Brokerages Set CONMED Co. (NYSE:CNMD) Target Price at $62.20

CONMED Co. (NYSE:CNMD - Get Free Report) has been given an average recommendation of "Hold" by the five ratings firms that are presently covering the company, Marketbeat reports. Three equities research analysts have rated the stock with a hold recommendation and two have issued a buy recommendation on the company. The average twelve-month price objective among analysts that have issued ratings on the stock in the last year is $62.20.

CNMD has been the topic of a number of analyst reports. Needham & Company LLC reduced their price target on CONMED from $91.00 to $61.00 and set a "buy" rating on the stock in a research report on Thursday, May 1st. Wall Street Zen lowered CONMED from a "buy" rating to a "hold" rating in a research report on Tuesday, May 6th. JPMorgan Chase & Co. reduced their price target on CONMED from $70.00 to $58.00 and set a "neutral" rating on the stock in a research report on Thursday, May 1st. Wells Fargo & Company reduced their price target on CONMED from $70.00 to $57.00 and set an "equal weight" rating on the stock in a research report on Thursday, May 1st. Finally, Stifel Nicolaus lowered CONMED from a "buy" rating to a "hold" rating and reduced their price target for the company from $75.00 to $55.00 in a research report on Monday, April 28th.

CONMED Trading Down 1.6%

CNMD traded down $0.92 during mid-day trading on Tuesday, hitting $56.77. 284,051 shares of the stock were exchanged, compared to its average volume of 445,924. The firm's fifty day moving average is $55.30 and its two-hundred day moving average is $63.29. CONMED has a 1-year low of $46.00 and a 1-year high of $78.58. 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 cap of $1.76 billion, a PE ratio of 13.39, a PEG ratio of 1.83 and a beta of 1.19.

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

CONMED Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, July 3rd. Stockholders of record on Friday, June 13th will be given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 1.41%. The ex-dividend date of this dividend is Friday, June 13th. CONMED's dividend payout ratio (DPR) is presently 21.05%.

Insider Transactions at CONMED

In other news, Director Charles Farkas sold 4,000 shares of the firm's stock in a transaction dated Monday, May 5th. The stock was sold at an average price of $56.94, for a total transaction of $227,760.00. Following the sale, the director now owns 16,346 shares of the company's stock, valued at approximately $930,741.24. This trade represents a 19.66% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 3.10% of the company's stock.

Institutional Investors Weigh In On CONMED

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Bridge City Capital LLC grew its stake in CONMED by 20.8% during the 4th quarter. Bridge City Capital LLC now owns 44,056 shares of the company's stock worth $3,015,000 after buying an additional 7,597 shares during the last quarter. Raymond James Financial Inc. purchased a new position in CONMED during the 4th quarter worth approximately $18,248,000. Allspring Global Investments Holdings LLC grew its stake in CONMED by 44.5% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 223,142 shares of the company's stock worth $15,029,000 after buying an additional 68,696 shares during the last quarter. Proficio Capital Partners LLC purchased a new position in CONMED during the 4th quarter worth approximately $909,000. Finally, Integrated Quantitative Investments LLC purchased a new position in CONMED during the 4th quarter worth approximately $947,000.

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.