CONMED (NYSE:CNMD) PT Lowered to $75.00 at JPMorgan Chase & Co.

CONMED (NYSE:CNMD) had its target price reduced by JPMorgan Chase & Co. from $115.00 to $75.00 in a report published on Thursday, Benzinga reports. They currently have an overweight rating on the stock.

CNMD has been the subject of a number of other research reports. Needham & Company LLC decreased their price target on CONMED from $129.00 to $107.00 and set a buy rating for the company in a research report on Thursday. Piper Sandler dropped their target price on CONMED from $100.00 to $95.00 and set an overweight rating on the stock in a research report on Thursday. Finally, Wells Fargo & Company cut their price target on shares of CONMED from $98.00 to $77.00 and set an equal weight rating on the stock in a report on Thursday. Two investment 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 stock presently has a consensus rating of Moderate Buy and an average target price of $107.86.

CONMED Stock Up 6.3 %

Shares of CONMED stock opened at $65.78 on Thursday. The company has a quick ratio of 0.96, a current ratio of 1.98 and a debt-to-equity ratio of 1.17. The firm has a market cap of $2.03 billion, a P/E ratio of 25.20, a P/E/G ratio of 0.60 and a beta of 1.33. CONMED has a fifty-two week low of $61.05 and a fifty-two week high of $138.47. The business has a 50-day moving average price of $78.06 and a 200 day moving average price of $93.39.

CONMED (NYSE:CNMD) last released its quarterly earnings data 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 business had revenue of $312.27 million for the quarter, compared to analysts’ expectations of $307.06 million. On average, sell-side analysts forecast that CONMED will post 4.3 earnings per share for the current fiscal year.

CONMED Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, April 5th. Investors of record on Friday, March 15th were given a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 1.22%. The ex-dividend date of this dividend was Thursday, March 14th. CONMED’s dividend payout ratio (DPR) is presently 30.65%.

Institutional Investors Weigh In On CONMED

Several large investors have recently modified their holdings of 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 buying an additional 289,996 shares during the period. Eagle Asset Management Inc. boosted its stake in shares of CONMED by 67.3% in the 3rd quarter. Eagle Asset Management Inc. now owns 198,982 shares of the company’s stock valued at $20,067,000 after purchasing an additional 80,036 shares in the last quarter. Sectoral Asset Management Inc. boosted its stake in shares of 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 purchasing an additional 68,500 shares in the last quarter. Congress Asset Management Co. MA grew its holdings in shares of CONMED by 32.3% in the 3rd quarter. Congress Asset Management Co. MA now owns 278,187 shares of the company’s stock worth $28,055,000 after purchasing an additional 67,866 shares during the last quarter. Finally, Intrinsic Edge Capital Management LLC increased its position in shares of CONMED by 672.5% during the 4th quarter. Intrinsic Edge Capital Management LLC now owns 77,248 shares of the company’s stock worth $8,459,000 after purchasing an additional 67,248 shares in 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.