CONMED (NYSE:CNMD) Price Target Cut to $95.00 by Analysts at Piper Sandler

CONMED (NYSE:CNMD) had its target price cut by Piper Sandler from $100.00 to $95.00 in a research report released on Thursday morning, Benzinga reports. They currently have an overweight rating on the stock.

A number of other equities analysts also recently weighed in on the company. JPMorgan Chase & Co. dropped their target price on CONMED from $135.00 to $115.00 and set an overweight rating on the stock in a report on Thursday, February 1st. Needham & Company LLC dropped their price objective on CONMED from $129.00 to $107.00 and set a buy rating on the stock in a report on Thursday. Finally, Wells Fargo & Company dropped their price objective on CONMED from $107.00 to $98.00 and set an equal weight rating on the stock in a report on Thursday, February 1st. Two investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, CONMED has an average rating of Moderate Buy and a consensus price target of $107.86.

CONMED Stock Up 5.0 %

Shares of CNMD traded up $3.08 during trading hours on Thursday, reaching $64.98. The company’s stock had a trading volume of 340,038 shares, compared to its average volume of 581,891. The firm has a market cap of $2.00 billion, a price-to-earnings ratio of 23.72, a P/E/G ratio of 0.63 and a beta of 1.33. CONMED has a 1-year low of $61.05 and a 1-year high of $138.47. 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 company has a 50 day moving average of $78.36 and a two-hundred day moving average of $93.67.

CONMED (NYSE:CNMD) last issued its earnings results on Wednesday, April 24th. The company reported $0.79 earnings per share for the quarter, beating analysts’ consensus estimates of $0.74 by $0.05. The company had revenue of $312.27 million for the quarter, compared to the consensus estimate of $307.06 million. CONMED had a return on equity of 13.99% and a net margin of 6.53%. As a group, research analysts predict that CONMED will post 4.34 EPS for the current fiscal year.

CONMED Dividend Announcement

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

Institutional Investors Weigh In On CONMED

Several hedge funds have recently modified their holdings of the business. GAMMA Investing LLC acquired a new position in shares of CONMED in the fourth quarter valued at $40,000. Principal Securities Inc. acquired a new position in shares of CONMED in the fourth quarter valued at $46,000. Headlands Technologies LLC acquired a new position in shares of CONMED in the third quarter valued at $64,000. Quadrant Capital Group LLC raised 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 purchasing an additional 500 shares in the last quarter. Finally, AdvisorNet Financial Inc raised 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 purchasing an additional 745 shares in 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.