CONMED Co. Declares Quarterly Dividend of $0.20 (NYSE:CNMD)

CONMED Co. (NYSE:CNMD - Get Free Report) announced a quarterly dividend on Wednesday, May 21st, RTT News reports. Investors of record on Friday, June 13th will be given a dividend of 0.20 per share on Thursday, July 3rd. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.44%. The ex-dividend date is Friday, June 13th.

CONMED has a dividend payout ratio of 16.9% indicating that its dividend is sufficiently covered by earnings. Analysts expect CONMED to earn $5.07 per share next year, which means the company should continue to be able to cover its $0.80 annual dividend with an expected future payout ratio of 15.8%.

CONMED Trading Down 1.2%

Shares of NYSE CNMD traded down $0.68 during midday trading on Monday, reaching $55.38. 332,606 shares of the stock were exchanged, compared to its average volume of 448,468. The stock has a 50 day moving average price of $55.56 and a 200-day moving average price of $63.83. 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 company has a market capitalization of $1.71 billion, a P/E ratio of 13.06, a P/E/G ratio of 1.83 and a beta of 1.19. CONMED has a 52-week low of $46.00 and a 52-week high of $78.58.

CONMED (NYSE:CNMD - Get Free Report) last issued its quarterly earnings results on Wednesday, April 30th. The company reported $0.95 EPS for the quarter, topping the consensus estimate of $0.81 by $0.14. The firm had revenue of $321.26 million during the quarter, compared to analyst estimates of $313.38 million. CONMED had a net margin of 10.13% and a return on equity of 14.31%. CONMED's revenue for the quarter was up 2.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.79 earnings per share. Equities research analysts expect that CONMED will post 4.35 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

CNMD has been the subject of several research analyst reports. Needham & Company LLC dropped their price target on CONMED from $91.00 to $61.00 and set a "buy" rating for the company in a research note on Thursday, May 1st. JPMorgan Chase & Co. dropped their target price on shares of CONMED from $70.00 to $58.00 and set a "neutral" rating for the company in a research report on Thursday, May 1st. Wells Fargo & Company reduced their price target on shares of CONMED from $70.00 to $57.00 and set an "equal weight" rating on the stock in a research report on Thursday, May 1st. Stifel Nicolaus lowered shares of CONMED from a "buy" rating to a "hold" rating and dropped their price objective for the stock from $75.00 to $55.00 in a research report on Monday, April 28th. Finally, Wall Street Zen cut shares of CONMED from a "buy" rating to a "hold" rating in a research report on Tuesday, May 6th. Four equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $62.20.

Insider Transactions at CONMED

In related news, Director Charles Farkas sold 4,000 shares of the stock in a transaction dated Monday, May 5th. The stock was sold at an average price of $56.94, for a total value of $227,760.00. Following the completion of the transaction, the director now owns 16,346 shares of the company's stock, valued at approximately $930,741.24. This represents a 19.66% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 3.10% of the company's stock.

Hedge Funds Weigh In On CONMED

Institutional investors and hedge funds have recently made changes to their positions in the business. AQR Capital Management LLC boosted its stake in CONMED by 19.9% during the 1st quarter. AQR Capital Management LLC now owns 14,199 shares of the company's stock valued at $857,000 after acquiring an additional 2,357 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of CONMED by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 18,354 shares of the company's stock worth $1,108,000 after purchasing an additional 800 shares during the last quarter. Intech Investment Management LLC grew its stake in CONMED by 34.6% in the first quarter. Intech Investment Management LLC now owns 22,505 shares of the company's stock worth $1,359,000 after purchasing an additional 5,780 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in CONMED by 5.8% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 82,686 shares of the company's stock valued at $4,993,000 after buying an additional 4,565 shares during 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.