CONMED (NYSE:CNMD) Trading Down 5.2% - Here's Why

CONMED Co. (NYSE:CNMD - Get Free Report)'s share price was down 5.2% on Thursday . The company traded as low as $53.91 and last traded at $54.00. Approximately 121,861 shares traded hands during mid-day trading, a decline of 72% from the average daily volume of 442,109 shares. The stock had previously closed at $56.95.

Analysts Set New Price Targets

A number of research firms recently issued reports on CNMD. Wells Fargo & Company dropped their price target on CONMED from $70.00 to $57.00 and set an "equal weight" rating on the stock in a research note on Thursday, May 1st. JPMorgan Chase & Co. reduced their target price on CONMED from $70.00 to $58.00 and set a "neutral" rating for the company in a report on Thursday, May 1st. Stifel Nicolaus lowered CONMED from a "buy" rating to a "hold" rating and decreased their price target for the stock from $75.00 to $55.00 in a research note on Monday, April 28th. Wall Street Zen lowered shares of CONMED from a "buy" rating to a "hold" rating in a research report on Tuesday, May 6th. Finally, Needham & Company LLC cut CONMED from a "buy" rating to a "hold" rating and set a $61.00 price target for the company. in a report on Thursday. Five analysts have rated the stock with a hold rating and one has given a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $62.20.

CONMED Price Performance

The stock has a market cap of $1.66 billion, a PE ratio of 12.63, a P/E/G ratio of 1.83 and a beta of 1.24. The company has a debt-to-equity ratio of 0.94, a current ratio of 2.30 and a quick ratio of 1.06. The business has a fifty day moving average of $55.00 and a 200 day moving average of $62.17.

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

CONMED Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, July 3rd. Investors of record on Friday, June 13th will be issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 1.49%. 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 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 completion of 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 legal filing with the SEC, which is available through this hyperlink. 3.10% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the stock. Picton Mahoney Asset Management bought a new position in CONMED in the 1st quarter worth approximately $33,000. GAMMA Investing LLC boosted its stake in CONMED by 81.4% in the first quarter. GAMMA Investing LLC now owns 1,317 shares of the company's stock worth $80,000 after purchasing an additional 591 shares in the last quarter. Aquatic Capital Management LLC acquired a new position in CONMED in the fourth quarter worth $82,000. Smartleaf Asset Management LLC lifted its stake in shares of CONMED by 15.2% during the first quarter. Smartleaf Asset Management LLC now owns 2,260 shares of the company's stock valued at $133,000 after acquiring an additional 298 shares during the period. Finally, Cetera Investment Advisers acquired a new position in CONMED during the 1st quarter valued at about $202,000.

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.