CONMED (NYSE:CNMD) Reaches New 12-Month Low at $70.34

CONMED Co. (NYSE:CNMD) shares hit a new 52-week low during mid-day trading on Wednesday . The stock traded as low as $70.34 and last traded at $70.40, with a volume of 311535 shares traded. The stock had previously closed at $71.31.

Analyst Upgrades and Downgrades

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

CONMED Price Performance

The firm has a market cap of $2.16 billion, a price-to-earnings ratio of 34.33, a price-to-earnings-growth ratio of 0.66 and a beta of 1.33. The stock’s 50-day moving average price is $79.06 and its 200 day moving average price is $94.06. The company has a quick ratio of 0.96, a current ratio of 1.98 and a debt-to-equity ratio of 1.17.

CONMED (NYSE:CNMD) last announced its quarterly earnings data 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). The firm had revenue of $327.05 million for the quarter, compared to analyst estimates of $332.94 million. CONMED had a return on equity of 13.69% and a net margin of 5.18%. Equities research analysts predict that CONMED Co. will post 4.34 earnings per share for the current year.

CONMED Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, April 5th. Stockholders of record on Friday, March 15th were paid a dividend of $0.20 per share. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $0.80 annualized dividend and a dividend yield of 1.14%. CONMED’s dividend payout ratio (DPR) is currently 39.22%.

Hedge Funds Weigh In On CONMED

Several large investors have recently made changes to their positions in CNMD. Fifth Third Bancorp grew its position in shares of CONMED by 3.9% during the 1st quarter. Fifth Third Bancorp now owns 18,051 shares of the company’s stock worth $1,446,000 after buying an additional 672 shares during the period. Raymond James & Associates boosted its position in shares of CONMED by 5.3% in the 1st quarter. Raymond James & Associates now owns 84,635 shares of the company’s stock worth $6,778,000 after purchasing an additional 4,231 shares during the last quarter. AMI Asset Management Corp grew its stake in shares of CONMED by 31.1% during the first quarter. AMI Asset Management Corp now owns 55,728 shares of the company’s stock worth $4,463,000 after purchasing an additional 13,204 shares during the period. Diversified Trust Co increased its holdings in CONMED by 69.3% in the first quarter. Diversified Trust Co now owns 10,991 shares of the company’s stock valued at $880,000 after purchasing an additional 4,500 shares during the last quarter. Finally, Epiq Partners LLC grew its position in shares of CONMED by 11.0% during the 1st quarter. Epiq Partners LLC now owns 11,610 shares of the company’s stock worth $930,000 after buying an additional 1,147 shares during the period.

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.