CONMED (NYSE:CNMD) Rating Lowered to “Hold” at StockNews.com

StockNews.com cut shares of CONMED (NYSE:CNMD) from a buy rating to a hold rating in a research note published on Saturday morning.

Several other research firms have also recently commented on CNMD. Piper Sandler lowered their target price on CONMED from $95.00 to $80.00 and set an “overweight” rating for the company in a research note on Thursday, August 1st. Wells Fargo & Company lowered their price objective on CONMED from $77.00 to $71.00 and set an “equal weight” rating for the company in a research 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 on the stock in a report on Thursday, August 1st. Finally, Needham & Company LLC reiterated a “buy” rating and set a $97.00 price target on shares of CONMED in a report on Thursday, October 31st. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $79.80.

CONMED Stock Performance

Shares of CONMED stock opened at $74.01 on Friday. The company has a debt-to-equity ratio of 1.01, a current ratio of 2.27 and a quick ratio of 1.06. The stock has a market capitalization of $2.28 billion, a price-to-earnings ratio of 17.58, a price-to-earnings-growth ratio of 0.91 and a beta of 1.45. The business has a 50-day moving average of $69.48 and a 200 day moving average of $70.05. CONMED has a 12 month low of $61.05 and a 12 month high of $117.27.

CONMED (NYSE:CNMD) last announced its quarterly earnings data on Wednesday, October 30th. The company reported $1.05 earnings per share for the quarter, beating analysts’ consensus estimates of $0.99 by $0.06. CONMED had a net margin of 10.23% and a return on equity of 13.84%. The firm had revenue of $316.70 million during the quarter, compared to analysts’ expectations of $318.46 million. As a group, sell-side analysts forecast that CONMED will post 4.03 earnings per share for the current year.

CONMED Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, October 4th. Shareholders of record on Monday, September 16th were paid a $0.20 dividend. The ex-dividend date of this dividend was Monday, September 16th. This represents a $0.80 annualized dividend and a yield of 1.08%. CONMED’s dividend payout ratio is currently 19.00%.

Institutional Trading of CONMED

Several institutional investors have recently modified their holdings of CNMD. 1620 Investment Advisors Inc. purchased a new stake in CONMED in the second quarter valued at $39,000. Innealta Capital LLC purchased a new stake in shares of CONMED in the 2nd quarter valued at about $41,000. Hilltop National Bank boosted its position in shares of CONMED by 31.0% in the 2nd quarter. Hilltop National Bank now owns 825 shares of the company’s stock valued at $57,000 after purchasing an additional 195 shares during the period. CWM LLC grew its stake in CONMED by 224.7% during the 2nd quarter. CWM LLC now owns 919 shares of the company’s stock worth $64,000 after buying an additional 636 shares during the last quarter. Finally, nVerses Capital LLC increased its position in CONMED by 566.7% during the third quarter. nVerses Capital LLC now owns 2,000 shares of the company’s stock worth $144,000 after buying an additional 1,700 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.