CONMED (NYSE:CNMD) Rating Increased to Buy at StockNews.com

StockNews.com upgraded shares of CONMED (NYSE:CNMD) from a hold rating to a buy rating in a research report released on Wednesday morning.

Several other equities analysts also recently commented on the stock. Wells Fargo & Company dropped their price objective on shares of CONMED from $77.00 to $71.00 and set an equal weight rating for the company in a research note on Thursday, August 1st. Stifel Nicolaus cut their price objective on CONMED from $88.00 to $76.00 and set a buy rating on the stock in a report on Thursday, August 1st. Needham & Company LLC reaffirmed a buy rating and issued a $97.00 target price on shares of CONMED in a report on Friday, October 4th. Finally, Piper Sandler cut their price target on CONMED from $95.00 to $80.00 and set an overweight rating on the stock in a research note on Thursday, August 1st. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of Moderate Buy and a consensus price target of $79.80.

CONMED Trading Down 1.5 %

Shares of CNMD opened at $63.01 on Wednesday. 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 52-week low of $61.05 and a 52-week high of $117.27. The firm has a market cap of $1.94 billion, a price-to-earnings ratio of 24.14, a PEG ratio of 0.98 and a beta of 1.46. The business’s fifty day moving average is $70.47 and its 200-day moving average is $71.67.

CONMED (NYSE:CNMD) last released its quarterly earnings data on Wednesday, July 31st. The company reported $0.98 earnings per share for the quarter, beating the consensus estimate of $0.92 by $0.06. The business had revenue of $332.10 million for the quarter, compared to analyst estimates of $334.39 million. CONMED had a return on equity of 13.89% and a net margin of 7.73%. CONMED’s revenue was up 4.5% compared to the same quarter last year. During the same period last year, the firm posted $0.83 earnings per share. Equities analysts anticipate that CONMED will post 3.99 EPS for the current fiscal year.

CONMED Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, October 4th. Shareholders of record on Monday, September 16th were issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 1.27%. The ex-dividend date was Monday, September 16th. CONMED’s payout ratio is presently 30.65%.

Institutional Investors Weigh In On CONMED

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Public Employees Retirement System of Ohio increased its position in CONMED by 29.1% during the 1st quarter. Public Employees Retirement System of Ohio now owns 47,595 shares of the company’s stock valued at $3,811,000 after purchasing an additional 10,736 shares during the period. UniSuper Management Pty Ltd bought a new position in CONMED during the first quarter worth $673,000. Mountain Pacific Investment Advisers Inc. ID lifted its holdings in 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 buying an additional 55,878 shares during the period. Duality Advisers LP boosted its position in CONMED by 149.5% during the first quarter. Duality Advisers LP now owns 18,541 shares of the company’s stock valued at $1,485,000 after acquiring an additional 11,110 shares during the last quarter. Finally, Kempner Capital Management Inc. acquired a new stake in CONMED during the 2nd quarter worth about $6,480,000.

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.