CONMED (NYSE:CNMD) Stock Price Down 5.4%

CONMED Co. (NYSE:CNMD) traded down 5.4% during trading on Wednesday . The stock traded as low as $73.14 and last traded at $73.24. 484,869 shares changed hands during mid-day trading, a decline of 11% from the average session volume of 547,694 shares. The stock had previously closed at $77.46.

Wall Street Analyst Weigh In

Several research analysts recently commented on the stock. Needham & Company LLC lifted their target price on shares of CONMED from $119.00 to $129.00 and gave the stock a “buy” rating in a research note on Thursday, February 1st. Piper Sandler cut their price target on shares of CONMED from $130.00 to $100.00 and set an “overweight” rating on the stock in a report on Thursday, February 1st. Wells Fargo & Company cut their price target on shares of CONMED from $107.00 to $98.00 and set an “equal weight” rating on the stock in a report on Thursday, February 1st. Finally, JPMorgan Chase & Co. cut their price target on shares of CONMED from $135.00 to $115.00 and set an “overweight” rating on the stock in a report on Thursday, February 1st. Two investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $120.43.

CONMED Trading Up 2.2 %

The stock has a market cap of $2.24 billion, a P/E ratio of 35.26, a PEG ratio of 0.66 and a beta of 1.33. The company has a current ratio of 1.98, a quick ratio of 0.96 and a debt-to-equity ratio of 1.17. The stock’s fifty day moving average price is $79.92 and its 200 day moving average price is $94.66.

CONMED (NYSE:CNMD) last announced its earnings results on Wednesday, January 31st. The company reported $1.06 EPS for the quarter, missing analysts’ consensus estimates of $1.11 by ($0.05). CONMED had a net margin of 5.18% and a return on equity of 13.69%. The business had revenue of $327.05 million for the quarter, compared to the consensus estimate of $332.94 million. Equities research analysts expect that CONMED Co. will post 4.34 earnings per share for the current year.

CONMED Announces Dividend

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

Hedge Funds Weigh In On CONMED

A number of hedge funds have recently bought and sold shares of the company. Price T Rowe Associates Inc. MD raised its position in CONMED by 0.7% in the 3rd quarter. Price T Rowe Associates Inc. MD now owns 272,463 shares of the company’s stock worth $21,844,000 after buying an additional 1,915 shares during the last quarter. Vanguard Group Inc. raised its position in CONMED by 4.0% in the 3rd quarter. Vanguard Group Inc. now owns 3,338,586 shares of the company’s stock worth $267,654,000 after buying an additional 127,857 shares during the last quarter. Thrivent Financial for Lutherans raised its position 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 last quarter. Public Employees Retirement System of Ohio increased its position in shares of CONMED by 13.7% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 42,012 shares of the company’s stock valued at $3,368,000 after purchasing an additional 5,058 shares during the last quarter. Finally, State Street Corp increased its position 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 during 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.