CONMED (NYSE:CNMD) Sets New 1-Year Low – Here’s Why

CONMED Co. (NYSE:CNMD)’s stock price reached a new 52-week low during trading on Thursday . The company traded as low as $59.42 and last traded at $59.75, with a volume of 165605 shares changing hands. The stock had previously closed at $61.42.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on CNMD shares. Needham & Company LLC lowered their target price on shares of CONMED from $97.00 to $91.00 and set a “buy” rating on the stock in a research note on Thursday, February 6th. Wells Fargo & Company decreased their price target on CONMED from $74.00 to $70.00 and set an “equal weight” rating on the stock in a report on Thursday, February 6th. StockNews.com downgraded CONMED from a “buy” rating to a “hold” rating in a report on Friday, November 8th. Stifel Nicolaus boosted their target price on shares of CONMED from $72.00 to $75.00 and gave the stock a “buy” rating in a report on Thursday, February 6th. Finally, JPMorgan Chase & Co. lowered CONMED from an “overweight” rating to a “neutral” rating and reduced their target price for the company from $85.00 to $70.00 in a research report on Thursday, February 6th. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $77.20.

CONMED Price Performance

The company has a market capitalization of $1.83 billion, a PE ratio of 13.99, a P/E/G ratio of 1.83 and a beta of 1.46. The company has a current ratio of 2.30, a quick ratio of 1.06 and a debt-to-equity ratio of 0.94. The stock has a fifty day simple moving average of $67.78 and a 200-day simple moving average of $69.66.

CONMED (NYSE:CNMD) last issued 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 10.13% and a return on equity of 14.31%. Equities analysts anticipate that CONMED Co. will post 4.35 earnings per share for the current year.

CONMED Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, April 4th. Investors of record on Friday, March 14th will be issued a $0.20 dividend. The ex-dividend date is Friday, March 14th. This represents a $0.80 annualized dividend and a yield of 1.35%. CONMED’s payout ratio is 18.87%.

Hedge Funds Weigh In On CONMED

Large investors have recently modified their holdings of the stock. Blue Trust Inc. grew its position in CONMED by 4.6% in the 4th quarter. Blue Trust Inc. now owns 3,266 shares of the company’s stock worth $235,000 after purchasing an additional 145 shares during the last quarter. Beverly Hills Private Wealth LLC grew its position in CONMED by 4.7% during the 4th quarter. Beverly Hills Private Wealth LLC now owns 3,762 shares of the company’s stock worth $257,000 after purchasing an additional 168 shares in the last quarter. Summit Investment Advisors Inc. lifted its position in shares of CONMED by 6.8% in the fourth quarter. Summit Investment Advisors Inc. now owns 3,228 shares of the company’s stock worth $221,000 after purchasing an additional 205 shares in the last quarter. HighTower Advisors LLC grew its holdings in shares of CONMED by 4.1% during the 3rd quarter. HighTower Advisors LLC now owns 7,056 shares of the company’s stock valued at $512,000 after acquiring an additional 275 shares in the last quarter. Finally, QRG Capital Management Inc. grew its position in CONMED by 5.0% in the third quarter. QRG Capital Management Inc. now owns 5,827 shares of the company’s stock worth $419,000 after acquiring an additional 280 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.