CONMED (CNMD) Sets New 12-Month High and Low at $73.57

CONMED Co. (NASDAQ:CNMD) reached a new 52-week high and low on Thursday . The stock traded as low as $73.57 and last traded at $73.37, with a volume of 2359 shares. The stock had previously closed at $73.22.

CNMD has been the subject of several recent analyst reports. ValuEngine upgraded shares of CONMED from a “hold” rating to a “buy” rating in a research report on Thursday, March 1st. BidaskClub upgraded shares of CONMED from a “hold” rating to a “buy” rating in a research report on Friday, March 16th. Zacks Investment Research cut shares of CONMED from a “buy” rating to a “hold” rating in a research report on Tuesday, April 10th. Finally, Needham & Company LLC increased their price objective on shares of CONMED from $71.00 to $73.00 and gave the stock a “buy” rating in a research report on Thursday, April 26th. Three analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. The stock currently has an average rating of “Buy” and a consensus price target of $62.67.

The company has a market capitalization of $2.03 billion, a PE ratio of 39.08, a price-to-earnings-growth ratio of 2.90 and a beta of 0.60. The company has a current ratio of 2.15, a quick ratio of 1.23 and a debt-to-equity ratio of 0.69.

CONMED (NASDAQ:CNMD) last issued its earnings results on Wednesday, April 25th. The medical technology company reported $0.53 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.43 by $0.10. The business had revenue of $202.10 million for the quarter, compared to analyst estimates of $196.51 million. CONMED had a net margin of 8.71% and a return on equity of 9.46%. CONMED’s revenue was up 8.3% on a year-over-year basis. During the same period in the prior year, the firm earned $0.38 earnings per share. equities analysts anticipate that CONMED Co. will post 2.17 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Thursday, July 5th. Investors of record on Friday, June 15th will be paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 1.08%. The ex-dividend date is Thursday, June 14th. CONMED’s dividend payout ratio is presently 42.33%.

In related news, VP Nathan Folkert sold 4,409 shares of the stock in a transaction on Friday, April 27th. The shares were sold at an average price of $64.98, for a total transaction of $286,496.82. Following the transaction, the vice president now directly owns 1,264 shares of the company’s stock, valued at $82,134.72. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Jo Ann Golden sold 5,698 shares of the stock in a transaction on Friday, April 27th. The stock was sold at an average price of $65.40, for a total transaction of $372,649.20. Following the transaction, the director now directly owns 19,480 shares in the company, valued at $1,273,992. The disclosure for this sale can be found here. Over the last three months, insiders have sold 18,107 shares of company stock worth $1,194,856. 3.13% of the stock is owned by insiders.

Hedge funds and other institutional investors have recently modified their holdings of the stock. BlackRock Inc. lifted its stake in shares of CONMED by 8.4% in the first quarter. BlackRock Inc. now owns 3,558,330 shares of the medical technology company’s stock valued at $225,348,000 after buying an additional 276,513 shares in the last quarter. Goldman Sachs Group Inc. lifted its stake in shares of CONMED by 6.1% in the fourth quarter. Goldman Sachs Group Inc. now owns 1,067,319 shares of the medical technology company’s stock valued at $54,401,000 after buying an additional 61,617 shares in the last quarter. Macquarie Group Ltd. lifted its stake in shares of CONMED by 3.2% in the fourth quarter. Macquarie Group Ltd. now owns 755,724 shares of the medical technology company’s stock valued at $38,519,000 after buying an additional 23,767 shares in the last quarter. Westwood Holdings Group Inc. lifted its stake in shares of CONMED by 6.3% in the fourth quarter. Westwood Holdings Group Inc. now owns 368,745 shares of the medical technology company’s stock valued at $18,795,000 after buying an additional 21,800 shares in the last quarter. Finally, Epoch Investment Partners Inc. lifted its stake in shares of CONMED by 6.9% in the first quarter. Epoch Investment Partners Inc. now owns 252,845 shares of the medical technology company’s stock valued at $16,013,000 after buying an additional 16,359 shares in the last quarter. 95.43% of the stock is currently owned by institutional investors and hedge funds.

CONMED Company Profile

CONMED Corporation, a medical technology company, develops, manufactures, and sells surgical devices and related equipment for minimally invasive procedures in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. The company offers orthopedic surgery products, including sports medicine products comprising powered resection instruments, arthroscopes, reconstructive systems, tissue repair sets, and metal and bioabsorbable implants, as well as related disposable products and fluid management systems; powered surgical instruments for use in bone orthopedic, arthroscopic, oral/maxillofacial, podiatric, plastic, ENT, neurological, spinal, and cardiothoracic surgeries; sports biologics and tissue products; and surgical visualization products.

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