CONMED (NYSE:CNMD) Reaches New 1-Year Low at $70.34

CONMED Co. (NYSE:CNMD) shares reached a new 52-week low on Wednesday . The stock traded as low as $70.34 and last traded at $70.40, with a volume of 311535 shares traded. The stock had previously closed at $71.31.

Analysts Set New Price Targets

A number of brokerages recently issued reports on CNMD. Wells Fargo & Company dropped their price objective on CONMED from $107.00 to $98.00 and set an “equal weight” rating on the stock in a report on Thursday, February 1st. Needham & Company LLC boosted their price target 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. JPMorgan Chase & Co. dropped their price objective on shares of CONMED from $135.00 to $115.00 and set an “overweight” rating for the company in a report on Thursday, February 1st. Finally, Piper Sandler reduced their target price on CONMED from $130.00 to $100.00 and set an “overweight” rating on the stock in a research note 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 data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $120.43.

CONMED Trading Down 1.8 %

The firm’s fifty day moving average is $79.06 and its two-hundred day moving average is $94.06. 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 firm has a market cap of $2.16 billion, a P/E ratio of 34.33, a PEG ratio of 0.66 and a beta of 1.33.

CONMED (NYSE:CNMD) last posted 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). The business had revenue of $327.05 million during 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%. Analysts predict that CONMED Co. will post 4.34 earnings per share for the current fiscal year.

CONMED Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, April 5th. Shareholders of record on Friday, March 15th were issued a dividend of $0.20 per share. The ex-dividend date was Thursday, March 14th. This represents a $0.80 dividend on an annualized basis and a yield of 1.14%. CONMED’s dividend payout ratio is currently 39.22%.

Institutional Trading of CONMED

Several hedge funds have recently bought and sold shares of CNMD. Arizona State Retirement System raised its holdings in CONMED by 1.4% during the third quarter. Arizona State Retirement System now owns 8,705 shares of the company’s stock valued at $878,000 after acquiring an additional 121 shares during the period. Olympiad Research LP grew its holdings in CONMED by 5.9% during the 4th quarter. Olympiad Research LP now owns 2,410 shares of the company’s stock valued at $264,000 after buying an additional 134 shares in the last quarter. Raymond James Financial Services Advisors Inc. lifted its holdings in shares of CONMED by 4.7% in the third quarter. Raymond James Financial Services Advisors Inc. now owns 3,095 shares of the company’s stock worth $312,000 after buying an additional 140 shares in the last quarter. Franklin Resources Inc. boosted its position 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 acquiring an additional 140 shares during the last quarter. Finally, QRG Capital Management Inc. grew its stake in CONMED by 2.7% during the fourth quarter. QRG Capital Management Inc. now owns 5,900 shares of the company’s stock valued at $646,000 after acquiring an additional 154 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.