CONMED (CNMD) Scheduled to Post Earnings on Wednesday

CONMED (NYSE:CNMD - Get Free Report) is scheduled to announce its earnings results after the market closes on Wednesday, April 24th. Analysts expect the company to announce earnings of $0.74 per share for the quarter. CONMED has set its FY24 guidance at $4.30-4.40 EPS and its FY 2024 guidance at 4.300-4.400 EPS.Persons that are interested in participating in the company's earnings conference call can do so using this link.

CONMED (NYSE:CNMD - Get Free Report) last issued its earnings results on Wednesday, January 31st. The company reported $1.06 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.11 by ($0.05). The business had revenue of $327.05 million for the quarter, compared to the consensus estimate of $332.94 million. CONMED had a net margin of 5.18% and a return on equity of 13.69%. On average, analysts expect CONMED to post $4 EPS for the current fiscal year and $6 EPS for the next fiscal year.

CONMED Price Performance

NYSE:CNMD traded down $4.66 during mid-day trading on Wednesday, hitting $72.80. 938,183 shares of the stock traded hands, compared to its average volume of 554,131. The company has a market cap of $2.24 billion, a PE ratio of 37.97, a price-to-earnings-growth ratio of 0.68 and a beta of 1.33. CONMED has a 12-month low of $72.66 and a 12-month high of $138.47. The business's 50-day moving average price is $80.40 and its 200 day moving average price is $94.98. The company has a quick ratio of 0.96, a current ratio of 1.98 and a debt-to-equity ratio of 1.17.

CONMED Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 5th. Stockholders of record on Friday, March 15th were issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.10%. The ex-dividend date was Thursday, March 14th. CONMED's payout ratio is currently 39.22%.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the company. Belpointe Asset Management LLC grew its position in CONMED by 586.7% during the 1st quarter. Belpointe Asset Management LLC now owns 309 shares of the company's stock worth $32,000 after purchasing an additional 264 shares during the period. Tower Research Capital LLC TRC boosted its stake in shares of CONMED by 712.8% in the first quarter. Tower Research Capital LLC TRC now owns 764 shares of the company's stock worth $79,000 after buying an additional 670 shares during the last quarter. Raymond James Trust N.A. acquired a new stake in CONMED during the second quarter worth about $202,000. Beacon Pointe Advisors LLC purchased a new position in CONMED during the second quarter valued at approximately $210,000. Finally, Cetera Advisor Networks LLC acquired a new position in CONMED in the second quarter valued at approximately $218,000.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. Needham & Company LLC increased their target price on shares of CONMED from $119.00 to $129.00 and gave the stock a "buy" rating in a report on Thursday, February 1st. Piper Sandler lowered their price target on shares of CONMED from $130.00 to $100.00 and set an "overweight" rating for the company in a research report on Thursday, February 1st. Wells Fargo & Company reduced their price objective on CONMED from $107.00 to $98.00 and set an "equal weight" rating for the company in a research report on Thursday, February 1st. Finally, JPMorgan Chase & Co. lowered their price target on CONMED from $135.00 to $115.00 and set an "overweight" rating on the stock in a report on Thursday, February 1st. Two equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat, CONMED presently has a consensus rating of "Moderate Buy" and an average target price of $120.43.

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.