StockNews.com Downgrades CONMED (NYSE:CNMD) to Hold

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

Other equities research analysts have also issued research reports about the company. Stifel Nicolaus lowered 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. Piper Sandler decreased 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. Needham & Company LLC reiterated a “buy” rating and issued a $97.00 price objective on shares of CONMED in a research report on Thursday, October 31st. Finally, Wells Fargo & Company decreased their target price on shares of CONMED from $77.00 to $71.00 and set an “equal weight” rating on the stock in a research report on Thursday, August 1st. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, CONMED currently has a consensus rating of “Moderate Buy” and an average price target of $79.80.

CONMED Price Performance

CONMED stock opened at $74.01 on Friday. The company has a debt-to-equity ratio of 1.01, a current ratio of 2.27 and a quick ratio of 1.06. The business has a 50 day simple moving average of $69.48 and a 200-day simple moving average of $70.05. CONMED has a 12 month low of $61.05 and a 12 month high of $117.27. The stock has a market capitalization of $2.28 billion, a PE ratio of 17.58, a price-to-earnings-growth ratio of 0.91 and a beta of 1.45.

CONMED (NYSE:CNMD) last announced its quarterly earnings data on Wednesday, October 30th. The company reported $1.05 EPS for the quarter, topping analysts’ consensus estimates of $0.99 by $0.06. The company had revenue of $316.70 million during the quarter, compared to the consensus estimate of $318.46 million. CONMED had a net margin of 10.23% and a return on equity of 13.84%. Equities analysts predict that CONMED will post 4.03 earnings per share for the current year.

CONMED Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, October 4th. Stockholders of record on Monday, September 16th were given a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.08%. The ex-dividend date of this dividend was Monday, September 16th. CONMED’s dividend payout ratio is currently 19.00%.

Hedge Funds Weigh In On CONMED

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Arizona State Retirement System raised its holdings in shares of CONMED by 2.0% in the second quarter. Arizona State Retirement System now owns 8,619 shares of the company’s stock worth $597,000 after acquiring an additional 168 shares during the last quarter. Hilltop National Bank raised its stake in CONMED by 31.0% in the 2nd 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 last quarter. Diversified Trust Co lifted its holdings in CONMED by 2.4% in the 2nd quarter. Diversified Trust Co now owns 11,250 shares of the company’s stock valued at $780,000 after purchasing an additional 259 shares in the last quarter. QRG Capital Management Inc. boosted its stake in shares of CONMED by 5.0% during the 3rd quarter. QRG Capital Management Inc. now owns 5,827 shares of the company’s stock worth $419,000 after purchasing an additional 280 shares during the last quarter. Finally, Louisiana State Employees Retirement System grew its holdings in shares of CONMED by 2.0% during the second quarter. Louisiana State Employees Retirement System now owns 15,500 shares of the company’s stock worth $1,074,000 after buying an additional 300 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.