CONMED (NYSE:CNMD) Price Target Cut to $77.00 by Analysts at Wells Fargo & Company

CONMED (NYSE:CNMD) had its price objective cut by Wells Fargo & Company from $98.00 to $77.00 in a research report report published on Thursday morning, Benzinga reports. They currently have an equal weight rating on the stock.

Other analysts also recently issued reports about the stock. Needham & Company LLC decreased their price objective on shares of CONMED from $129.00 to $107.00 and set a buy rating for the company in a report on Thursday. JPMorgan Chase & Co. cut their target price on shares of CONMED from $135.00 to $115.00 and set an overweight rating for the company in a research note on Thursday, February 1st. Finally, Piper Sandler cut their target price on shares of CONMED from $100.00 to $95.00 and set an overweight rating for the company in a research note on Thursday. Two investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and a consensus target price of $107.86.

CONMED Trading Up 5.0 %

Shares of CNMD stock traded up $3.08 during trading hours on Thursday, reaching $64.98. 340,038 shares of the stock traded hands, compared to its average volume of 581,891. CONMED has a 1-year low of $61.05 and a 1-year high of $138.47. The business has a fifty day moving average price of $78.36 and a 200 day moving average price of $93.67. 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 capitalization of $2.00 billion, a PE ratio of 23.72, a PEG ratio of 0.63 and a beta of 1.33.

CONMED (NYSE:CNMD) last announced its quarterly earnings data on Wednesday, April 24th. The company reported $0.79 EPS for the quarter, beating 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 firm had revenue of $312.27 million for the quarter, compared to the consensus estimate of $307.06 million. On average, equities research analysts forecast that CONMED will post 4.34 EPS for the current year.

CONMED Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 5th. Shareholders of record on Friday, March 15th were issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 1.23%. The ex-dividend date of this dividend was Thursday, March 14th. CONMED’s dividend payout ratio is currently 30.65%.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. GAMMA Investing LLC acquired a new stake in shares of CONMED in the 4th quarter valued at approximately $40,000. Principal Securities Inc. acquired a new stake in shares of CONMED in the fourth quarter valued at approximately $46,000. Headlands Technologies LLC acquired a new stake in shares of CONMED in the third quarter valued at approximately $64,000. AdvisorNet Financial Inc grew its stake in shares of CONMED by 70.6% in the first quarter. AdvisorNet Financial Inc now owns 1,800 shares of the company’s stock valued at $144,000 after buying an additional 745 shares in the last quarter. Finally, Quadrant Capital Group LLC grew its stake in shares of CONMED by 44.2% in the fourth quarter. Quadrant Capital Group LLC now owns 1,631 shares of the company’s stock valued at $179,000 after buying an additional 500 shares in the last quarter.

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.