Analysts Set CONMED Co. (NYSE:CNMD) Price Target at $94.60

Shares of CONMED Co. (NYSE:CNMD) have been given an average recommendation of “Moderate Buy” by the five ratings firms that are covering the firm, Marketbeat Ratings reports. One analyst has rated the stock with a hold rating and four have issued a buy rating on the company. The average 12 month price target among brokerages that have covered the stock in the last year is $79.80.

A number of equities research analysts have recently issued reports on the company. JPMorgan Chase & Co. lowered their target price on CONMED from $115.00 to $75.00 and set an “overweight” rating for the company in a research note on Thursday, April 25th. Piper Sandler lowered their price objective on CONMED from $95.00 to $80.00 and set an “overweight” rating for the company in a research note on Thursday, August 1st. Needham & Company LLC lowered their price objective on CONMED from $106.00 to $97.00 and set a “buy” rating for the company in a research note on Thursday, August 1st. Wells Fargo & Company lowered their price objective on CONMED from $77.00 to $71.00 and set an “equal weight” rating for the company in a research note on Thursday, August 1st. Finally, Stifel Nicolaus lowered their price objective on CONMED from $88.00 to $76.00 and set a “buy” rating for the company in a research note on Thursday, August 1st.

CONMED Price Performance

CNMD stock opened at $65.38 on Wednesday. The company has a debt-to-equity ratio of 1.16, a quick ratio of 1.08 and a current ratio of 2.18. CONMED has a 1 year low of $61.05 and a 1 year high of $117.27. The firm has a market cap of $2.01 billion, a P/E ratio of 25.05, a price-to-earnings-growth ratio of 0.67 and a beta of 1.42. The stock has a 50-day simple moving average of $70.32 and a 200-day simple moving average of $75.88.

CONMED (NYSE:CNMD) last posted its earnings results on Wednesday, July 31st. The company reported $0.98 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.92 by $0.06. CONMED had a return on equity of 14.12% and a net margin of 7.73%. The business had revenue of $332.10 million during the quarter, compared to analyst estimates of $334.39 million. During the same quarter last year, the firm earned $0.83 earnings per share. The company’s revenue for the quarter was up 4.5% compared to the same quarter last year. On average, equities analysts predict that CONMED will post 3.99 earnings per share for the current fiscal year.

CONMED Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, July 5th. Shareholders of record on Friday, June 14th were paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 1.22%. The ex-dividend date was Friday, June 14th. CONMED’s payout ratio is currently 30.65%.

Insider Transactions at CONMED

In other news, insider Stanley W. Peters III sold 4,000 shares of the business’s stock in a transaction on Friday, June 14th. The stock was sold at an average price of $71.82, for a total value of $287,280.00. Following the sale, the insider now owns 63 shares of the company’s stock, valued at approximately $4,524.66. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 6.80% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. 1620 Investment Advisors Inc. acquired a new stake in CONMED during the second quarter valued at $39,000. GAMMA Investing LLC acquired a new stake in CONMED during the fourth quarter valued at $40,000. Innealta Capital LLC acquired a new stake in CONMED during the second quarter valued at $41,000. Principal Securities Inc. acquired a new stake in CONMED during the fourth quarter valued at $46,000. Finally, Hilltop National Bank boosted its position in CONMED by 31.0% during the second quarter. Hilltop National Bank now owns 825 shares of the company’s stock valued at $57,000 after purchasing an additional 195 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.