CONMED (NYSE:CNMD) Reaches New 12-Month Low – Here’s Why

CONMED Co. (NYSE:CNMD)’s stock price reached a new 52-week low on Wednesday . The company traded as low as $47.89 and last traded at $48.49, with a volume of 481410 shares trading hands. The stock had previously closed at $50.98.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the stock. JPMorgan Chase & Co. downgraded shares of CONMED from an “overweight” rating to a “neutral” rating and dropped their target price for the stock from $85.00 to $70.00 in a research note on Thursday, February 6th. Needham & Company LLC cut their target price on CONMED from $97.00 to $91.00 and set a “buy” rating on the stock in a research note on Thursday, February 6th. Stifel Nicolaus boosted their price target on CONMED from $72.00 to $75.00 and gave the stock a “buy” rating in a research note on Thursday, February 6th. Finally, Wells Fargo & Company reduced their price objective on CONMED from $74.00 to $70.00 and set an “equal weight” rating for the company in a report on Thursday, February 6th. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $77.20.

CONMED Stock Down 4.9 %

The company has a market cap of $1.50 billion, a P/E ratio of 11.44, a price-to-earnings-growth ratio of 1.83 and a beta of 1.28. The company has a quick ratio of 1.06, a current ratio of 2.30 and a debt-to-equity ratio of 0.94. The company has a fifty day moving average of $59.43 and a 200 day moving average of $66.13.

CONMED (NYSE:CNMD) last released its quarterly earnings results on Wednesday, February 5th. The company reported $1.34 EPS for the quarter, beating the consensus estimate of $1.20 by $0.14. CONMED had a net margin of 10.13% and a return on equity of 14.31%. On average, research analysts anticipate that CONMED Co. will post 4.35 earnings per share for the current fiscal year.

CONMED Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, April 4th. Stockholders of record on Friday, March 14th were given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.65%. The ex-dividend date was Friday, March 14th. CONMED’s payout ratio is 18.87%.

Hedge Funds Weigh In On CONMED

Institutional investors and hedge funds have recently bought and sold shares of the stock. Blue Trust Inc. increased its holdings in CONMED by 4.6% in the 4th quarter. Blue Trust Inc. now owns 3,266 shares of the company’s stock worth $235,000 after acquiring an additional 145 shares in the last quarter. Beverly Hills Private Wealth LLC lifted its stake in shares of CONMED by 4.7% during the 4th quarter. Beverly Hills Private Wealth LLC now owns 3,762 shares of the company’s stock valued at $257,000 after buying an additional 168 shares in the last quarter. Summit Investment Advisors Inc. boosted its holdings in CONMED by 6.8% in the 4th quarter. Summit Investment Advisors Inc. now owns 3,228 shares of the company’s stock worth $221,000 after buying an additional 205 shares during the period. HighTower Advisors LLC increased its stake in CONMED by 4.1% in the 3rd quarter. HighTower Advisors LLC now owns 7,056 shares of the company’s stock worth $512,000 after buying an additional 275 shares in the last quarter. Finally, Epiq Partners LLC raised its holdings in CONMED by 2.2% during the fourth quarter. Epiq Partners LLC now owns 13,912 shares of the company’s stock valued at $952,000 after acquiring an additional 302 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.