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

CONMED Co. (NYSE:CNMD) shares gapped down before the market opened on Thursday after Needham & Company LLC lowered their price target on the stock from $97.00 to $91.00. The stock had previously closed at $74.00, but opened at $70.11. Needham & Company LLC currently has a buy rating on the stock. CONMED shares last traded at $72.97, with a volume of 106,823 shares traded.

A number of other equities analysts also recently weighed in on CNMD. JPMorgan Chase & Co. downgraded CONMED from an “overweight” rating to a “neutral” rating and lowered their price target for the stock from $85.00 to $70.00 in a research report on Thursday. StockNews.com cut CONMED from a “buy” rating to a “hold” rating in a report on Friday, November 8th. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $77.60.

Institutional Investors Weigh In On CONMED

Hedge funds have recently added to or reduced their stakes in the business. Blue Trust Inc. increased its position in shares of CONMED by 4.6% during the fourth quarter. Blue Trust Inc. now owns 3,266 shares of the company’s stock worth $235,000 after acquiring an additional 145 shares in the last quarter. HighTower Advisors LLC grew its holdings in CONMED by 4.1% during the third quarter. HighTower Advisors LLC now owns 7,056 shares of the company’s stock valued at $512,000 after purchasing an additional 275 shares during the period. QRG Capital Management Inc. boosted its position in CONMED by 5.0% during the third 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 period. Epiq Partners LLC grew its stake in CONMED by 2.2% in the 4th quarter. Epiq Partners LLC now owns 13,912 shares of the company’s stock valued at $952,000 after buying an additional 302 shares in the last quarter. Finally, Smartleaf Asset Management LLC raised its stake in shares of CONMED by 19.6% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,962 shares of the company’s stock valued at $136,000 after purchasing an additional 322 shares during the period.

CONMED Stock Performance

The stock has a market capitalization of $2.20 billion, a P/E ratio of 16.84, a PEG ratio of 1.04 and a beta of 1.46. The company has a 50-day moving average price of $70.64 and a two-hundred day moving average price of $70.22. The company has a quick ratio of 1.06, a current ratio of 2.27 and a debt-to-equity ratio of 1.01.

CONMED (NYSE:CNMD) last released its earnings results on Wednesday, February 5th. The company reported $1.34 EPS for the quarter, beating analysts’ consensus estimates of $1.20 by $0.14. CONMED had a return on equity of 13.84% and a net margin of 10.23%. Equities analysts expect that CONMED Co. 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, January 3rd. Investors of record on Friday, December 20th were paid a $0.20 dividend. The ex-dividend date of this dividend was Friday, December 20th. This represents a $0.80 annualized dividend and a yield of 1.13%. CONMED’s payout ratio is 19.00%.

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.