CONMED (NYSE:CNMD) issues Q3 2024 earnings guidance

VaselineOctober 4, 2024

0 3 minutes read

CONMED (NYSE:CNMD – Get Your Free Report ) updated its earnings guidance on Friday for the third quarter of 2024. The company provided an EPS estimate of 0.980-1.000 for the period, compared to the consensus estimate of 0.990. The company issued a revenue estimate of $315.0 million – $318.0 million, compared to the consensus revenue estimate of $318.7 million.

CONMED price performance

CNMD stock traded up $2.07 on Friday, reaching $68.63. 28,290 shares of the company’s stock were exchanged, compared to its average volume of 493,647. The company has a 50-day moving average of $70.99 and a 200-day moving average of $72.06. The stock has a market cap of $2.11 billion, a P/E ratio of 25.51, a price-to-earnings-growth ratio of 0.98 and a beta of 1.46. The company has a debt-to-equity ratio of 1.09, a current ratio of 2.34, and a quick ratio of 1.13. CONMED has a 12-month low of $61.05 and a 12-month high of $117.27.

CONMED (NYSE:CNMD – Get Your Free Report ) last posted its earnings results on Wednesday, July 31st. The company reported $0.98 EPS for the quarter, topping analysts’ consensus estimates of $0.92 by $0.06. The firm had revenue of $332.10 million during the quarter, compared to analysts’ expectations of $334.39 million. CONMED had a net margin of 7.73% and a return on equity of 13.89%. The company’s revenue for the quarter was up 4.5% compared to the same quarter last year. In the same quarter last year, the company earned $0.83 per share. On average, equities research analysts anticipate that CONMED will post 3.99 EPS for the current year.

CONMED announces dividends

Want more great investment ideas?

The company also recently announced a quarterly dividend, which will be paid on Friday, October 4th. Stockholders of record on Monday, September 16th will be given a dividend of $0.20 per share. The ex-dividend date of this dividend is Monday, September 16. This represents a dividend of $0.80 on an annualized basis and a dividend yield of 1.17%. CONMED’s payout rate is currently 30.65%.

Analysts on Wall Street are forecasting an increase

Several research firms recently weighed in on CNMD. Stifel Nicolaus reduced their price objective on CONMED from $88.00 to $76.00 and set a buy rating on the stock in a report on Thursday, August 1st. Piper Sandler cut their price target on CONMED from $95.00 to $80.00 and set an overweight rating on the stock in a report on Thursday, August 1st. Needham & Company LLC reduced their price objective on CONMED from $106.00 to $97.00 and set a buy rating for the company in a research note on Thursday, August 1st. Wells Fargo & Company cut their price target on shares of CONMED from $77.00 to $71.00 and set an equal weight rating on the stock in a research report on Thursday, August 1st. Finally, StockNews.com cut shares of CONMED from a buy rating to a hold rating in a research report on Tuesday. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of Moderate Buy and an average target price of $79.80.

Read the latest stock report on CONMED

About CONMED

(Get a free report)

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