Needham & Company LLC downgraded shares of CONMED (NYSE:CNMD - Free Report) from a buy rating to a hold rating in a report published on Thursday, MarketBeat.com reports. Needham & Company LLC currently has $61.00 price target on the stock.
A number of other equities analysts have also commented on the company. Wells Fargo & Company cut their price objective 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. decreased their price objective 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 downgraded 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 report on Monday, April 28th. Finally, Wall Street Zen cut CONMED from a "buy" rating to a "hold" rating in a research report on Tuesday, May 6th. Five research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $62.20.
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CONMED Price Performance
Shares of NYSE CNMD traded down $1.44 during mid-day trading on Thursday, reaching $53.53. The company had a trading volume of 325,631 shares, compared to its average volume of 444,279. The company has a debt-to-equity ratio of 0.94, a quick ratio of 1.06 and a current ratio of 2.30. CONMED has a one year low of $46.00 and a one year high of $78.19. The firm has a market cap of $1.66 billion, a price-to-earnings ratio of 12.63, a PEG ratio of 1.83 and a beta of 1.24. The business's 50-day simple moving average is $55.00 and its 200 day simple moving average is $62.09.
CONMED (NYSE:CNMD - Get Free Report) last issued its quarterly earnings results on Wednesday, April 30th. The company reported $0.95 EPS for the quarter, topping analysts' consensus estimates of $0.81 by $0.14. CONMED had a return on equity of 14.31% and a net margin of 10.13%. The company had revenue of $321.26 million for the quarter, compared to analysts' expectations of $313.38 million. During the same quarter last year, the business earned $0.79 earnings per share. CONMED's revenue was up 2.9% on a year-over-year basis. On average, research analysts predict that CONMED will post 4.35 earnings per share for the current fiscal year.
CONMED Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Thursday, July 3rd. Stockholders of record on Friday, June 13th will be given a dividend of $0.20 per share. The ex-dividend date is Friday, June 13th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.49%. CONMED's dividend payout ratio is presently 21.05%.
Insider Activity at CONMED
In other CONMED news, Director Charles Farkas sold 4,000 shares of the company's stock in a transaction dated Monday, May 5th. The stock was 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 $930,741.24. This represents a 19.66% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 3.10% of the stock is currently owned by corporate insiders.
Hedge Funds Weigh In On CONMED
Institutional investors have recently added to or reduced their stakes in the business. Picton Mahoney Asset Management bought a new position in shares of CONMED during the 1st quarter valued at about $33,000. GAMMA Investing LLC lifted its holdings in CONMED by 81.4% in the 1st quarter. GAMMA Investing LLC now owns 1,317 shares of the company's stock worth $80,000 after buying an additional 591 shares during the period. Aquatic Capital Management LLC purchased a new position in shares of CONMED in the 4th quarter valued at approximately $82,000. Smartleaf Asset Management LLC lifted its stake in shares of CONMED by 15.2% in the 1st quarter. Smartleaf Asset Management LLC now owns 2,260 shares of the company's stock valued at $133,000 after purchasing an additional 298 shares during the period. Finally, Cetera Investment Advisers purchased a new position in shares of CONMED in the 1st quarter valued at approximately $202,000.
CONMED Company Profile
(
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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.
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