CONMED (NYSE:CNMD) Reaches New 1-Year Low at $71.25

CONMED Co. (NYSE:CNMD) hit a new 52-week low during trading on Thursday . The company traded as low as $71.25 and last traded at $71.39, with a volume of 28322 shares trading hands. The stock had previously closed at $72.76.

Analysts Set New Price Targets

A number of research analysts have commented on the company. Wells Fargo & Company lowered their target price on CONMED from $107.00 to $98.00 and set an “equal weight” rating on the stock in a research note on Thursday, February 1st. Piper Sandler lowered their target price on CONMED from $130.00 to $100.00 and set an “overweight” rating on the stock in a research note on Thursday, February 1st. JPMorgan Chase & Co. lowered their target price on CONMED from $135.00 to $115.00 and set an “overweight” rating on the stock in a research note on Thursday, February 1st. Finally, Needham & Company LLC boosted their target price on CONMED from $119.00 to $129.00 and gave the company a “buy” rating in a research note on Thursday, February 1st. Two analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $120.43.

CONMED Stock Down 1.5 %

The business has a 50-day simple moving average of $80.18 and a two-hundred day simple moving average of $94.82. The company has a market cap of $2.21 billion, a price-to-earnings ratio of 35.69, a PEG ratio of 0.70 and a beta of 1.33. The company has a quick ratio of 0.96, a current ratio of 1.98 and a debt-to-equity ratio of 1.17.

CONMED (NYSE:CNMD) last announced its quarterly earnings results on Wednesday, January 31st. The company reported $1.06 earnings per share for the quarter, missing analysts’ consensus estimates of $1.11 by ($0.05). CONMED had a return on equity of 13.69% and a net margin of 5.18%. The company had revenue of $327.05 million during the quarter, compared to analyst estimates of $332.94 million. As a group, equities analysts forecast that CONMED Co. will post 4.34 earnings per share for the current fiscal year.

CONMED Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, April 5th. Investors of record on Friday, March 15th were given a dividend of $0.20 per share. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $0.80 annualized dividend and a dividend yield of 1.12%. CONMED’s dividend payout ratio is presently 39.22%.

Hedge Funds Weigh In On CONMED

Several large investors have recently made changes to their positions in CNMD. Capital Research Global Investors lifted its position in shares of CONMED by 11.8% during the 4th quarter. Capital Research Global Investors now owns 2,757,108 shares of the company’s stock worth $301,931,000 after purchasing an additional 289,996 shares during the last quarter. Norges Bank acquired a new position in shares of CONMED during the 4th quarter worth about $15,964,000. Vanguard Group Inc. lifted its position in shares of CONMED by 4.0% during the 3rd quarter. Vanguard Group Inc. now owns 3,338,586 shares of the company’s stock worth $267,654,000 after purchasing an additional 127,857 shares during the last quarter. Point72 Asset Management L.P. acquired a new position in shares of CONMED during the 4th quarter worth about $12,131,000. Finally, BNP Paribas Arbitrage SNC lifted its position in shares of CONMED by 1,225.0% during the 3rd quarter. BNP Paribas Arbitrage SNC now owns 113,205 shares of the company’s stock worth $9,076,000 after purchasing an additional 104,661 shares during the last quarter.

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.