CONMED Co. (NYSE:CNMD – Get Free Report)’s share price gapped down prior to trading on Thursday after JPMorgan Chase & Co. lowered their price target on the stock from $115.00 to $75.00. The stock had previously closed at $70.01, but opened at $63.37. JPMorgan Chase & Co. currently has an overweight rating on the stock. CONMED shares last traded at $64.35, with a volume of 469,350 shares changing hands.
Several other brokerages have also recently issued reports on CNMD. Needham & Company LLC lowered their target price on shares of CONMED from $129.00 to $107.00 and set a “buy” rating for the company in a report on Thursday. Wells Fargo & Company reduced their price target on shares of CONMED from $98.00 to $77.00 and set an “equal weight” rating for the company in a research report on Thursday. Finally, Piper Sandler reduced their price target on shares of CONMED from $100.00 to $95.00 and set an “overweight” rating for the company in a research report on Thursday. Two equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $107.86.
Institutional Trading of CONMED
A number of hedge funds have recently made changes to their positions in the stock. SG Americas Securities LLC acquired a new position in CONMED in the third quarter worth $2,387,000. Greenwood Capital Associates LLC boosted its holdings in CONMED by 11.5% in the third quarter. Greenwood Capital Associates LLC now owns 6,560 shares of the company’s stock worth $662,000 after purchasing an additional 679 shares during the period. Mountain Pacific Investment Advisers Inc. ID boosted its holdings in CONMED by 8.7% in the third quarter. Mountain Pacific Investment Advisers Inc. ID now owns 144,376 shares of the company’s stock worth $14,560,000 after purchasing an additional 11,538 shares during the period. AMI Asset Management Corp boosted its holdings in CONMED by 13.2% in the third quarter. AMI Asset Management Corp now owns 43,725 shares of the company’s stock worth $4,410,000 after purchasing an additional 5,085 shares during the period. Finally, Raymond James & Associates boosted its holdings in CONMED by 2.6% in the third quarter. Raymond James & Associates now owns 82,959 shares of the company’s stock worth $8,366,000 after purchasing an additional 2,131 shares during the period.
CONMED Trading Down 11.6 %
The stock has a market cap of $1.91 billion, a price-to-earnings ratio of 30.34, a P/E/G ratio of 0.65 and a beta of 1.33. The business’s fifty day simple moving average is $78.36 and its 200 day simple moving average is $93.67. The company has a debt-to-equity ratio of 1.17, a current ratio of 1.98 and a quick ratio of 0.96.
CONMED (NYSE:CNMD – Get Free Report) last released its quarterly earnings data on Wednesday, April 24th. The company reported $0.79 EPS for the quarter, topping analysts’ consensus estimates of $0.74 by $0.05. CONMED had a net margin of 5.18% and a return on equity of 13.69%. The firm had revenue of $312.27 million during the quarter, compared to the consensus estimate of $307.06 million. On average, research analysts predict that CONMED Co. will post 4.34 EPS for the current year.
CONMED Dividend Announcement
The company also recently declared a quarterly dividend, which was paid on Friday, April 5th. Stockholders of record on Friday, March 15th were issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 1.29%. The ex-dividend date was Thursday, March 14th. CONMED’s dividend payout ratio (DPR) is 39.22%.
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.