CONMED Co. (NYSE:CNMD - Get Free Report)'s share price dropped 5.4% on Wednesday . The stock traded as low as $73.14 and last traded at $73.24. Approximately 484,869 shares were traded during mid-day trading, a decline of 11% from the average daily volume of 547,694 shares. The stock had previously closed at $77.46.
Analyst Ratings Changes
CNMD has been the topic of several analyst reports. Wells Fargo & Company dropped their target price on CONMED from $107.00 to $98.00 and set an "equal weight" rating on the stock in a research report on Thursday, February 1st. JPMorgan Chase & Co. reduced their price target on shares of CONMED from $135.00 to $115.00 and set an "overweight" rating for the company in a research report on Thursday, February 1st. Needham & Company LLC lifted their price objective on CONMED from $119.00 to $129.00 and gave the company a "buy" rating in a research report on Thursday, February 1st. Finally, Piper Sandler decreased their target price 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. Two equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, CONMED presently has an average rating of "Moderate Buy" and an average price target of $120.43.
Get Our Latest Stock Analysis on CNMD
CONMED Price Performance
The company has a quick ratio of 0.96, a current ratio of 1.98 and a debt-to-equity ratio of 1.17. The company has a market capitalization of $2.24 billion, a P/E ratio of 35.69, a PEG ratio of 0.68 and a beta of 1.33. The company's fifty day moving average price is $80.18 and its 200 day moving average price is $94.82.
CONMED (NYSE:CNMD - Get Free Report) last announced its quarterly earnings data on Wednesday, January 31st. The company reported $1.06 earnings per share for the quarter, missing the consensus estimate 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 return on equity of 13.69% and a net margin of 5.18%. As a group, sell-side analysts forecast that CONMED Co. will post 4.34 EPS for the current year.
CONMED Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Friday, April 5th. Investors of record on Friday, March 15th were given a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 1.10%. The ex-dividend date was Thursday, March 14th. CONMED's payout ratio is currently 39.22%.
Hedge Funds Weigh In On CONMED
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Price T Rowe Associates Inc. MD boosted its stake in CONMED by 0.7% during the third quarter. Price T Rowe Associates Inc. MD now owns 272,463 shares of the company's stock valued at $21,844,000 after buying an additional 1,915 shares during the period. Vanguard Group Inc. boosted its position in CONMED by 4.0% during the 3rd quarter. Vanguard Group Inc. now owns 3,338,586 shares of the company's stock valued at $267,654,000 after buying an additional 127,857 shares during the period. Thrivent Financial for Lutherans lifted its holdings in CONMED by 10.6% in the 3rd quarter. Thrivent Financial for Lutherans now owns 32,085 shares of the company's stock worth $2,572,000 after buying an additional 3,076 shares during the period. Public Employees Retirement System of Ohio lifted its stake in CONMED by 13.7% in the third quarter. Public Employees Retirement System of Ohio now owns 42,012 shares of the company's stock worth $3,368,000 after acquiring an additional 5,058 shares during the period. Finally, State Street Corp boosted its stake in shares of CONMED by 2.9% during the 3rd quarter. State Street Corp now owns 1,077,498 shares of the company's stock valued at $86,594,000 after purchasing an additional 30,369 shares in the last quarter.
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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