CONMED (NYSE:CNMD) Reaches New 12-Month Low at $71.25

Shares of CONMED Co. (NYSE:CNMD) hit a new 52-week low during mid-day trading on Thursday . The stock traded as low as $71.25 and last traded at $71.39, with a volume of 28322 shares changing hands. The stock had previously closed at $72.76.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. Piper Sandler dropped their price target on CONMED from $130.00 to $100.00 and set an “overweight” rating on the stock in a research report on Thursday, February 1st. Wells Fargo & Company lowered 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 lifted their price objective on CONMED from $119.00 to $129.00 and gave the company a “buy” rating in a report on Thursday, February 1st. Finally, JPMorgan Chase & Co. lowered their price objective on CONMED from $135.00 to $115.00 and set an “overweight” rating on the stock in a report on Thursday, February 1st. Two analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $120.43.

CONMED Price Performance

The company has a 50 day moving average price of $79.63 and a 200 day moving average price of $94.47. The firm has a market cap of $2.24 billion, a PE ratio of 35.61, a price-to-earnings-growth 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.

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

CONMED Announces Dividend

The business also recently announced 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 currently 39.22%.

Institutional Investors Weigh In On CONMED

Institutional investors and hedge funds have recently bought and sold shares of the stock. Arizona State Retirement System raised its holdings in CONMED by 1.4% in the 3rd 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 last quarter. Snowden Capital Advisors LLC raised its holdings in CONMED by 5.5% in the 1st quarter. Snowden Capital Advisors LLC now owns 2,534 shares of the company’s stock valued at $263,000 after acquiring an additional 133 shares during the last quarter. Olympiad Research LP raised its holdings in CONMED by 5.9% in the 4th quarter. Olympiad Research LP now owns 2,410 shares of the company’s stock valued at $264,000 after acquiring an additional 134 shares during the last quarter. Raymond James Financial Services Advisors Inc. raised its holdings in CONMED by 4.7% in the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 3,095 shares of the company’s stock valued at $312,000 after acquiring an additional 140 shares during the last quarter. Finally, Franklin Resources Inc. raised its holdings in CONMED by 0.9% in the 4th quarter. Franklin Resources Inc. now owns 14,966 shares of the company’s stock valued at $1,639,000 after acquiring an additional 140 shares during 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.