company earned $0.41 earnings per share. The firm’s revenue was up 2.9% on a year-over-year basis. research analysts predict that CONMED will post 1.86 EPS for the current year.

In related news, EVP Luke A. Pomilio sold 29,363 shares of the company’s stock in a transaction dated Thursday, November 9th. The shares were sold at an average price of $50.70, for a total transaction of $1,488,704.10. Following the completion of the transaction, the executive vice president now owns 45,486 shares in the company, valued at approximately $2,306,140.20. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO Luke A. Pomilio sold 12,429 shares of the company’s stock in a transaction dated Tuesday, November 7th. The stock was sold at an average price of $50.63, for a total transaction of $629,280.27. Following the transaction, the chief financial officer now owns 45,486 shares of the company’s stock, valued at approximately $2,302,956.18. The disclosure for this sale can be found here. In the last quarter, insiders sold 51,812 shares of company stock valued at $2,654,756. Insiders own 2.62% of the company’s stock.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Public Employees Retirement System of Ohio raised its position in shares of CONMED 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 during the last quarter. Parametric Portfolio Associates LLC raised its position in shares of CONMED by 1.3% during the 2nd quarter. Parametric Portfolio Associates LLC now owns 69,195 shares of the medical technology company’s stock worth $3,525,000 after purchasing an additional 868 shares during the last quarter. Voya Investment Management LLC raised its position in shares of CONMED by 7.7% during the 2nd quarter. Voya Investment Management LLC now owns 12,919 shares of the medical technology company’s stock worth $658,000 after purchasing an additional 928 shares during the last quarter. American International Group Inc. raised its position in shares of CONMED by 6.0% during the 3rd quarter. American International Group Inc. now owns 21,427 shares of the medical technology company’s stock worth $1,124,000 after purchasing an additional 1,208 shares during the last quarter. Finally, Thrivent Financial For Lutherans raised its position in shares of CONMED by 2.5% during the 2nd quarter. Thrivent Financial For Lutherans now owns 65,470 shares of the medical technology company’s stock worth $3,335,000 after purchasing an additional 1,600 shares during the last quarter. Hedge funds and other institutional investors own 99.02% of the company’s stock.

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CONMED 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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