$198.04 Million in Sales Expected for CONMED Co. (CNMD) This Quarter

Wall Street analysts expect CONMED Co. (NASDAQ:CNMD) to post sales of $198.04 million for the current quarter, according to Zacks Investment Research. Two analysts have issued estimates for CONMED’s earnings, with estimates ranging from $194.50 million to $201.58 million. CONMED reported sales of $186.57 million in the same quarter last year, which suggests a positive year over year growth rate of 6.1%. The business is expected to issue its next quarterly earnings results on Wednesday, April 25th.

According to Zacks, analysts expect that CONMED will report full year sales of $198.04 million for the current financial year, with estimates ranging from $831.80 million to $840.23 million. For the next year, analysts forecast that the business will post sales of $872.37 million per share, with estimates ranging from $866.90 million to $878.52 million. Zacks’ sales calculations are a mean average based on a survey of research firms that that provide coverage for CONMED.

CONMED (NASDAQ:CNMD) last issued its quarterly earnings data on Wednesday, January 31st. The medical technology company reported $0.69 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.65 by $0.04. CONMED had a return on equity of 9.15% and a net margin of 6.97%. The business had revenue of $222.60 million for the quarter, compared to the consensus estimate of $212.17 million. During the same period last year, the business earned $0.54 EPS. The firm’s revenue was up 9.1% compared to the same quarter last year.

A number of research analysts recently weighed in on the company. Zacks Investment Research raised CONMED from a “hold” rating to a “buy” rating and set a $71.00 price objective on the stock in a research note on Friday, February 2nd. BidaskClub raised CONMED from a “sell” rating to a “hold” rating in a research note on Friday, February 2nd. Finally, Needham & Company LLC raised their price objective on CONMED from $58.00 to $71.00 and gave the company a “buy” rating in a research note on Thursday, February 1st. Four research analysts have rated the stock with a hold rating and two have given a buy rating to the company. CONMED presently has an average rating of “Hold” and an average target price of $59.00.

In other CONMED news, CFO Luke A. Pomilio sold 18,023 shares of CONMED stock in a transaction that occurred on Thursday, February 1st. The stock was sold at an average price of $63.38, for a total value of $1,142,297.74. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Jo Ann Golden sold 3,000 shares of CONMED stock in a transaction that occurred on Thursday, February 1st. The stock was sold at an average price of $63.90, for a total value of $191,700.00. The disclosure for this sale can be found here. Insiders own 2.62% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the business. Piedmont Investment Advisors LLC bought a new position in CONMED in the 2nd quarter worth approximately $273,000. Macquarie Group Ltd. increased its position in CONMED by 13.9% in the 3rd quarter. Macquarie Group Ltd. now owns 731,957 shares of the medical technology company’s stock worth $38,406,000 after buying an additional 89,078 shares during the period. Prudential Financial Inc. increased its position in CONMED by 65.8% in the 3rd quarter. Prudential Financial Inc. now owns 118,365 shares of the medical technology company’s stock worth $6,211,000 after buying an additional 46,956 shares during the period. Rothschild Asset Management Inc. increased its position in CONMED by 52.5% in the 3rd quarter. Rothschild Asset Management Inc. now owns 53,721 shares of the medical technology company’s stock worth $2,819,000 after buying an additional 18,489 shares during the period. Finally, Epoch Investment Partners Inc. increased its position in CONMED by 2.1% in the 3rd quarter. Epoch Investment Partners Inc. now owns 232,576 shares of the medical technology company’s stock worth $12,203,000 after buying an additional 4,839 shares during the period. 99.21% of the stock is currently owned by institutional investors.

CONMED (CNMD) opened at $59.23 on Friday. The company has a quick ratio of 1.49, a current ratio of 2.56 and a debt-to-equity ratio of 0.84. CONMED has a one year low of $39.74 and a one year high of $64.99. The firm has a market capitalization of $1,697.82, a P/E ratio of 30.07, a P/E/G ratio of 2.47 and a beta of 0.74.

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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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