Brokerages Set CONMED Co. (NYSE:CNMD) PT at $79.80

Shares of CONMED Co. (NYSE:CNMD) have earned a consensus rating of “Moderate Buy” from the five brokerages that are covering the firm, MarketBeat.com reports. One analyst has rated the stock with a hold recommendation and four have issued a buy recommendation on the company. The average 1-year target price among brokerages that have updated their coverage on the stock in the last year is $79.80.

CNMD has been the topic of a number of research reports. Wells Fargo & Company decreased their price target on shares of CONMED from $77.00 to $71.00 and set an “equal weight” rating on the stock in a research note on Thursday, August 1st. Stifel Nicolaus decreased their target price on CONMED from $88.00 to $76.00 and set a “buy” rating on the stock in a research report on Thursday, August 1st. Piper Sandler dropped their price target on CONMED from $95.00 to $80.00 and set an “overweight” rating for the company in a research report on Thursday, August 1st. StockNews.com upgraded CONMED from a “hold” rating to a “buy” rating in a report on Thursday, September 5th. Finally, Needham & Company LLC lowered their target price on shares of CONMED from $106.00 to $97.00 and set a “buy” rating on the stock in a research note on Thursday, August 1st.

CONMED Price Performance

Shares of CNMD opened at $75.24 on Thursday. The stock has a market capitalization of $2.32 billion, a PE ratio of 28.83, a PEG ratio of 0.95 and a beta of 1.46. The company has a 50 day moving average price of $70.84 and a 200-day moving average price of $72.73. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.13 and a current ratio of 2.34. CONMED has a fifty-two week low of $61.05 and a fifty-two week high of $117.27.

CONMED (NYSE:CNMD) last issued its quarterly earnings results on Wednesday, July 31st. The company reported $0.98 earnings per share for the quarter, topping analysts’ consensus estimates of $0.92 by $0.06. CONMED had a return on equity of 13.89% and a net margin of 7.73%. The business had revenue of $332.10 million for the quarter, compared to analyst estimates of $334.39 million. During the same quarter in the previous year, the firm earned $0.83 earnings per share. The company’s revenue was up 4.5% on a year-over-year basis. Equities analysts predict that CONMED will post 3.99 earnings per share for the current fiscal year.

CONMED Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 4th. Investors of record on Monday, September 16th will be issued a dividend of $0.20 per share. The ex-dividend date of this dividend is Monday, September 16th. This represents a $0.80 annualized dividend and a yield of 1.06%. CONMED’s dividend payout ratio is presently 30.65%.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in CNMD. 1620 Investment Advisors Inc. acquired a new stake in shares of CONMED in the second quarter worth $39,000. Innealta Capital LLC acquired a new stake in CONMED in the 2nd quarter valued at $41,000. Principal Securities Inc. purchased a new position in CONMED in the 4th quarter worth approximately $46,000. Hilltop National Bank raised its stake in shares of CONMED by 31.0% during the second quarter. Hilltop National Bank now owns 825 shares of the company’s stock valued at $57,000 after purchasing an additional 195 shares during the period. Finally, CWM LLC lifted its position in shares of CONMED by 224.7% during the second quarter. CWM LLC now owns 919 shares of the company’s stock worth $64,000 after purchasing an additional 636 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.