CONMED Co. (NASDAQ:CNMD) Receives $101.20 Consensus Price Target from Analysts

Shares of CONMED Co. (NASDAQ:CNMD) have earned an average rating of “Buy” from the six ratings firms that are presently covering the stock, Marketbeat reports. Six investment analysts have rated the stock with a buy recommendation. The average 1-year price objective among brokers that have covered the stock in the last year is $101.20.

Several analysts recently weighed in on the company. Piper Jaffray Companies upgraded CONMED from a “neutral” rating to an “overweight” rating and lifted their price objective for the company from $88.00 to $110.00 in a report on Thursday, August 22nd. Stifel Nicolaus lifted their price objective on CONMED from $97.00 to $99.00 and gave the company a “buy” rating in a report on Thursday, August 1st. Barclays lifted their price objective on CONMED from $96.00 to $105.00 and gave the company an “overweight” rating in a report on Thursday, August 1st. BidaskClub upgraded CONMED from a “hold” rating to a “buy” rating in a report on Thursday. Finally, Zacks Investment Research upgraded CONMED from a “hold” rating to a “buy” rating and set a $98.00 price objective for the company in a report on Friday, August 2nd.

In related news, VP Johonna Marie Pelletier sold 453 shares of CONMED stock in a transaction dated Thursday, August 8th. The stock was sold at an average price of $94.93, for a total value of $43,003.29. Following the completion of the sale, the vice president now directly owns 3,965 shares in the company, valued at $376,397.45. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Dirk Kuyper sold 11,614 shares of CONMED stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $91.10, for a total value of $1,058,035.40. Following the completion of the sale, the director now owns 10,396 shares of the company’s stock, valued at $947,075.60. The disclosure for this sale can be found here. Insiders sold 17,476 shares of company stock valued at $1,610,458 over the last 90 days. 4.38% of the stock is currently owned by corporate insiders.

Hedge funds have recently added to or reduced their stakes in the stock. Principal Financial Group Inc. grew its stake in CONMED by 142.5% in the first quarter. Principal Financial Group Inc. now owns 548,342 shares of the medical technology company’s stock valued at $45,611,000 after purchasing an additional 322,249 shares during the last quarter. Nuveen Asset Management LLC purchased a new position in CONMED in the second quarter valued at about $24,934,000. Marshall Wace LLP grew its stake in CONMED by 148.9% in the first quarter. Marshall Wace LLP now owns 398,722 shares of the medical technology company’s stock valued at $33,166,000 after purchasing an additional 238,500 shares during the last quarter. Morgan Stanley grew its stake in CONMED by 346.8% in the second quarter. Morgan Stanley now owns 139,856 shares of the medical technology company’s stock valued at $11,968,000 after purchasing an additional 108,556 shares during the last quarter. Finally, Vanguard Group Inc. grew its stake in CONMED by 3.6% in the second quarter. Vanguard Group Inc. now owns 2,869,620 shares of the medical technology company’s stock valued at $245,554,000 after purchasing an additional 100,779 shares during the last quarter.

Shares of NASDAQ:CNMD traded down $0.41 on Friday, hitting $101.62. 9,121 shares of the company’s stock were exchanged, compared to its average volume of 182,000. CONMED has a 12 month low of $56.90 and a 12 month high of $103.90. The stock has a market capitalization of $2.90 billion, a price-to-earnings ratio of 46.41, a price-to-earnings-growth ratio of 2.69 and a beta of 0.54. The business’s 50 day simple moving average is $97.30 and its two-hundred day simple moving average is $86.17. The company has a debt-to-equity ratio of 1.14, a current ratio of 2.55 and a quick ratio of 1.44.

CONMED (NASDAQ:CNMD) last released its earnings results on Wednesday, July 31st. The medical technology company reported $0.56 earnings per share for the quarter, topping the consensus estimate of $0.53 by $0.03. CONMED had a return on equity of 9.95% and a net margin of 3.13%. The business had revenue of $238.26 million during the quarter, compared to the consensus estimate of $233.06 million. During the same period last year, the company earned $0.46 earnings per share. The business’s revenue for the quarter was up 12.0% compared to the same quarter last year. Equities analysts forecast that CONMED will post 2.55 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 7th. Investors of record on Friday, September 13th will be issued a $0.20 dividend. The ex-dividend date of this dividend is Thursday, September 12th. This represents a $0.80 annualized dividend and a dividend yield of 0.79%. CONMED’s payout ratio is currently 36.70%.

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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