CONMED (NYSE:CNMD) Posts Earnings Results, Beats Expectations By $0.06 EPS

CONMED (NYSE:CNMD) released its quarterly earnings results on Wednesday. The company reported $0.98 earnings per share for the quarter, topping the consensus estimate of $0.92 by $0.06, Briefing.com reports. The business had revenue of $332.10 million during the quarter, compared to analysts’ expectations of $334.39 million. CONMED had a return on equity of 14.12% and a net margin of 7.73%. The firm’s revenue for the quarter was up 4.5% compared to the same quarter last year. During the same period last year, the firm posted $0.83 EPS. CONMED updated its FY 2024 guidance to 3.950-4.020 EPS.

CONMED Price Performance

CNMD stock traded up $3.33 during midday trading on Friday, reaching $68.67. 725,614 shares of the stock were exchanged, compared to its average volume of 522,037. The stock has a market capitalization of $2.12 billion, a PE ratio of 26.31, a P/E/G ratio of 0.67 and a beta of 1.42. CONMED has a 52 week low of $61.05 and a 52 week high of $117.27. The company has a debt-to-equity ratio of 1.16, a current ratio of 2.18 and a quick ratio of 1.08. The company has a fifty day moving average price of $70.67 and a 200 day moving average price of $76.87.

CONMED Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, July 5th. Investors of record on Friday, June 14th were given a dividend of $0.20 per share. The ex-dividend date was Friday, June 14th. This represents a $0.80 dividend on an annualized basis and a yield of 1.16%. CONMED’s dividend payout ratio is currently 30.65%.

Analyst Ratings Changes

CNMD has been the subject of several research reports. Piper Sandler dropped their price target on CONMED from $95.00 to $80.00 and set an “overweight” rating for the company in a report on Thursday. Needham & Company LLC lowered their price objective on CONMED from $106.00 to $97.00 and set a “buy” rating on the stock in a research note on Thursday. Wells Fargo & Company lowered their price objective on CONMED from $77.00 to $71.00 and set an “equal weight” rating on the stock in a research note on Thursday. Stifel Nicolaus lowered their price objective on CONMED from $88.00 to $76.00 and set a “buy” rating on the stock in a research note on Thursday. Finally, JPMorgan Chase & Co. lowered their price objective on CONMED from $115.00 to $75.00 and set an “overweight” rating on the stock in a research note on Thursday, April 25th. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $79.80.

Insider Buying and Selling

In related news, Director Barbara J. Schwarzentraub bought 1,442 shares of the business’s stock in a transaction on Wednesday, May 8th. The shares were purchased at an average cost of $69.26 per share, with a total value of $99,872.92. Following the acquisition, the director now owns 1,442 shares of the company’s stock, valued at $99,872.92. The purchase was disclosed in a filing with the SEC, which is available through this link. In related news, Director Barbara J. Schwarzentraub bought 1,442 shares of the business’s stock in a transaction on Wednesday, May 8th. The shares were purchased at an average cost of $69.26 per share, with a total value of $99,872.92. Following the acquisition, the director now owns 1,442 shares of the company’s stock, valued at $99,872.92. The purchase was disclosed in a filing with the SEC, which is available through this link. Also, insider Stanley W. Peters III sold 4,000 shares of CONMED stock in a transaction dated Friday, June 14th. The stock was sold at an average price of $71.82, for a total value of $287,280.00. Following the transaction, the insider now directly owns 63 shares in the company, valued at $4,524.66. The disclosure for this sale can be found here. 6.80% of the stock is currently owned by corporate insiders.

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.