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KeyCorp Equities Analysts Cut Earnings Estimates for CONMED Co. (NYSE:CNMD)

Defense World · Aug 5, 2022 03:11

CONMED Co. (NYSE:CNMD – Get Rating) – Analysts at KeyCorp decreased their Q4 2022 earnings per share (EPS) estimates for CONMED in a report issued on Tuesday, August 2nd. KeyCorp analyst M. Mishan now expects that the company will post earnings of $1.10 per share for the quarter, down from their previous estimate of $1.18. The consensus estimate for CONMED's current full-year earnings is $3.70 per share.

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CONMED (NYSE:CNMD – Get Rating) last posted its quarterly earnings results on Wednesday, July 27th. The company reported $0.76 earnings per share for the quarter, beating the consensus estimate of $0.75 by $0.01. CONMED had a return on equity of 13.20% and a net margin of 6.19%. The firm had revenue of $277.20 million for the quarter, compared to analyst estimates of $274.22 million. During the same period in the previous year, the firm earned $0.71 earnings per share. CONMED's quarterly revenue was up 8.6% on a year-over-year basis.

Other equities research analysts also recently issued research reports about the stock. Needham & Company LLC lowered their price objective on shares of CONMED from $155.00 to $127.00 and set a "buy" rating on the stock in a research note on Thursday, July 28th. TheStreet lowered shares of CONMED from a "b-" rating to a "c+" rating in a report on Tuesday, June 21st. Piper Sandler lowered their target price on shares of CONMED from $160.00 to $118.00 and set an "overweight" rating on the stock in a report on Thursday, July 28th. Finally, Stifel Nicolaus lowered their target price on shares of CONMED from $160.00 to $110.00 and set a "buy" rating on the stock in a report on Thursday, June 23rd. One research analyst has rated the stock with a hold rating and three have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $118.33.

CONMED Stock Performance

Shares of CNMD stock opened at $96.53 on Thursday. The company has a debt-to-equity ratio of 0.86, a current ratio of 2.34 and a quick ratio of 1.16. The firm has a market cap of $2.94 billion, a P/E ratio of 49.76, a PEG ratio of 3.19 and a beta of 1.53. The stock's 50-day moving average is $99.43 and its two-hundred day moving average is $123.38. CONMED has a fifty-two week low of $87.24 and a fifty-two week high of $159.11.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Capital Research Global Investors lifted its position in CONMED by 10.1% during the 4th quarter. Capital Research Global Investors now owns 1,127,056 shares of the company's stock valued at $159,771,000 after purchasing an additional 103,061 shares during the period. First Republic Investment Management Inc. raised its position in shares of CONMED by 23.1% in the 4th quarter. First Republic Investment Management Inc. now owns 8,896 shares of the company's stock valued at $1,261,000 after acquiring an additional 1,667 shares during the period. Advisor Group Holdings Inc. raised its position in shares of CONMED by 21.5% in the 4th quarter. Advisor Group Holdings Inc. now owns 9,874 shares of the company's stock valued at $1,400,000 after acquiring an additional 1,744 shares during the period. Legacy Wealth Asset Management LLC raised its position in shares of CONMED by 3.8% in the 4th quarter. Legacy Wealth Asset Management LLC now owns 5,514 shares of the company's stock valued at $782,000 after acquiring an additional 201 shares during the period. Finally, Yousif Capital Management LLC acquired a new stake in shares of CONMED in the 4th quarter valued at approximately $3,708,000.

Insiders Place Their Bets

In other CONMED news, Director Jerome J. Lande sold 1,521 shares of the stock in a transaction dated Tuesday, May 17th. The shares were sold at an average price of $117.00, for a total transaction of $177,957.00. Following the sale, the director now owns 2,407 shares of the company's stock, valued at approximately $281,619. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other CONMED news, Director Jerome J. Lande sold 6,000 shares of the company's stock in a transaction dated Friday, May 13th. The shares were sold at an average price of $115.42, for a total transaction of $692,520.00. Following the transaction, the director now directly owns 3,928 shares in the company, valued at approximately $453,369.76. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Jerome J. Lande sold 1,521 shares of the company's stock in a transaction dated Tuesday, May 17th. The shares were sold at an average price of $117.00, for a total transaction of $177,957.00. Following the transaction, the director now owns 2,407 shares in the company, valued at $281,619. The disclosure for this sale can be found here. Insiders have sold a total of 10,183 shares of company stock valued at $1,136,118 in the last 90 days. 1.10% of the stock is currently owned by insiders.

CONMED Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 5th. Shareholders of record on Wednesday, June 15th were issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 0.83%. The ex-dividend date was Tuesday, June 14th. CONMED's dividend payout ratio is currently 41.24%.

About CONMED

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CONMED Corporation, a medical technology company, develops, manufactures, and sells surgical devices and related equipment for surgical procedures worldwide. It offers orthopedic surgery products, including TruShot with Y-Knot All-In-One Soft Tissue Fixation System, Y-knot All-Suture Anchors, and PopLok Knotless Suture Anchors, which provide unique clinical solutions to orthopedic surgeons for the repair of soft tissue injuries, as well as supporting products that enable surgeons to perform minimally invasive sports medicine surgeries.