CONMED Corporation (NYSE:CNMD) Receives $59.80 Average PT from Analysts

Key Points

• CONMED Corporation has received a consensus rating of "Hold" from five brokerages, with four holding and one buying the stock, while the average 1-year price target is set at $59.80.
• Institutional investors are actively modifying their stakes, with significant purchases by Silvercrest Asset Management and Natixis, indicating strong institutional interest in CONMED.
• In its latest earnings report, CONMED exceeded expectations with an EPS of $1.15 on revenue of $342.35 million, reflecting a 3.1% increase year-over-year.

CONMED Corporation (NYSE:CNMD - Get Free Report) has been assigned an average rating of "Hold" from the five ratings firms that are currently covering the firm, Marketbeat reports. Four analysts have rated the stock with a hold rating and one has issued a buy rating on the company. The average 1 year target price among brokers that have issued ratings on the stock in the last year is $59.80.

Several analysts have recently commented on CNMD shares. Needham & Company LLC cut CONMED from a "buy" rating to a "hold" rating and set a $61.00 target price for the company. in a research report on Thursday, June 12th. Stifel Nicolaus cut 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. Wells Fargo & Company decreased their price target on shares of CONMED from $70.00 to $57.00 and set an "equal weight" rating for the company in a report on Thursday, May 1st. JPMorgan Chase & Co. dropped their price target 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. Finally, Wall Street Zen lowered shares of CONMED from a "buy" rating to a "hold" rating in a research report on Tuesday, May 6th.

Institutional Trading of CONMED

Hedge funds have recently modified their holdings of the stock. Picton Mahoney Asset Management bought a new position in CONMED in the first quarter valued at approximately $33,000. CWM LLC boosted its position in shares of CONMED by 352.0% during the second quarter. CWM LLC now owns 791 shares of the company's stock worth $41,000 after purchasing an additional 616 shares in the last quarter. Caitong International Asset Management Co. Ltd bought a new position in shares of CONMED during the second quarter worth $48,000. Hilltop National Bank acquired a new stake in shares of CONMED during the second quarter worth $55,000. Finally, GAMMA Investing LLC increased its stake in CONMED by 81.4% in the 1st quarter. GAMMA Investing LLC now owns 1,317 shares of the company's stock valued at $80,000 after buying an additional 591 shares during the last quarter.

CONMED Price Performance

Shares of NYSE CNMD traded down $2.42 during trading on Friday, hitting $52.77. The company had a trading volume of 91,667 shares, compared to its average volume of 485,165. The company has a market cap of $1.63 billion, a P/E ratio of 14.94, a PEG ratio of 1.84 and a beta of 1.17. CONMED has a 52 week low of $46.00 and a 52 week high of $78.19. The business's 50-day moving average is $52.51 and its 200 day moving average is $56.70. The company has a debt-to-equity ratio of 0.88, a quick ratio of 1.00 and a current ratio of 2.23.

CONMED (NYSE:CNMD - Get Free Report) last released its earnings results on Wednesday, July 30th. The company reported $1.15 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.13 by $0.02. The company had revenue of $342.35 million during the quarter, compared to analyst estimates of $338.42 million. CONMED had a return on equity of 14.43% and a net margin of 8.31%. The company's revenue for the quarter was up 3.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.98 earnings per share. Equities research analysts predict that CONMED will post 4.35 earnings per share for the current fiscal year.

CONMED Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 3rd. Stockholders of record on Monday, September 15th will be paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 1.5%. The ex-dividend date of this dividend is Monday, September 15th. CONMED's dividend payout ratio is 22.66%.

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.