CONMED Corporation (NYSE:CNMD) Receives $62.20 Consensus Target Price from Analysts

Shares of CONMED Corporation (NYSE:CNMD - Get Free Report) have received a consensus recommendation of "Hold" from the five analysts that are presently covering the firm, MarketBeat.com reports. Four equities research analysts have rated the stock with a hold recommendation and one has given a buy recommendation to the company. The average 12 month price target among brokers that have issued a report on the stock in the last year is $62.20.

A number of equities analysts recently commented on the stock. Wells Fargo & Company lowered their target price on shares of CONMED from $70.00 to $57.00 and set an "equal weight" rating for the company in a research note on Thursday, May 1st. JPMorgan Chase & Co. lowered their price objective on CONMED from $70.00 to $58.00 and set a "neutral" rating for the company in a research report on Thursday, May 1st. Stifel Nicolaus downgraded CONMED from a "buy" rating to a "hold" rating and dropped their price objective for the company from $75.00 to $55.00 in a report on Monday, April 28th. Wall Street Zen cut CONMED from a "buy" rating to a "hold" rating in a research note on Tuesday, May 6th. Finally, Needham & Company LLC downgraded CONMED from a "buy" rating to a "hold" rating and set a $61.00 price target for the company. in a report on Thursday, June 12th.

CONMED Stock Up 2.3%

CNMD stock traded up $1.21 during mid-day trading on Friday, reaching $52.88. The company had a trading volume of 510,080 shares, compared to its average volume of 472,594. CONMED has a fifty-two week low of $46.00 and a fifty-two week high of $78.19. The company has a market capitalization of $1.64 billion, a price-to-earnings ratio of 13.92, a price-to-earnings-growth ratio of 1.34 and a beta of 1.24. The company has a debt-to-equity ratio of 0.91, a quick ratio of 1.00 and a current ratio of 2.26. The firm has a fifty day simple moving average of $54.86 and a 200 day simple moving average of $61.18.

CONMED (NYSE:CNMD - Get Free Report) last issued its quarterly 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 9.02% and a return on equity of 14.36%. The company had revenue of $321.26 million during the quarter, compared to the consensus estimate of $313.38 million. During the same quarter in the previous year, the firm earned $0.79 earnings per share. The firm's quarterly revenue was up 2.9% on a year-over-year basis. Analysts forecast that CONMED will post 4.35 earnings per share for the current fiscal year.

CONMED Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, July 3rd. Stockholders of record on Friday, June 13th will be issued a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 1.51%. The ex-dividend date is Friday, June 13th. CONMED's payout ratio is currently 21.05%.

Insider Activity at CONMED

In other CONMED news, Director Charles Farkas sold 4,000 shares of the firm's stock in a transaction 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 transaction, the director now directly 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 document filed with the SEC, which is available at the SEC website. Insiders own 3.10% of the company's stock.

Hedge Funds Weigh In On CONMED

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Exchange Traded Concepts LLC grew its stake in shares of CONMED by 2.3% in the 1st quarter. Exchange Traded Concepts LLC now owns 9,701 shares of the company's stock valued at $586,000 after purchasing an additional 217 shares during the last quarter. Bridge City Capital LLC lifted its holdings in shares of CONMED by 20.8% during the fourth quarter. Bridge City Capital LLC now owns 44,056 shares of the company's stock worth $3,015,000 after purchasing an additional 7,597 shares during the period. GAMMA Investing LLC grew its position in CONMED by 10,855.1% in the 1st quarter. GAMMA Investing LLC now owns 79,534 shares of the company's stock valued at $4,803,000 after buying an additional 78,808 shares during the last quarter. Raymond James Financial Inc. acquired a new position in CONMED in the 4th quarter valued at $18,248,000. Finally, Proficio Capital Partners LLC purchased a new position in CONMED during the 4th quarter worth $909,000.

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.