CONMED Co. (NYSE:CNMD) Given Consensus Rating of “Moderate Buy” by Brokerages

CONMED Co. (NYSE:CNMD) has earned an average recommendation of “Moderate Buy” from the seven research firms that are currently covering the stock, Marketbeat.com reports. One equities research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. The average twelve-month price objective among analysts that have covered the stock in the last year is $107.86.

CNMD has been the topic of a number of research reports. Needham & Company LLC dropped their target price on CONMED from $129.00 to $107.00 and set a “buy” rating on the stock in a report on Thursday. JPMorgan Chase & Co. dropped their price objective on CONMED from $115.00 to $75.00 and set an “overweight” rating on the stock in a report on Thursday. Wells Fargo & Company dropped their price objective on CONMED from $98.00 to $77.00 and set an “equal weight” rating on the stock in a report on Thursday. Finally, Piper Sandler dropped their price objective on CONMED from $100.00 to $95.00 and set an “overweight” rating on the stock in a report on Thursday.

Hedge Funds Weigh In On CONMED

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Versor Investments LP acquired a new position in CONMED during the third quarter valued at approximately $475,000. Walleye Capital LLC bought a new stake in shares of CONMED in the third quarter valued at approximately $5,691,000. Trexquant Investment LP bought a new stake in shares of CONMED in the third quarter valued at approximately $2,534,000. California Public Employees Retirement System boosted its position in shares of CONMED by 14.9% in the third quarter. California Public Employees Retirement System now owns 49,065 shares of the company’s stock valued at $4,948,000 after acquiring an additional 6,356 shares during the period. Finally, Fifth Third Bancorp boosted its position in shares of CONMED by 6.0% in the fourth quarter. Fifth Third Bancorp now owns 17,379 shares of the company’s stock valued at $1,903,000 after acquiring an additional 987 shares during the period.

CONMED Price Performance

Shares of CNMD opened at $65.80 on Monday. The company has a market capitalization of $2.03 billion, a price-to-earnings ratio of 25.21, a P/E/G ratio of 0.63 and a beta of 1.33. CONMED has a fifty-two week low of $61.05 and a fifty-two week high of $138.47. The company has a debt-to-equity ratio of 1.17, a current ratio of 1.98 and a quick ratio of 0.96. The business’s 50-day moving average is $78.06 and its 200-day moving average is $93.44.

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%. Equities research analysts expect that CONMED will post 4.34 EPS for the current fiscal year.

CONMED Announces Dividend

The business also recently declared 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. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $0.80 annualized dividend and a yield of 1.22%. CONMED’s dividend payout ratio (DPR) is presently 30.65%.

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.