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

CONMED Co. (NYSE:CNMD - Get Free Report) declared a quarterly dividend on Wednesday, May 21st, RTT News reports. Stockholders of record on Friday, June 13th will be paid 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 1.36%.

CONMED has a payout ratio of 16.9% meaning its dividend is sufficiently covered by earnings. Equities 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 Price Performance

Shares of CONMED stock traded down $1.06 during mid-day trading on Wednesday, reaching $58.78. 3,671 shares of the stock were exchanged, compared to its average volume of 447,363. The company has a market cap of $1.82 billion, a price-to-earnings ratio of 13.89, a price-to-earnings-growth ratio of 1.83 and a beta of 1.19. 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 firm has a 50-day simple moving average of $55.80 and a 200 day simple moving average of $64.26. CONMED has a fifty-two week low of $46.00 and a fifty-two week high of $78.58.

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

Insider Buying and Selling

In other CONMED news, Director Charles Farkas sold 4,000 shares of the firm's stock in a transaction that occurred on Monday, May 5th. The shares were sold at an average price of $56.94, for a total transaction of $227,760.00. Following the sale, the director now directly owns 16,346 shares in the company, valued at approximately $930,741.24. This trade represents a 19.66% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. 3.10% of the stock is owned by insiders.

Institutional Trading of CONMED

Hedge funds have recently bought and sold shares of the stock. AQR Capital Management LLC raised its holdings in shares of CONMED by 19.9% in the first quarter. AQR Capital Management LLC now owns 14,199 shares of the company's stock valued at $857,000 after purchasing an additional 2,357 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of CONMED by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 18,354 shares of the company's stock valued at $1,108,000 after purchasing an additional 800 shares during the last quarter. Intech Investment Management LLC raised its holdings in shares of CONMED by 34.6% in the first quarter. Intech Investment Management LLC now owns 22,505 shares of the company's stock valued at $1,359,000 after purchasing an additional 5,780 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of 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 purchasing an additional 4,565 shares during the last quarter.

Analysts Set New Price Targets

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

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.

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