CONMED (NASDAQ:CNMD) Announces Earnings Results
CONMED (NASDAQ:CNMD) released its quarterly earnings data on Wednesday. The medical technology company reported ($0.07) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.95) by $0.88, MarketWatch Earnings reports. The business had revenue of $157.80 million during the quarter, compared to analyst estimates of $126.59 million. CONMED had a net margin of 3.00% and a return on equity of 11.18%. CONMED’s revenue was down 33.8% compared to the same quarter last year. During the same period last year, the business earned $0.56 EPS.
Shares of CNMD traded down $1.62 on Thursday, reaching $84.79. The company’s stock had a trading volume of 19,407 shares, compared to its average volume of 416,276. The company has a debt-to-equity ratio of 1.11, a current ratio of 2.48 and a quick ratio of 1.40. The stock has a market capitalization of $2.42 billion, a P/E ratio of 89.53, a PEG ratio of 2.18 and a beta of 0.56. The stock’s 50 day simple moving average is $74.35 and its two-hundred day simple moving average is $79.72. CONMED has a 12-month low of $37.66 and a 12-month high of $116.81.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, July 6th. Investors of record on Monday, June 15th were issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.94%. The ex-dividend date of this dividend was Friday, June 12th. CONMED’s payout ratio is 30.30%.
A number of analysts have weighed in on CNMD shares. Zacks Investment Research upgraded shares of CONMED from a “strong sell” rating to a “hold” rating and set a $57.00 price objective for the company in a research note on Wednesday, May 6th. TheStreet lowered shares of CONMED from a “b-” rating to a “c+” rating in a research note on Monday, April 6th. Barclays reiterated a “buy” rating and issued a $110.00 price target on shares of CONMED in a research note on Tuesday, April 14th. Piper Sandler lifted their price target on shares of CONMED from $90.00 to $95.00 and gave the stock an “overweight” rating in a research note on Wednesday. Finally, Stifel Nicolaus lifted their price target on shares of CONMED from $65.00 to $82.00 and gave the stock a “buy” rating in a research note on Thursday, April 30th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and five have given a buy rating to the stock. CONMED currently has an average rating of “Hold” and an average price target of $92.13.
CONMED Company Profile
CONMED Corporation, a medical technology company, develops, manufactures, and sells surgical devices and related equipment for minimally invasive procedures worldwide. The company offers orthopedic surgery products, including sports medicine products comprising powered resection instruments, arthroscopes, reconstructive systems, tissue repair sets, and metal and bioabsorbable implants, as well as related disposable products and fluid management systems; powered surgical instruments for use in bone orthopedic, arthroscopic, oral/maxillofacial, podiatric, plastic, ENT, neurological, spinal, and cardiothoracic surgeries; sports biologics and tissue products; and surgical visualization products.
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