CONMED (NYSE:CNMD) Stock Price Down 5.4%

CONMED Co. (NYSE:CNMD)’s share price dropped 5.4% during trading on Wednesday . The stock traded as low as $73.14 and last traded at $73.24. Approximately 484,869 shares changed hands during trading, a decline of 11% from the average daily volume of 547,694 shares. The stock had previously closed at $77.46.

Wall Street Analyst Weigh In

Several research firms recently issued reports on CNMD. Wells Fargo & Company reduced their price target on CONMED from $107.00 to $98.00 and set an “equal weight” rating on the stock in a research report on Thursday, February 1st. Needham & Company LLC lifted their price objective on CONMED from $119.00 to $129.00 and gave the company a “buy” rating in a research note on Thursday, February 1st. Piper Sandler lowered their price objective on CONMED from $130.00 to $100.00 and set an “overweight” rating for the company in a research note on Thursday, February 1st. Finally, JPMorgan Chase & Co. reduced their target price on CONMED from $135.00 to $115.00 and set an “overweight” rating for the company in a report on Thursday, February 1st. Two analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $120.43.

CONMED Stock Down 6.1 %

The company has a market capitalization of $2.24 billion, a PE ratio of 37.97, a P/E/G ratio of 0.68 and a beta of 1.33. 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 company has a 50-day moving average of $80.40 and a two-hundred day moving average of $94.98.

CONMED (NYSE:CNMD) last released its earnings results on Wednesday, January 31st. The company reported $1.06 earnings per share for the quarter, missing the consensus estimate of $1.11 by ($0.05). The company had revenue of $327.05 million for the quarter, compared to analysts’ expectations of $332.94 million. CONMED had a net margin of 5.18% and a return on equity of 13.69%. Sell-side analysts anticipate that CONMED Co. will post 4.34 earnings per share for the current fiscal year.

CONMED Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, April 5th. Investors 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 annualized dividend and a yield of 1.10%. CONMED’s dividend payout ratio (DPR) is presently 39.22%.

Hedge Funds Weigh In On CONMED

Several large investors have recently made changes to their positions in the business. Epiq Partners LLC lifted its position in shares of CONMED by 11.0% in the first quarter. Epiq Partners LLC now owns 11,610 shares of the company’s stock valued at $930,000 after acquiring an additional 1,147 shares in the last quarter. AdvisorNet Financial Inc lifted its position 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 acquiring an additional 745 shares in the last quarter. Mountain Pacific Investment Advisers Inc. ID lifted its position in shares of CONMED by 29.0% in the first quarter. Mountain Pacific Investment Advisers Inc. ID now owns 248,304 shares of the company’s stock valued at $19,884,000 after acquiring an additional 55,878 shares in the last quarter. Quadrature Capital Ltd lifted its position in shares of CONMED by 3.1% in the fourth quarter. Quadrature Capital Ltd now owns 13,079 shares of the company’s stock valued at $1,432,000 after acquiring an additional 399 shares in the last quarter. Finally, Congress Asset Management Co. MA lifted its position in shares of CONMED by 8.7% in the fourth quarter. Congress Asset Management Co. MA now owns 302,467 shares of the company’s stock valued at $33,123,000 after acquiring an additional 24,280 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.