CONMED Co. Declares Quarterly Dividend of $0.20 (NYSE:CNMD)

CONMED Co. (NYSE:CNMD) announced a quarterly dividend on Monday, August 12th, Wall Street Journal reports. Investors of record on Monday, September 16th will be paid a dividend of 0.20 per share on Friday, October 4th. This represents a $0.80 annualized dividend and a yield of 1.22%. The ex-dividend date is Monday, September 16th.

CONMED has a payout ratio of 16.3% meaning its dividend is sufficiently covered by earnings. Equities analysts expect CONMED to earn $5.40 per share next year, which means the company should continue to be able to cover its $0.80 annual dividend with an expected future payout ratio of 14.8%.

CONMED Stock Performance

Shares of CNMD traded down $0.45 during mid-day trading on Tuesday, hitting $65.59. The stock had a trading volume of 20,131 shares, compared to its average volume of 526,140. CONMED has a fifty-two week low of $61.05 and a fifty-two week high of $117.27. 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 company has a market cap of $2.02 billion, a PE ratio of 25.30, a PEG ratio of 0.67 and a beta of 1.42. The company’s fifty day simple moving average is $69.60 and its two-hundred day simple moving average is $75.07.

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

Analyst Ratings Changes

A number of research analysts recently commented on the company. 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. Wells Fargo & Company cut their price objective on shares of CONMED from $77.00 to $71.00 and set an “equal weight” rating on the stock in a research report on Thursday, August 1st. JPMorgan Chase & Co. decreased their target price on shares of CONMED from $115.00 to $75.00 and set an “overweight” rating for the company in a research report on Thursday, April 25th. Needham & Company LLC cut their price target on CONMED from $106.00 to $97.00 and set a “buy” rating on the stock in a report on Thursday, August 1st. Finally, Stifel Nicolaus decreased their price objective on CONMED from $88.00 to $76.00 and set a “buy” rating for the company in a report on Thursday, August 1st. Two analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $79.80.

Insider Activity at CONMED

In other CONMED news, insider Stanley W. Peters III sold 4,000 shares of the company’s stock in a transaction that occurred 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 completion of the sale, the insider now directly owns 63 shares in the company, valued at $4,524.66. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 6.80% of the company’s stock.

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.