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

CONMED Co. (NYSE:CNMD) has been assigned an average rating of “Moderate Buy” from the six analysts that are covering the stock, Marketbeat reports. One research analyst has rated the stock with a hold recommendation and five have given a buy recommendation to the company. The average 1 year target price among brokerages that have covered the stock in the last year is $102.50.

A number of equities analysts recently commented on CNMD shares. JPMorgan Chase & Co. dropped their price objective on CONMED from $115.00 to $75.00 and set an “overweight” rating on the stock in a report on Thursday, April 25th. Piper Sandler cut their target price on CONMED from $100.00 to $95.00 and set an “overweight” rating on the stock in a report on Thursday, April 25th. Needham & Company LLC reaffirmed a “buy” rating and set a $107.00 target price on shares of CONMED in a research report on Monday, May 6th. Finally, Wells Fargo & Company lowered their price target on CONMED from $98.00 to $77.00 and set an “equal weight” rating on the stock in a report on Thursday, April 25th.

Insiders Place Their Bets

In other CONMED news, COO Pat Beyer acquired 3,000 shares of CONMED stock in a transaction dated Tuesday, April 30th. The stock was bought at an average cost of $68.30 per share, with a total value of $204,900.00. Following the completion of the transaction, the chief operating officer now owns 10,807 shares of the company’s stock, valued at $738,118.10. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director Barbara J. Schwarzentraub purchased 1,442 shares of the stock in a transaction that occurred on Wednesday, May 8th. The shares were purchased at an average cost of $69.26 per share, for a total transaction of $99,872.92. Following the completion of the purchase, the director now directly owns 1,442 shares of the company’s stock, valued at approximately $99,872.92. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, COO Pat Beyer purchased 3,000 shares of the business’s stock in a transaction on Tuesday, April 30th. The stock was purchased at an average cost of $68.30 per share, with a total value of $204,900.00. Following the acquisition, the chief operating officer now owns 10,807 shares in the company, valued at $738,118.10. The disclosure for this purchase can be found here. Insiders have acquired a total of 6,442 shares of company stock valued at $446,733 in the last three months. Company insiders own 6.80% of the company’s stock.

Institutional Trading of CONMED

Several institutional investors have recently modified their holdings of CNMD. Dimensional Fund Advisors LP lifted its position in CONMED by 5.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 712,332 shares of the company’s stock worth $78,010,000 after purchasing an additional 33,794 shares during the period. Intrinsic Edge Capital Management LLC grew its stake in shares of CONMED by 672.5% in the 4th 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 period. Capital Research Global Investors boosted its stake in CONMED by 11.8% in the 4th quarter. Capital Research Global Investors now owns 2,757,108 shares of the company’s stock valued at $301,931,000 after buying an additional 289,996 shares in the last quarter. Walleye Capital LLC acquired a new position in CONMED during the third quarter worth $5,691,000. Finally, Victory Capital Management Inc. lifted its holdings in shares of CONMED by 24.9% during the fourth quarter. Victory Capital Management Inc. now owns 9,218 shares of the company’s stock valued at $1,009,000 after acquiring an additional 1,837 shares during the period.

CONMED Trading Down 1.0 %

Shares of CONMED stock opened at $70.38 on Tuesday. The company has a quick ratio of 1.08, a current ratio of 2.18 and a debt-to-equity ratio of 1.16. The business has a fifty day simple moving average of $73.36 and a 200-day simple moving average of $86.69. CONMED has a fifty-two week low of $61.05 and a fifty-two week high of $138.29. The firm has a market cap of $2.17 billion, a price-to-earnings ratio of 26.97, a price-to-earnings-growth ratio of 0.68 and a beta of 1.43.

CONMED (NYSE:CNMD) last released its quarterly earnings data on Wednesday, April 24th. The company reported $0.79 earnings per share for the quarter, beating the consensus estimate of $0.74 by $0.05. CONMED had a net margin of 6.53% and a return on equity of 13.78%. The firm had revenue of $312.27 million for the quarter, compared to analyst estimates of $307.06 million. On average, equities analysts forecast that CONMED will post 4.3 EPS for the current fiscal year.

CONMED Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 5th. Shareholders of record on Friday, June 14th will be issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 1.14%. The ex-dividend date of this dividend is Friday, June 14th. CONMED’s dividend payout ratio (DPR) is currently 30.65%.

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.