CONMED (NYSE:CNMD) Stock Price Down 5.4%

CONMED Co. (NYSE:CNMD)’s share price fell 5.4% during trading on Wednesday . The stock traded as low as $73.14 and last traded at $73.24. 484,869 shares traded hands during mid-day trading, a decline of 11% from the average session volume of 547,694 shares. The stock had previously closed at $77.46.

Analyst Ratings Changes

Several research firms recently commented on CNMD. Piper Sandler dropped their target price on CONMED from $130.00 to $100.00 and set an “overweight” rating for the company in a research note on Thursday, February 1st. Wells Fargo & Company dropped their target price on CONMED from $107.00 to $98.00 and set an “equal weight” rating for the company in a research note on Thursday, February 1st. Needham & Company LLC upped their target price on CONMED from $119.00 to $129.00 and gave the company a “buy” rating in a research note on Thursday, February 1st. Finally, JPMorgan Chase & Co. dropped their target price on CONMED from $135.00 to $115.00 and set an “overweight” rating for the company in a research note on Thursday, February 1st. Two investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat, CONMED presently has an average rating of “Moderate Buy” and an average target price of $120.43.

CONMED Price Performance

The company has a 50-day moving average price of $79.92 and a two-hundred day moving average price of $94.66. The company has a debt-to-equity ratio of 1.17, a current ratio of 1.98 and a quick ratio of 0.96. The company has a market cap of $2.24 billion, a PE ratio of 35.26, a P/E/G ratio of 0.66 and a beta of 1.33.

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

CONMED Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, April 5th. Stockholders of record on Friday, March 15th were given a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 1.10%. The ex-dividend date was Thursday, March 14th. CONMED’s payout ratio is 39.22%.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the business. Belpointe Asset Management LLC lifted its stake in shares of CONMED by 586.7% in the first quarter. Belpointe Asset Management LLC now owns 309 shares of the company’s stock worth $32,000 after acquiring an additional 264 shares in the last quarter. GAMMA Investing LLC acquired a new stake in CONMED during the fourth quarter valued at approximately $40,000. Principal Securities Inc. acquired a new stake in shares of CONMED during the 4th quarter worth approximately $46,000. Headlands Technologies LLC acquired a new stake in shares of CONMED during the 3rd quarter worth approximately $64,000. Finally, Tower Research Capital LLC TRC raised its position in shares of CONMED by 712.8% during the 1st quarter. Tower Research Capital LLC TRC now owns 764 shares of the company’s stock worth $79,000 after purchasing an additional 670 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. 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.