CONMED Co. (NYSE:CNMD) Receives $79.80 Average Price Target from Brokerages

Shares of CONMED Co. (NYSE:CNMD) have received an average rating of “Moderate Buy” from the five analysts that are presently covering the stock, MarketBeat.com reports. One investment analyst has rated the stock with a hold recommendation and four have issued a buy recommendation on the company. The average 12 month price target among analysts that have issued a report on the stock in the last year is $79.80.

A number of research firms have recently issued reports on CNMD. StockNews.com upgraded shares of CONMED from a “hold” rating to a “buy” rating in a research note on Thursday, September 5th. Needham & Company LLC cut their target price on CONMED from $106.00 to $97.00 and set a “buy” rating for the company in a research report on Thursday, August 1st. Wells Fargo & Company reduced their price target on shares of CONMED from $77.00 to $71.00 and set an “equal weight” rating on the stock in a research report on Thursday, August 1st. Piper Sandler reduced their price objective on CONMED from $95.00 to $80.00 and set an “overweight” rating on the stock in a research note on Thursday, August 1st. Finally, Stifel Nicolaus decreased their target price on shares of CONMED from $88.00 to $76.00 and set a “buy” rating on the stock in a research note on Thursday, August 1st.

CONMED Stock Performance

CNMD opened at $75.50 on Thursday. CONMED has a 52-week low of $61.05 and a 52-week high of $117.27. The firm has a market capitalization of $2.33 billion, a PE ratio of 28.93, a PEG ratio of 0.95 and a beta of 1.46. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.13 and a current ratio of 2.34. The business’s 50-day simple moving average is $70.98 and its 200 day simple moving average is $72.50.

CONMED (NYSE:CNMD) last issued its earnings results on Wednesday, July 31st. The company reported $0.98 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.92 by $0.06. CONMED had a net margin of 7.73% and a return on equity of 13.89%. The company had revenue of $332.10 million for the quarter, compared to analysts’ expectations of $334.39 million. During the same period in the prior year, the firm earned $0.83 EPS. CONMED’s quarterly revenue was up 4.5% compared to the same quarter last year. As a group, sell-side analysts expect that CONMED will post 3.99 earnings per share for the current fiscal year.

CONMED Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 4th. Stockholders of record on Monday, September 16th will be paid a $0.20 dividend. The ex-dividend date is Monday, September 16th. This represents a $0.80 annualized dividend and a dividend yield of 1.06%. CONMED’s payout ratio is 30.65%.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. 1620 Investment Advisors Inc. acquired a new stake in CONMED during the second quarter worth approximately $39,000. Innealta Capital LLC bought a new stake in CONMED during the 2nd quarter valued at $41,000. Principal Securities Inc. acquired a new stake in shares of CONMED in the 4th quarter worth about $46,000. Hilltop National Bank raised its stake in shares of CONMED by 31.0% in the second quarter. Hilltop National Bank now owns 825 shares of the company’s stock worth $57,000 after purchasing an additional 195 shares during the last quarter. Finally, CWM LLC raised its position in CONMED by 224.7% in the 2nd quarter. CWM LLC now owns 919 shares of the company’s stock valued at $64,000 after buying an additional 636 shares during the last quarter.

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.