CONMED (NYSE:CNMD) Upgraded to Buy by StockNews.com

StockNews.com upgraded shares of CONMED (NYSE:CNMD) from a hold rating to a buy rating in a research note released on Thursday morning.

A number of other analysts have also recently commented on CNMD. Needham & Company LLC cut their price target on shares of CONMED from $106.00 to $97.00 and set a buy rating on the stock in a research report on Thursday, August 1st. Wells Fargo & Company cut their target price on CONMED from $77.00 to $71.00 and set an equal weight rating on the stock in a research report on Thursday, August 1st. Stifel Nicolaus lowered their target price on 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 cut their price target on CONMED from $95.00 to $80.00 and set an overweight rating on the stock in a report on Thursday, August 1st. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of Moderate Buy and a consensus target price of $79.80.

CONMED Trading Up 4.2 %

NYSE CNMD opened at $74.33 on Thursday. The firm has a market capitalization of $2.29 billion, a PE ratio of 28.48, a price-to-earnings-growth ratio of 0.95 and a beta of 1.46. The business’s 50-day moving average price is $69.22 and its two-hundred day moving average price is $73.21. The company has a current ratio of 2.34, a quick ratio of 1.13 and a debt-to-equity ratio of 1.09. CONMED has a 12 month low of $61.05 and a 12 month high of $117.27.

CONMED (NYSE:CNMD) last released its earnings results on Wednesday, July 31st. The company reported $0.98 earnings per share for the quarter, beating analysts’ consensus estimates of $0.92 by $0.06. The business had revenue of $332.10 million during the quarter, compared to the consensus estimate of $334.39 million. CONMED had a net margin of 7.73% and a return on equity of 13.89%. The company’s revenue for the quarter was up 4.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.83 EPS. On average, analysts expect that CONMED will post 3.99 EPS for the current year.

CONMED Dividend Announcement

The company also recently declared 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 annualized dividend and a yield of 1.08%. CONMED’s payout ratio is currently 30.65%.

Insider Buying and Selling at CONMED

In other news, insider Stanley W. Peters III sold 4,000 shares of the company’s stock in a transaction that occurred on Friday, June 14th. The stock was sold at an average price of $71.82, for a total transaction of $287,280.00. Following the transaction, the insider now directly owns 63 shares of the company’s stock, valued at $4,524.66. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 6.80% of the company’s stock.

Institutional Investors Weigh In On CONMED

Hedge funds and other institutional investors have recently made changes to their positions in the business. Dimensional Fund Advisors LP boosted its stake in CONMED by 5.0% during the 4th quarter. Dimensional Fund Advisors LP now owns 712,332 shares of the company’s stock valued at $78,010,000 after purchasing an additional 33,794 shares during the last quarter. Public Employees Retirement System of Ohio boosted its position in shares of CONMED by 29.1% during the first quarter. Public Employees Retirement System of Ohio now owns 47,595 shares of the company’s stock valued at $3,811,000 after buying an additional 10,736 shares during the last quarter. UniSuper Management Pty Ltd bought a new stake in CONMED during the first quarter worth $673,000. Mountain Pacific Investment Advisers Inc. ID raised its position in CONMED by 29.0% in the 1st quarter. Mountain Pacific Investment Advisers Inc. ID now owns 248,304 shares of the company’s stock valued at $19,884,000 after buying an additional 55,878 shares during the last quarter. Finally, Duality Advisers LP lifted its stake in CONMED by 149.5% during the 1st quarter. Duality Advisers LP now owns 18,541 shares of the company’s stock valued at $1,485,000 after acquiring an additional 11,110 shares in the last quarter.

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.