CONMED Co. (CNMD) to Issue Quarterly Dividend of $0.20
CONMED Co. (NASDAQ:CNMD) declared a quarterly dividend on Friday, November 9th, Wall Street Journal reports. Stockholders of record on Friday, December 14th will be given a dividend of 0.20 per share by the medical technology company on Monday, January 7th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.16%. The ex-dividend date is Thursday, December 13th.
CONMED has a payout ratio of 36.9% meaning its dividend is sufficiently covered by earnings. Equities analysts expect CONMED to earn $2.42 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 33.1%.
CNMD stock opened at $69.10 on Friday. CONMED has a twelve month low of $49.22 and a twelve month high of $83.49. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.15 and a current ratio of 2.20. The stock has a market cap of $1.93 billion, a PE ratio of 36.56, a P/E/G ratio of 2.75 and a beta of 0.68.
A number of research analysts have recently weighed in on CNMD shares. Zacks Investment Research raised CONMED from a “sell” rating to a “hold” rating in a research report on Tuesday, September 25th. Needham & Company LLC lifted their price objective on CONMED from $73.00 to $83.00 and gave the company a “buy” rating in a research report on Thursday, August 2nd. BidaskClub cut CONMED from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, July 17th. Barclays set a $78.00 price target on CONMED and gave the stock an “equal weight” rating in a report on Tuesday, October 16th. Finally, Leerink Swann boosted their price target on CONMED from $76.00 to $81.00 and gave the stock a “market perform” rating in a report on Thursday, August 30th. One research analyst has rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the stock. CONMED has an average rating of “Hold” and an average price target of $81.50.
In related news, VP Stanley W. Peters III sold 1,500 shares of the business’s stock in a transaction that occurred on Friday, September 14th. The stock was sold at an average price of $80.43, for a total value of $120,645.00. Following the transaction, the vice president now directly owns 1,496 shares of the company’s stock, valued at approximately $120,323.28. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Heather L. Cohen purchased 900 shares of the stock in a transaction that occurred on Tuesday, November 6th. The stock was acquired at an average cost of $68.60 per share, for a total transaction of $61,740.00. The disclosure for this purchase can be found here. 3.13% of the stock is currently owned by insiders.
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CONMED Company Profile
CONMED Corporation, a medical technology company, develops, manufactures, and sells surgical devices and related equipment for minimally invasive procedures in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. The company offers orthopedic surgery products, including sports medicine products comprising powered resection instruments, arthroscopes, reconstructive systems, tissue repair sets, and metal and bioabsorbable implants, as well as related disposable products and fluid management systems; powered surgical instruments for use in bone orthopedic, arthroscopic, oral/maxillofacial, podiatric, plastic, ENT, neurological, spinal, and cardiothoracic surgeries; sports biologics and tissue products; and surgical visualization products.
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