CONMED (NYSE:CNMD) Posts Quarterly Earnings Results, Beats Expectations By $0.28 EPS

Key Points

• CONMED exceeded quarterly expectations, reporting $1.38 in EPS versus the $1.10 consensus estimate and revenue of $343.49 million compared with expectations of $337.60 million.
• Despite the earnings beat, CONMED shares fell 2.4% to $43.18 during Wednesday trading. The stock remains below its 12-month high of $56.63 and has a market capitalization of approximately $1.30 billion.
• Analyst sentiment remains cautious: the stock carries an average “Reduce” rating, with five Hold ratings and three Sell ratings, and a consensus price target of $38.80.

CONMED (NYSE:CNMD - Get Free Report) issued its quarterly earnings results on Wednesday. The company reported $1.38 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.10 by $0.28, FiscalAI reports. The firm had revenue of $343.49 million for the quarter, compared to analyst estimates of $337.60 million. CONMED had a return on equity of 13.84% and a net margin of 4.00%.

CONMED Stock Down 2.4%

CNMD traded down $1.07 during trading on Wednesday, reaching $43.18. 758,229 shares of the stock were exchanged, compared to its average volume of 556,504. The stock's 50 day moving average price is $36.76 and its two-hundred day moving average price is $38.40. CONMED has a twelve month low of $31.44 and a twelve month high of $56.63. The stock has a market cap of $1.30 billion, a P/E ratio of 24.39, a price-to-earnings-growth ratio of 3.22 and a beta of 0.93. The company has a debt-to-equity ratio of 0.85, a quick ratio of 1.04 and a current ratio of 2.29.

Institutional Trading of CONMED

Hedge funds have recently made changes to their positions in the company. AQR Capital Management LLC increased its position in shares of CONMED by 19.9% during the first quarter. AQR Capital Management LLC now owns 14,199 shares of the company's stock worth $857,000 after buying an additional 2,357 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in CONMED by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 18,354 shares of the company's stock valued at $1,108,000 after purchasing an additional 800 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in CONMED by 5.8% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 82,686 shares of the company's stock valued at $4,993,000 after buying an additional 4,565 shares during the last quarter. Intech Investment Management LLC boosted its holdings in CONMED by 34.6% during the 1st quarter. Intech Investment Management LLC now owns 22,505 shares of the company's stock worth $1,359,000 after acquiring an additional 5,780 shares during the last quarter. Finally, Creative Planning purchased a new stake in shares of CONMED in the second quarter valued at about $310,000.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on CNMD. Zacks Research lowered shares of CONMED from a "hold" rating to a "strong sell" rating in a research note on Monday, July 13th. Weiss Ratings reaffirmed a "sell (d)" rating on shares of CONMED in a research report on Thursday, June 4th. BMO Capital Markets assumed coverage on CONMED in a research note on Wednesday, July 8th. They set a "market perform" rating and a $36.00 price target for the company. Wall Street Zen raised CONMED from a "hold" rating to a "buy" rating in a research report on Monday, July 20th. Finally, JPMorgan Chase & Co. lowered their price objective on shares of CONMED from $43.00 to $40.00 and set a "neutral" rating on the stock in a research note on Thursday, April 30th. Five analysts have rated the stock with a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Reduce" and a consensus target price of $38.80.

CONMED Company Profile

CONMED Corporation NYSE: CNMD is a global medical technology company headquartered in Utica, New York. Founded in 1970, CONMED develops, manufactures and markets a broad portfolio of surgical devices and accessories for minimally invasive procedures. The company's product line supports surgeons and healthcare providers in specialties including orthopedics, general surgery, gastroenterology and gynecology.

CONMED operates two principal segments: Orthopedics, and Visualization & Energy.

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