CONMED (NYSE:CNMD) Hits New 52-Week Low at $70.34

CONMED Co. (NYSE:CNMD)’s stock price hit a new 52-week low during trading on Wednesday . The company traded as low as $70.34 and last traded at $70.40, with a volume of 311535 shares. The stock had previously closed at $71.31.

Analyst Ratings Changes

A number of brokerages have commented on CNMD. Wells Fargo & Company dropped their price objective on shares of CONMED from $98.00 to $77.00 and set an “equal weight” rating for the company in a research note on Thursday. Piper Sandler dropped their price target on shares of CONMED from $100.00 to $95.00 and set an “overweight” rating for the company in a research note on Thursday. JPMorgan Chase & Co. dropped their price target on shares of CONMED from $115.00 to $75.00 and set an “overweight” rating for the company in a research note on Thursday. Finally, Needham & Company LLC dropped their price target on shares of CONMED from $129.00 to $107.00 and set a “buy” rating for the company in a research note on Thursday. Two equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat, CONMED currently has an average rating of “Moderate Buy” and a consensus target price of $107.86.

CONMED Stock Up 6.3 %

The business’s fifty day moving average is $78.06 and its two-hundred day moving average is $93.44. The company has a market cap of $2.03 billion, a P/E ratio of 25.21, a price-to-earnings-growth ratio of 0.63 and a beta of 1.33. The company has a debt-to-equity ratio of 1.17, a quick ratio of 0.96 and a current ratio of 1.98.

CONMED (NYSE:CNMD) last announced its quarterly earnings data 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. CONMED had a net margin of 6.53% and a return on equity of 13.99%. The company had revenue of $312.27 million during the quarter, compared to analyst estimates of $307.06 million. Equities analysts predict that CONMED Co. will post 4.34 EPS for the current year.

CONMED Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 5th. Investors of record on Friday, March 15th were issued 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 1.22%. CONMED’s payout ratio is 30.65%.

Institutional Investors Weigh In On CONMED

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Capital Research Global Investors raised its holdings in shares of CONMED by 11.8% in the 4th quarter. Capital Research Global Investors now owns 2,757,108 shares of the company’s stock valued at $301,931,000 after purchasing an additional 289,996 shares in the last quarter. Eagle Asset Management Inc. raised its holdings in shares of CONMED by 67.3% in the 3rd quarter. Eagle Asset Management Inc. now owns 198,982 shares of the company’s stock valued at $20,067,000 after purchasing an additional 80,036 shares in the last quarter. Sectoral Asset Management Inc. raised its holdings in shares of CONMED by 150.5% in the 3rd quarter. Sectoral Asset Management Inc. now owns 114,000 shares of the company’s stock valued at $11,497,000 after purchasing an additional 68,500 shares in the last quarter. Congress Asset Management Co. MA raised its holdings in shares of CONMED by 32.3% in the 3rd quarter. Congress Asset Management Co. MA now owns 278,187 shares of the company’s stock valued at $28,055,000 after purchasing an additional 67,866 shares in the last quarter. Finally, Intrinsic Edge Capital Management LLC raised its holdings in shares of CONMED by 672.5% in the 4th quarter. Intrinsic Edge Capital Management LLC now owns 77,248 shares of the company’s stock valued at $8,459,000 after purchasing an additional 67,248 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.