CONMED (NYSE:CNMD) Downgraded by Needham & Company LLC to "Hold"

Needham & Company LLC cut shares of CONMED (NYSE:CNMD - Free Report) from a buy rating to a hold rating in a research report report published on Thursday morning, MarketBeat Ratings reports. Needham & Company LLC currently has $61.00 target price on the stock.

A number of other brokerages also recently issued reports on CNMD. Wells Fargo & Company lowered their price target on shares of CONMED from $70.00 to $57.00 and set an "equal weight" rating on the stock in a report on Thursday, May 1st. Wall Street Zen downgraded shares of CONMED from a "buy" rating to a "hold" rating in a report on Tuesday, May 6th. JPMorgan Chase & Co. lowered their price target on shares of CONMED from $70.00 to $58.00 and set a "neutral" rating on the stock in a report on Thursday, May 1st. Finally, Stifel Nicolaus downgraded shares of CONMED from a "buy" rating to a "hold" rating and lowered their price target for the stock from $75.00 to $55.00 in a report on Monday, April 28th. Five equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Hold" and an average price target of $62.20.

CONMED Stock Performance

NYSE:CNMD traded down $1.44 on Thursday, reaching $53.53. 325,631 shares of the company's stock were exchanged, compared to its average volume of 444,279. 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 firm has a market cap of $1.66 billion, a price-to-earnings ratio of 12.63, a P/E/G ratio of 1.83 and a beta of 1.24. CONMED has a 52 week low of $46.00 and a 52 week high of $78.19. The stock has a fifty day simple moving average of $55.00 and a 200-day simple moving average of $62.17.

CONMED (NYSE:CNMD - Get Free Report) last issued its earnings results on Wednesday, April 30th. The company reported $0.95 earnings per share 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 analyst estimates 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 quarter last year, the business earned $0.79 earnings per share. As a group, sell-side analysts predict that CONMED will post 4.35 earnings per share for the current year.

CONMED Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, July 3rd. Investors of record on Friday, June 13th will be given a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 1.49%. The ex-dividend date of this dividend is Friday, June 13th. CONMED's dividend payout ratio (DPR) is 21.05%.

Insider Buying and Selling

In related news, Director Charles Farkas sold 4,000 shares of the company's stock in a transaction that occurred on Monday, May 5th. The shares were sold at an average price of $56.94, for a total value of $227,760.00. Following the transaction, the director now directly owns 16,346 shares in the company, valued at approximately $930,741.24. This represents a 19.66% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 3.10% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of CNMD. Picton Mahoney Asset Management bought a new position in CONMED during the first quarter valued at approximately $33,000. GAMMA Investing LLC grew its position in CONMED by 81.4% during the first quarter. GAMMA Investing LLC now owns 1,317 shares of the company's stock valued at $80,000 after acquiring an additional 591 shares during the last quarter. Aquatic Capital Management LLC bought a new position in CONMED during the fourth quarter valued at approximately $82,000. Smartleaf Asset Management LLC grew its position in 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 last quarter. Finally, Cetera Investment Advisers bought a new position in CONMED during the first quarter valued at approximately $202,000.

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.