CONMED (NYSE:CNMD) Downgraded by StockNews.com

StockNews.com cut shares of CONMED (NYSE:CNMD) from a buy rating to a hold rating in a research note published on Tuesday.

Other equities analysts also recently issued research reports about the stock. Needham & Company LLC lowered their target price on shares of CONMED from $106.00 to $97.00 and set a buy rating on the stock in a report on Thursday, August 1st. Piper Sandler lowered their price target on shares of CONMED from $95.00 to $80.00 and set an overweight rating for the company in a report on Thursday, August 1st. Wells Fargo & Company dropped their price target on CONMED from $77.00 to $71.00 and set an equal weight rating for the company in a research report on Thursday, August 1st. Finally, Stifel Nicolaus lowered their price objective on CONMED from $88.00 to $76.00 and set a buy rating for the company in a research note on Thursday, August 1st. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, CONMED presently has a consensus rating of Moderate Buy and a consensus target price of $79.80.

CONMED Trading Up 0.0 %

NYSE:CNMD opened at $66.57 on Tuesday. CONMED has a 52 week low of $61.05 and a 52 week high of $117.27. The company’s 50 day moving average price is $70.91 and its 200-day moving average price is $72.02. The company has a quick ratio of 1.13, a current ratio of 2.34 and a debt-to-equity ratio of 1.09. The stock has a market cap of $2.05 billion, a price-to-earnings ratio of 25.51, a PEG ratio of 0.98 and a beta of 1.46.

CONMED (NYSE:CNMD) last announced its earnings results on Wednesday, July 31st. The company reported $0.98 EPS for the quarter, beating analysts’ consensus estimates of $0.92 by $0.06. CONMED had a net margin of 7.73% and a return on equity of 13.89%. The business had revenue of $332.10 million during the quarter, compared to analysts’ expectations of $334.39 million. During the same period in the prior year, the company earned $0.83 earnings per share. The firm’s revenue was up 4.5% on a year-over-year basis. On average, equities research analysts forecast that CONMED will post 3.99 earnings per share for the current fiscal year.

CONMED Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, October 4th. Shareholders of record on Monday, September 16th were given a dividend of $0.20 per share. The ex-dividend date was Monday, September 16th. This represents a $0.80 annualized dividend and a dividend yield of 1.20%. CONMED’s dividend payout ratio (DPR) is presently 30.65%.

Institutional Investors Weigh In On CONMED

Several hedge funds and other institutional investors have recently modified their holdings of CNMD. SG Americas Securities LLC grew its position in CONMED by 117.6% in the 3rd quarter. SG Americas Securities LLC now owns 10,924 shares of the company’s stock valued at $786,000 after acquiring an additional 5,903 shares during the last quarter. Sanctuary Advisors LLC bought a new position in shares of CONMED in the second quarter worth about $913,000. Clearbridge Investments LLC increased its stake in CONMED by 23.4% in the 2nd quarter. Clearbridge Investments LLC now owns 421,465 shares of the company’s stock worth $29,216,000 after buying an additional 80,025 shares during the period. Creative Planning lifted its holdings in CONMED by 83.6% during the 2nd quarter. Creative Planning now owns 7,136 shares of the company’s stock valued at $495,000 after buying an additional 3,250 shares in the last quarter. Finally, The Manufacturers Life Insurance Company boosted its position in CONMED by 7.2% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 17,171 shares of the company’s stock valued at $1,190,000 after buying an additional 1,154 shares during the period.

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.