CONMED (NYSE:CNMD) Trading Down 5.2% - What's Next?

CONMED Co. (NYSE:CNMD - Get Free Report) shares dropped 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.

Wall Street Analysts Forecast Growth

CNMD has been the subject of several research analyst reports. Stifel Nicolaus cut shares of 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 report on Monday, April 28th. Needham & Company LLC lowered shares of CONMED from a "buy" rating to a "hold" rating and set a $61.00 target price for the company. in a research note on Thursday. JPMorgan Chase & Co. dropped their price target on CONMED from $70.00 to $58.00 and set a "neutral" rating on the stock in a research note on Thursday, May 1st. Wall Street Zen lowered CONMED from a "buy" rating to a "hold" rating in a report on Tuesday, May 6th. Finally, Wells Fargo & Company decreased their price objective on CONMED from $70.00 to $57.00 and set an "equal weight" rating for the company in a report on Thursday, May 1st. 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, CONMED presently has an average rating of "Hold" and an average price target of $62.20.

CONMED Trading Down 0.1%

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's 50-day moving average is $54.96 and its two-hundred day moving average is $62.38. The firm has a market cap of $1.69 billion, a P/E ratio of 12.90, a P/E/G ratio of 1.83 and a beta of 1.24.

CONMED (NYSE:CNMD - Get Free Report) last posted 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 company had revenue of $321.26 million during the quarter, compared to the consensus estimate of $313.38 million. CONMED had a net margin of 10.13% and a return on equity of 14.31%. The company's quarterly revenue was up 2.9% on a year-over-year basis. During the same period in the prior year, the business posted $0.79 EPS. As a group, analysts predict that CONMED Co. 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 Thursday, July 3rd. Shareholders 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 1.46%. The ex-dividend date of this dividend is Friday, June 13th. CONMED's dividend payout ratio (DPR) is 21.05%.

Insider Transactions at CONMED

In related news, Director Charles Farkas sold 4,000 shares of CONMED 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 transaction, the director now owns 16,346 shares in the company, valued at approximately $930,741.24. This trade represents a 19.66% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 3.10% of the company's stock.

Institutional Investors Weigh In On CONMED

Several hedge funds have recently added to or reduced their stakes in the business. Allspring Global Investments Holdings LLC raised its position in shares of CONMED by 44.5% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 223,142 shares of the company's stock valued at $15,029,000 after purchasing an additional 68,696 shares during the period. Blue Trust Inc. raised its holdings in CONMED by 10.2% in the 4th quarter. Blue Trust Inc. now owns 3,438 shares of the company's stock valued at $235,000 after acquiring an additional 317 shares during the period. Rhumbline Advisers lifted its position in CONMED by 3.8% during the fourth quarter. Rhumbline Advisers now owns 94,324 shares of the company's stock worth $6,456,000 after acquiring an additional 3,486 shares during the last quarter. bLong Financial LLC bought a new stake in shares of CONMED during the fourth quarter worth approximately $226,000. Finally, Principal Financial Group Inc. grew its position in shares of CONMED by 0.7% in the fourth quarter. Principal Financial Group Inc. now owns 625,058 shares of the company's stock valued at $42,780,000 after purchasing an additional 4,343 shares during the last quarter.

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.