CONMED (NYSE:CNMD) Sets New 1-Year Low - Here's Why

Shares of CONMED Co. (NYSE:CNMD - Get Free Report) reached a new 52-week low on Wednesday . The company traded as low as $47.89 and last traded at $48.49, with a volume of 481410 shares changing hands. The stock had previously closed at $50.98.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the stock. Wells Fargo & Company decreased their price target on shares of CONMED from $74.00 to $70.00 and set an "equal weight" rating on the stock in a research note on Thursday, February 6th. Stifel Nicolaus upped their target price on shares of CONMED from $72.00 to $75.00 and gave the company a "buy" rating in a research report on Thursday, February 6th. Needham & Company LLC lowered their price target on shares of CONMED from $97.00 to $91.00 and set a "buy" rating for the company in a report on Thursday, February 6th. Finally, JPMorgan Chase & Co. cut CONMED from an "overweight" rating to a "neutral" rating and reduced their price objective for the stock from $85.00 to $70.00 in a research note on Thursday, February 6th. Three equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $77.20.

CONMED Trading Down 4.5 %

The company has a quick ratio of 1.06, a current ratio of 2.30 and a debt-to-equity ratio of 0.94. The company's 50 day moving average price is $58.36 and its two-hundred day moving average price is $65.69. The firm has a market cap of $1.44 billion, a PE ratio of 10.99, a P/E/G ratio of 1.83 and a beta of 1.28.

CONMED (NYSE:CNMD - Get Free Report) last posted its quarterly earnings data on Wednesday, February 5th. The company reported $1.34 earnings per share for the quarter, topping analysts' consensus estimates of $1.20 by $0.14. CONMED had a net margin of 10.13% and a return on equity of 14.31%. As a group, sell-side analysts forecast that CONMED Co. will post 4.35 EPS for the current year.

CONMED Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, April 4th. Shareholders of record on Friday, March 14th were paid a $0.20 dividend. The ex-dividend date of this dividend was Friday, March 14th. This represents a $0.80 dividend on an annualized basis and a yield of 1.72%. CONMED's payout ratio is 18.87%.

Institutional Trading of CONMED

Large investors have recently made changes to their positions in the stock. Geode Capital Management LLC lifted its holdings in CONMED by 1.2% during the 3rd quarter. Geode Capital Management LLC now owns 693,400 shares of the company's stock valued at $49,879,000 after buying an additional 8,274 shares in the last quarter. Principal Financial Group Inc. increased its position in shares of CONMED by 4.2% during the third quarter. Principal Financial Group Inc. now owns 620,715 shares of the company's stock worth $44,631,000 after acquiring an additional 25,047 shares during the period. GAMMA Investing LLC raised its stake in shares of CONMED by 93.6% during the fourth quarter. GAMMA Investing LLC now owns 726 shares of the company's stock valued at $50,000 after acquiring an additional 351 shares in the last quarter. Nordea Investment Management AB boosted its holdings in shares of CONMED by 31.5% in the fourth quarter. Nordea Investment Management AB now owns 73,587 shares of the company's stock valued at $5,141,000 after purchasing an additional 17,633 shares during the period. Finally, Tealwood Asset Management Inc. bought a new position in CONMED in the fourth quarter worth approximately $1,142,000.

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.