CONMED (NYSE:CNMD) Trading Down 3.8%

Shares of CONMED Co. (NYSE:CNMD) fell 3.8% during mid-day trading on Monday . The company traded as low as $66.23 and last traded at $66.23. 127,971 shares were traded during mid-day trading, a decline of 76% from the average session volume of 527,335 shares. The stock had previously closed at $68.86.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the company. JPMorgan Chase & Co. lowered their target price on CONMED from $115.00 to $75.00 and set an “overweight” rating on the stock in a research report on Thursday, April 25th. Piper Sandler lowered their target price on CONMED from $100.00 to $95.00 and set an “overweight” rating on the stock in a research report on Thursday, April 25th. Wells Fargo & Company decreased their price target on CONMED from $98.00 to $77.00 and set an “equal weight” rating on the stock in a report on Thursday, April 25th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $107.00 target price on shares of CONMED in a report on Monday, May 6th. Two analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $102.50.

CONMED Stock Up 1.8 %

The company has a debt-to-equity ratio of 1.16, a current ratio of 2.18 and a quick ratio of 1.08. The stock has a market cap of $2.01 billion, a PE ratio of 24.99, a price-to-earnings-growth ratio of 0.63 and a beta of 1.42. The business has a fifty day moving average of $71.54 and a 200-day moving average of $81.47.

CONMED (NYSE:CNMD) last announced its quarterly earnings results on Wednesday, April 24th. The company reported $0.79 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.74 by $0.05. The firm had revenue of $312.27 million during the quarter, compared to analyst estimates of $307.06 million. CONMED had a return on equity of 13.78% and a net margin of 6.53%. Equities research analysts anticipate that CONMED Co. will post 4.3 earnings per share for the current year.

CONMED Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, July 5th. Shareholders of record on Friday, June 14th were issued a dividend of $0.20 per share. The ex-dividend date was Friday, June 14th. This represents a $0.80 dividend on an annualized basis and a yield of 1.23%. CONMED’s dividend payout ratio is currently 30.65%.

Insiders Place Their Bets

In other news, insider Stanley W. Peters III sold 4,000 shares of the company’s stock in a transaction on Friday, June 14th. The stock was sold at an average price of $71.82, for a total transaction of $287,280.00. Following the transaction, the insider now directly owns 63 shares of the company’s stock, valued at $4,524.66. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other CONMED news, Director Martha Goldberg Aronson purchased 2,000 shares of CONMED stock in a transaction dated Monday, May 6th. The shares were acquired at an average cost of $70.98 per share, with a total value of $141,960.00. Following the completion of the transaction, the director now owns 2,000 shares in the company, valued at approximately $141,960. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Stanley W. Peters III sold 4,000 shares of the company’s stock in a transaction on Friday, June 14th. The stock was sold at an average price of $71.82, for a total value of $287,280.00. Following the transaction, the insider now directly owns 63 shares in the company, valued at $4,524.66. The disclosure for this sale can be found here. Insiders purchased a total of 6,442 shares of company stock worth $446,733 over the last 90 days. Company insiders own 6.80% of the company’s stock.

Hedge Funds Weigh In On CONMED

Several hedge funds have recently made changes to their positions in CNMD. Dimensional Fund Advisors LP boosted its holdings in CONMED by 5.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 712,332 shares of the company’s stock valued at $78,010,000 after purchasing an additional 33,794 shares during the last quarter. Mountain Pacific Investment Advisers Inc. ID boosted 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 purchasing an additional 55,878 shares during the last quarter. Intrinsic Edge Capital Management LLC boosted its holdings in CONMED by 672.5% in the fourth quarter. Intrinsic Edge Capital Management LLC now owns 77,248 shares of the company’s stock valued at $8,459,000 after purchasing an additional 67,248 shares during the last quarter. Capital Research Global Investors boosted its holdings in CONMED by 11.8% in the fourth quarter. Capital Research Global Investors now owns 2,757,108 shares of the company’s stock valued at $301,931,000 after purchasing an additional 289,996 shares during the last quarter. Finally, Congress Asset Management Co. MA boosted its holdings in CONMED by 8.7% in the fourth quarter. Congress Asset Management Co. MA now owns 302,467 shares of the company’s stock valued at $33,123,000 after purchasing an additional 24,280 shares during the last quarter.

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.