CONMED Co. (NYSE:CNMD) Given Average Rating of “Moderate Buy” by Brokerages

CONMED Co. (NYSE:CNMD) has been given a consensus recommendation of “Moderate Buy” by the five brokerages that are covering the company, Marketbeat reports. One equities research analyst has rated the stock with a hold recommendation and four have assigned a buy recommendation to the company. The average twelve-month target price among brokerages that have updated their coverage on the stock in the last year is $79.80.

Several brokerages recently issued reports on CNMD. Needham & Company LLC reduced their target price on shares of CONMED from $106.00 to $97.00 and set a “buy” rating for the company in a report on Thursday, August 1st. Wells Fargo & Company reduced their target price on shares of CONMED from $77.00 to $71.00 and set an “equal weight” rating for the company in a report on Thursday, August 1st. Stifel Nicolaus reduced their target price on shares of CONMED from $88.00 to $76.00 and set a “buy” rating for the company in a report on Thursday, August 1st. Finally, Piper Sandler reduced their target price on shares of CONMED from $95.00 to $80.00 and set an “overweight” rating for the company in a report on Thursday, August 1st.

CONMED Trading Up 5.6 %

NYSE:CNMD opened at $71.95 on Friday. CONMED has a 12 month low of $61.05 and a 12 month high of $117.27. The firm has a fifty day simple moving average of $68.35 and a 200-day simple moving average of $73.94. The company has a current ratio of 2.18, a quick ratio of 1.08 and a debt-to-equity ratio of 1.16. The company has a market capitalization of $2.22 billion, a P/E ratio of 27.57, a PEG ratio of 0.67 and a beta of 1.42.

CONMED (NYSE:CNMD) last posted its quarterly earnings data on Wednesday, July 31st. The company reported $0.98 EPS for the quarter, topping the consensus estimate of $0.92 by $0.06. CONMED had a net margin of 7.73% and a return on equity of 14.12%. The business had revenue of $332.10 million during the quarter, compared to the consensus estimate of $334.39 million. During the same period in the previous year, the firm posted $0.83 earnings per share. The business’s revenue for the quarter was up 4.5% compared to the same quarter last year. On average, equities research analysts anticipate that CONMED will post 3.99 earnings per share for the current year.

CONMED Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 4th. Shareholders of record on Monday, September 16th will be issued a $0.20 dividend. The ex-dividend date of this dividend is Monday, September 16th. This represents a $0.80 dividend on an annualized basis and a yield of 1.11%. CONMED’s payout ratio is 30.65%.

Insider Buying and Selling at CONMED

In other CONMED news, insider Stanley W. Peters III sold 4,000 shares of CONMED stock in a transaction on Friday, June 14th. The shares were sold at an average price of $71.82, for a total value of $287,280.00. Following the completion of the transaction, the insider now owns 63 shares of the company’s stock, valued at $4,524.66. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 6.80% of the stock is owned by corporate insiders.

Institutional Trading of CONMED

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Olympiad Research LP increased its stake in shares of CONMED by 5.9% during the fourth quarter. Olympiad Research LP now owns 2,410 shares of the company’s stock worth $264,000 after purchasing an additional 134 shares in the last quarter. Franklin Resources Inc. increased its stake in shares of CONMED by 0.9% during the fourth quarter. Franklin Resources Inc. now owns 14,966 shares of the company’s stock worth $1,639,000 after purchasing an additional 140 shares in the last quarter. QRG Capital Management Inc. increased its stake in shares of CONMED by 2.7% during the fourth quarter. QRG Capital Management Inc. now owns 5,900 shares of the company’s stock worth $646,000 after purchasing an additional 154 shares in the last quarter. Arizona State Retirement System increased its stake in shares of CONMED by 2.0% during the second quarter. Arizona State Retirement System now owns 8,619 shares of the company’s stock worth $597,000 after purchasing an additional 168 shares in the last quarter. Finally, Envestnet Portfolio Solutions Inc. increased its stake in shares of CONMED by 4.3% during the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 4,095 shares of the company’s stock worth $448,000 after purchasing an additional 169 shares in the last quarter.

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.