CONMED (NYSE:CNMD) Shares Gap Down Following Analyst Downgrade

CONMED Co. (NYSE:CNMD)’s share price gapped down prior to trading on Thursday after Wells Fargo & Company lowered their price target on the stock from $74.00 to $70.00. The stock had previously closed at $74.00, but opened at $70.11. Wells Fargo & Company currently has an equal weight rating on the stock. CONMED shares last traded at $72.97, with a volume of 106,823 shares.

Other equities research analysts have also issued research reports about the stock. Needham & Company LLC decreased their target price on shares of CONMED from $97.00 to $91.00 and set a “buy” rating for the company in a research note on Thursday. StockNews.com lowered shares of CONMED from a “buy” rating to a “hold” rating in a research note on Friday, November 8th. Finally, JPMorgan Chase & Co. lowered shares of CONMED from an “overweight” rating to a “neutral” rating and decreased their target price for the company from $85.00 to $70.00 in a research note on Thursday. Three equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $77.20.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. GAMMA Investing LLC raised its holdings in CONMED by 93.6% in the 4th quarter. GAMMA Investing LLC now owns 726 shares of the company’s stock worth $50,000 after acquiring an additional 351 shares during the period. CWM LLC raised its holdings in CONMED by 36.1% in the 3rd quarter. CWM LLC now owns 1,251 shares of the company’s stock worth $90,000 after acquiring an additional 332 shares during the period. Pacer Advisors Inc. raised its holdings in CONMED by 41.4% in the 4th quarter. Pacer Advisors Inc. now owns 1,656 shares of the company’s stock worth $113,000 after acquiring an additional 485 shares during the period. Smartleaf Asset Management LLC raised its holdings in CONMED by 19.6% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,962 shares of the company’s stock worth $136,000 after acquiring an additional 322 shares during the period. Finally, nVerses Capital LLC raised its holdings in CONMED by 566.7% in the 3rd quarter. nVerses Capital LLC now owns 2,000 shares of the company’s stock worth $144,000 after acquiring an additional 1,700 shares during the period.

CONMED Stock Down 1.5 %

The stock has a market cap of $2.05 billion, a P/E ratio of 15.75, a P/E/G ratio of 1.04 and a beta of 1.46. The company has a current ratio of 2.27, a quick ratio of 1.06 and a debt-to-equity ratio of 1.01. The firm’s fifty day moving average is $70.37 and its 200 day moving average is $70.17.

CONMED (NYSE:CNMD) last announced its earnings results on Wednesday, February 5th. The company reported $1.34 EPS for the quarter, topping the consensus estimate of $1.20 by $0.14. CONMED had a net margin of 10.23% and a return on equity of 13.84%. As a group, equities research analysts forecast that CONMED Co. will post 4.03 EPS for the current year.

CONMED Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, January 3rd. Stockholders of record on Friday, December 20th were issued a dividend of $0.20 per share. The ex-dividend date of this dividend was Friday, December 20th. This represents a $0.80 annualized dividend and a dividend yield of 1.21%. CONMED’s payout ratio is 18.87%.

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.