CONMED Co. (NYSE:CNMD – Get Free Report) announced a quarterly dividend on Thursday, August 10th, Wall Street Journal reports. Shareholders of record on Friday, September 15th will be given a dividend of 0.20 per share on Thursday, October 5th. This represents a $0.80 dividend on an annualized basis and a yield of 0.74%. The ex-dividend date of this dividend is Thursday, September 14th.
CONMED has a payout ratio of 18.1% meaning its dividend is sufficiently covered by earnings. Research analysts expect CONMED to earn $4.38 per share next year, which means the company should continue to be able to cover its $0.80 annual dividend with an expected future payout ratio of 18.3%.
CONMED Stock Down 1.1 %
CNMD stock opened at $107.74 on Wednesday. The company has a debt-to-equity ratio of 1.25, a current ratio of 1.74 and a quick ratio of 0.82. CONMED has a 52-week low of $71.09 and a 52-week high of $138.47. The company has a 50-day moving average of $117.31 and a two-hundred day moving average of $119.63. The stock has a market capitalization of $3.31 billion, a price-to-earnings ratio of 38.07, a price-to-earnings-growth ratio of 1.10 and a beta of 1.38.
Wall Street Analyst Weigh In
Several equities research analysts recently weighed in on the stock. StockNews.com cut shares of CONMED from a “hold” rating to a “sell” rating in a research note on Tuesday. Piper Sandler increased their target price on shares of CONMED from $128.00 to $145.00 in a research note on Thursday, July 27th. CL King began coverage on shares of CONMED in a research note on Monday, May 22nd. They issued a “buy” rating and a $140.00 target price for the company. Needham & Company LLC reaffirmed a “buy” rating and set a $139.00 price objective on shares of CONMED in a report on Monday, July 24th. Finally, KeyCorp lifted their price objective on CONMED from $131.00 to $141.00 and gave the company an “overweight” rating in a report on Thursday, July 27th. One analyst has rated the stock with a sell rating, one has issued a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $135.67.
Insider Buying and Selling at CONMED
In other news, CFO Todd W. Garner sold 1,355 shares of CONMED stock in a transaction that occurred on Wednesday, August 16th. The shares were sold at an average price of $112.00, for a total value of $151,760.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CFO Todd W. Garner sold 1,355 shares of the business’s stock in a transaction that occurred on Wednesday, August 16th. The shares were sold at an average price of $112.00, for a total value of $151,760.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Curt R. Hartman sold 1,000 shares of the business’s stock in a transaction that occurred on Thursday, June 15th. The stock was sold at an average price of $136.00, for a total transaction of $136,000.00. Following the completion of the transaction, the chief executive officer now owns 4,299 shares of the company’s stock, valued at approximately $584,664. The disclosure for this sale can be found here. Company insiders own 7.60% of the company’s stock.
Hedge Funds Weigh In On CONMED
Institutional investors and hedge funds have recently made changes to their positions in the company. Teachers Retirement System of The State of Kentucky boosted its stake in CONMED by 5.7% in the 2nd quarter. Teachers Retirement System of The State of Kentucky now owns 9,888 shares of the company’s stock worth $1,343,000 after purchasing an additional 534 shares during the period. Legato Capital Management LLC acquired a new position in CONMED in the 2nd quarter worth $236,000. Nuveen Asset Management LLC boosted its stake in CONMED by 3.0% in the 2nd quarter. Nuveen Asset Management LLC now owns 81,485 shares of the company’s stock worth $11,073,000 after purchasing an additional 2,394 shares during the period. Alliancebernstein L.P. boosted its stake in CONMED by 2.3% in the 2nd quarter. Alliancebernstein L.P. now owns 62,895 shares of the company’s stock worth $8,547,000 after purchasing an additional 1,410 shares during the period. Finally, State of Tennessee Treasury Department boosted its stake in CONMED by 21.5% in the 2nd quarter. State of Tennessee Treasury Department now owns 15,214 shares of the company’s stock worth $2,067,000 after purchasing an additional 2,695 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. It offers orthopedic surgery products, including TruShot with Y-Knot All-In-One Soft Tissue Fixation System, Y-knot All-Suture Anchors, and Agro Knotless Suture Anchors, which provide unique clinical solutions to orthopedic surgeons for the repair of soft tissue injuries, as well as supporting products that enable surgeons to perform minimally invasive sports medicine surgeries.
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