CONMED (NYSE:CNMD) PT Lowered to $107.00

CONMED (NYSE:CNMD) had its price objective trimmed by Needham & Company LLC from $129.00 to $107.00 in a report published on Thursday morning, Benzinga reports. The firm currently has a buy rating on the stock.

Other equities analysts have also issued research reports about the stock. Piper Sandler lowered their price objective on shares of CONMED from $130.00 to $100.00 and set an overweight rating for the company in a research report on Thursday, February 1st. JPMorgan Chase & Co. lowered their price objective on shares of CONMED from $135.00 to $115.00 and set an overweight rating for the company in a research report on Thursday, February 1st. Finally, Wells Fargo & Company lowered their price objective on shares of CONMED from $107.00 to $98.00 and set an equal weight rating for the company in a research report on Thursday, February 1st. Two equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of Moderate Buy and an average price target of $107.86.

CONMED Price Performance

Shares of NYSE:CNMD opened at $61.90 on Thursday. The company has a debt-to-equity ratio of 1.17, a quick ratio of 0.96 and a current ratio of 1.98. The firm has a fifty day moving average price of $78.36 and a 200 day moving average price of $93.67. CONMED has a fifty-two week low of $61.05 and a fifty-two week high of $138.47. The firm has a market cap of $1.91 billion, a price-to-earnings ratio of 23.72, a P/E/G ratio of 0.63 and a beta of 1.33.

CONMED (NYSE:CNMD) last issued its earnings results on Wednesday, April 24th. The company reported $0.79 earnings per share for the quarter, topping analysts’ consensus estimates of $0.74 by $0.05. CONMED had a net margin of 6.53% and a return on equity of 13.99%. The firm had revenue of $312.27 million during the quarter, compared to analyst estimates of $307.06 million. As a group, sell-side analysts expect that CONMED will post 4.34 earnings per share for the current fiscal year.

CONMED Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, April 5th. Stockholders of record on Friday, March 15th were paid a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 1.29%. The ex-dividend date of this dividend was Thursday, March 14th. CONMED’s dividend payout ratio is currently 30.65%.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. Oak Family Advisors LLC increased its stake in CONMED by 21.4% in the 1st quarter. Oak Family Advisors LLC now owns 7,951 shares of the company’s stock worth $637,000 after buying an additional 1,401 shares during the period. Fifth Third Bancorp increased its stake in CONMED by 3.9% in the 1st quarter. Fifth Third Bancorp now owns 18,051 shares of the company’s stock worth $1,446,000 after buying an additional 672 shares during the period. Raymond James & Associates increased its stake in CONMED by 5.3% in the 1st quarter. Raymond James & Associates now owns 84,635 shares of the company’s stock worth $6,778,000 after buying an additional 4,231 shares during the period. AMI Asset Management Corp increased its stake in CONMED by 31.1% in the 1st quarter. AMI Asset Management Corp now owns 55,728 shares of the company’s stock worth $4,463,000 after buying an additional 13,204 shares during the period. Finally, Diversified Trust Co increased its stake in CONMED by 69.3% in the 1st quarter. Diversified Trust Co now owns 10,991 shares of the company’s stock worth $880,000 after buying an additional 4,500 shares during the period.

CONMED Company Profile

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.