CONMED Co. (NYSE:CNMD) Receives Average Recommendation of “Moderate Buy” from Brokerages

Shares of CONMED Co. (NYSE:CNMD) have received a consensus rating of “Moderate Buy” from the seven analysts that are presently covering the stock, Marketbeat reports. One research analyst has rated the stock with a hold rating and six have issued a buy rating on the company. The average twelve-month price objective among analysts that have issued ratings on the stock in the last year is $107.86.

Several analysts recently commented on CNMD shares. Wells Fargo & Company reduced their price objective on shares of CONMED from $98.00 to $77.00 and set an “equal weight” rating for the company in a research note on Thursday. Piper Sandler lowered their target price on CONMED from $100.00 to $95.00 and set an “overweight” rating on the stock in a report on Thursday. JPMorgan Chase & Co. dropped their target price on shares of CONMED from $115.00 to $75.00 and set an “overweight” rating for the company in a report on Thursday. Finally, Needham & Company LLC dropped their price objective on shares of CONMED from $129.00 to $107.00 and set a “buy” rating for the company in a research note on Thursday.

Institutional Investors Weigh In On CONMED

Institutional investors and hedge funds have recently modified their holdings of the stock. Capital Research Global Investors grew its position in CONMED by 11.8% in the fourth quarter. Capital Research Global Investors now owns 2,757,108 shares of the company’s stock valued at $301,931,000 after acquiring an additional 289,996 shares in the last quarter. Eagle Asset Management Inc. lifted its holdings in CONMED by 67.3% in the 3rd quarter. Eagle Asset Management Inc. now owns 198,982 shares of the company’s stock worth $20,067,000 after buying an additional 80,036 shares in the last quarter. Sectoral Asset Management Inc. boosted its position in CONMED by 150.5% in the 3rd quarter. Sectoral Asset Management Inc. now owns 114,000 shares of the company’s stock valued at $11,497,000 after buying an additional 68,500 shares during the last quarter. Congress Asset Management Co. MA increased its position in shares of CONMED by 32.3% during the third quarter. Congress Asset Management Co. MA now owns 278,187 shares of the company’s stock worth $28,055,000 after acquiring an additional 67,866 shares during the last quarter. Finally, Intrinsic Edge Capital Management LLC boosted its holdings in CONMED by 672.5% in the fourth quarter. Intrinsic Edge Capital Management LLC now owns 77,248 shares of the company’s stock valued at $8,459,000 after purchasing an additional 67,248 shares during the last quarter.

CONMED Trading Up 6.3 %

NYSE CNMD opened at $65.78 on Monday. CONMED has a one year low of $61.05 and a one year high of $138.47. The firm has a 50 day simple moving average of $78.06 and a 200-day simple moving average of $93.36. The firm has a market cap of $2.03 billion, a price-to-earnings ratio of 25.20, a PEG ratio of 0.60 and a beta of 1.33. The company has a debt-to-equity ratio of 1.17, a quick ratio of 0.96 and a current ratio of 1.98.

CONMED (NYSE:CNMD) last announced its earnings results on Wednesday, April 24th. The company reported $0.79 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.74 by $0.05. CONMED had a return on equity of 13.99% and a net margin of 6.53%. The firm had revenue of $312.27 million during the quarter, compared to analysts’ expectations of $307.06 million. Equities research analysts anticipate that CONMED will post 4.3 EPS for the current fiscal year.

CONMED Announces Dividend

The firm 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 dividend on an annualized basis and a dividend yield of 1.22%. The ex-dividend date was Thursday, March 14th. CONMED’s dividend payout ratio is presently 30.65%.

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.