CONMED (NYSE:CNMD) Trading Down 6.3% - What's Next?

Key Points

• CONMED Corporation's stock fell 6.3% to close at $45.44, with trading volume down 85% from the average.
• Analysts have downgraded CONMED, with Needham & Company changing their rating from "buy" to "hold" and setting a target price of $61.
• The company declared a quarterly dividend of $0.20 per share, resulting in a 1.8% dividend yield with an ex-dividend date on September 15th.

CONMED Corporation (NYSE:CNMD - Get Free Report)'s stock price traded down 6.3% during trading on Thursday . The stock traded as low as $46.03 and last traded at $45.44. 71,394 shares changed hands during trading, a decline of 85% from the average session volume of 464,704 shares. The stock had previously closed at $48.51.

Analysts Set New Price Targets

Several analysts have issued reports on CNMD shares. Needham & Company LLC downgraded shares of CONMED from a "buy" rating to a "hold" rating and set a $61.00 price objective for the company. in a research note on Thursday, June 12th. Piper Sandler dropped their price objective on CONMED from $80.00 to $68.00 and set an "overweight" rating for the company in a report on Thursday, July 31st. One investment analyst has rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $59.80.

CONMED Price Performance

The firm's 50-day moving average price is $52.28 and its two-hundred day moving average price is $54.27. The stock has a market cap of $1.41 billion, a PE ratio of 12.94, a PEG ratio of 1.65 and a beta of 1.18. The company has a current ratio of 2.23, a quick ratio of 1.00 and a debt-to-equity ratio of 0.88.

CONMED (NYSE:CNMD - Get Free Report) last issued its quarterly earnings data on Wednesday, July 30th. The company reported $1.15 earnings per share for the quarter, topping analysts' consensus estimates of $1.13 by $0.02. The firm had revenue of $342.35 million during the quarter, compared to analysts' expectations of $338.42 million. CONMED had a return on equity of 14.43% and a net margin of 8.31%.The firm's quarterly revenue was up 3.1% on a year-over-year basis. During the same period in the prior year, the business posted $0.98 EPS. CONMED has set its FY 2025 guidance at 4.400-4.550 EPS. On average, equities analysts expect that CONMED Corporation will post 4.35 earnings per share for the current fiscal year.

CONMED Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 3rd. Investors of record on Monday, September 15th will be issued a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 1.8%. The ex-dividend date is Monday, September 15th. CONMED's dividend payout ratio is 22.66%.

Insider Activity at CONMED

In related news, Director Charles Farkas sold 2,000 shares of the business's stock in a transaction on Friday, September 12th. The shares were sold at an average price of $53.52, for a total value of $107,040.00. Following the completion of the transaction, the director directly owned 14,859 shares in the company, valued at $795,253.68. The trade was a 11.86% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 3.10% of the stock is owned by insiders.

Institutional Investors Weigh In On CONMED

A number of institutional investors have recently modified their holdings of the company. Westwood Holdings Group Inc. grew its position in shares of CONMED by 41.1% during the first quarter. Westwood Holdings Group Inc. now owns 1,237,735 shares of the company's stock worth $74,747,000 after buying an additional 360,336 shares in the last quarter. Fuller & Thaler Asset Management Inc. boosted its stake in CONMED by 36.1% in the first quarter. Fuller & Thaler Asset Management Inc. now owns 1,174,032 shares of the company's stock valued at $70,900,000 after acquiring an additional 311,288 shares in the last quarter. Geode Capital Management LLC grew its stake in CONMED by 2.8% during the 2nd quarter. Geode Capital Management LLC now owns 734,529 shares of the company's stock worth $38,259,000 after buying an additional 19,944 shares during the last quarter. Cooke & Bieler LP grew its position in shares of CONMED by 5.8% during the first quarter. Cooke & Bieler LP now owns 702,623 shares of the company's stock worth $42,431,000 after acquiring an additional 38,580 shares during the last quarter. Finally, Principal Financial Group Inc. increased its stake in CONMED by 1.5% in the first quarter. Principal Financial Group Inc. now owns 634,677 shares of the company's stock valued at $38,328,000 after purchasing an additional 9,619 shares during the period.

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.

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