CONMED Co. (NYSE:CNMD – Get Free Report) gapped down before the market opened on Thursday after Piper Sandler lowered their price target on the stock from $95.00 to $80.00. The stock had previously closed at $69.04, but opened at $63.40. Piper Sandler currently has an overweight rating on the stock. CONMED shares last traded at $64.46, with a volume of 79,867 shares trading hands.
A number of other equities research analysts also recently issued reports on CNMD. Stifel Nicolaus decreased their price target on shares of CONMED from $88.00 to $76.00 and set a “buy” rating on the stock in a research note on Thursday. Wells Fargo & Company decreased their target price 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. Needham & Company LLC reduced their price objective on CONMED from $106.00 to $97.00 and set a “buy” rating on the stock in a research note on Thursday. Finally, JPMorgan Chase & Co. lowered their price objective on CONMED from $115.00 to $75.00 and set an “overweight” rating for the company in a research note on Thursday, April 25th. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, CONMED presently has a consensus rating of “Moderate Buy” and an average price target of $79.80.
Insider Buying and Selling
In other news, Director Barbara J. Schwarzentraub bought 1,442 shares of the stock in a transaction on Wednesday, May 8th. The stock was acquired at an average cost of $69.26 per share, for a total transaction of $99,872.92. Following the acquisition, the director now owns 1,442 shares of the company’s stock, valued at $99,872.92. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, Director Barbara J. Schwarzentraub bought 1,442 shares of the business’s stock in a transaction on Wednesday, May 8th. The shares were bought at an average price of $69.26 per share, for a total transaction of $99,872.92. Following the completion of the purchase, the director now directly owns 1,442 shares of the company’s stock, valued at $99,872.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Martha Goldberg Aronson acquired 2,000 shares of the firm’s stock in a transaction dated Monday, May 6th. The shares were acquired at an average price of $70.98 per share, with a total value of $141,960.00. Following the acquisition, the director now owns 2,000 shares in the company, valued at approximately $141,960. The disclosure for this purchase can be found here. 6.80% of the stock is owned by insiders.
Institutional Inflows and Outflows
A number of hedge funds have recently modified their holdings of CNMD. 1620 Investment Advisors Inc. purchased a new stake in shares of CONMED in the 2nd quarter valued at $39,000. GAMMA Investing LLC acquired a new stake in CONMED in the fourth quarter valued at approximately $40,000. Innealta Capital LLC acquired a new position in shares of CONMED during the 2nd quarter worth approximately $41,000. Principal Securities Inc. purchased a new position in shares of CONMED during the 4th quarter valued at approximately $46,000. Finally, Hilltop National Bank increased its holdings in CONMED by 31.0% in the 2nd quarter. Hilltop National Bank now owns 825 shares of the company’s stock worth $57,000 after acquiring an additional 195 shares in the last quarter.
CONMED Price Performance
The stock’s 50-day simple moving average is $70.94 and its two-hundred day simple moving average is $77.25. The company has a market capitalization of $2.01 billion, a price-to-earnings ratio of 25.12, a PEG ratio of 0.66 and a beta of 1.42. The company has a quick ratio of 1.08, a current ratio of 2.18 and a debt-to-equity ratio of 1.16.
CONMED (NYSE:CNMD – Get Free Report) last issued its quarterly earnings results on Wednesday, July 31st. The company reported $0.98 earnings per share for the quarter, beating analysts’ consensus estimates of $0.92 by $0.06. CONMED had a net margin of 6.53% and a return on equity of 13.78%. The firm had revenue of $332.10 million for the quarter, compared to analyst estimates of $334.39 million. During the same period last year, the company posted $0.83 EPS. CONMED’s quarterly revenue was up 4.5% compared to the same quarter last year. Equities research analysts predict that CONMED Co. will post 4.3 earnings per share for the current year.
CONMED Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Friday, July 5th. Investors of record on Friday, June 14th were paid a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 1.22%. The ex-dividend date of this dividend was Friday, June 14th. CONMED’s dividend payout ratio is currently 30.65%.
About CONMED
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 the augmentation and repair of soft tissue injuries, as well as provides supporting products that enable surgeons to perform minimally invasive sports medicine surgeries.