CONMED (NYSE:CNMD) Lowered to “Neutral” Rating by JPMorgan Chase & Co.

JPMorgan Chase & Co. cut shares of CONMED (NYSE:CNMD) from an overweight rating to a neutral rating in a report issued on Thursday, Marketbeat Ratings reports. The firm currently has $70.00 price objective on the stock, down from their previous price objective of $85.00.

Other research analysts have also issued research reports about the stock. StockNews.com lowered shares of CONMED from a “buy” rating to a “hold” rating in a research note on Friday, November 8th. Needham & Company LLC reiterated a “buy” rating and set a $97.00 price objective on shares of CONMED in a report on Thursday, October 31st. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, CONMED has an average rating of “Moderate Buy” and a consensus target price of $77.20.

CONMED Price Performance

Shares of NYSE:CNMD opened at $67.43 on Thursday. The company’s fifty day moving average is $70.53 and its two-hundred day moving average is $70.20. The company has a market cap of $2.08 billion, a P/E ratio of 16.02, a price-to-earnings-growth ratio of 1.04 and a beta of 1.46. CONMED has a 12-month low of $61.05 and a 12-month high of $88.60. The company has a quick ratio of 1.06, a current ratio of 2.27 and a debt-to-equity ratio of 1.01.

CONMED (NYSE:CNMD) last announced its quarterly earnings data on Wednesday, February 5th. The company reported $1.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.20 by $0.14. CONMED had a return on equity of 13.84% and a net margin of 10.23%. Equities analysts expect that CONMED will post 4.03 earnings per share for the current fiscal year.

CONMED Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, January 3rd. Investors of record on Friday, December 20th were paid a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 1.19%. The ex-dividend date was Friday, December 20th. CONMED’s payout ratio is presently 19.00%.

Hedge Funds Weigh In On CONMED

Hedge funds have recently bought and sold shares of the business. GAMMA Investing LLC increased its holdings in shares of CONMED by 93.6% during the 4th quarter. GAMMA Investing LLC now owns 726 shares of the company’s stock valued at $50,000 after acquiring an additional 351 shares during the last quarter. CWM LLC grew its holdings in CONMED by 36.1% during the third quarter. CWM LLC now owns 1,251 shares of the company’s stock valued at $90,000 after purchasing an additional 332 shares during the last quarter. Pacer Advisors Inc. raised its position in shares of CONMED by 41.4% in the fourth quarter. Pacer Advisors Inc. now owns 1,656 shares of the company’s stock valued at $113,000 after purchasing an additional 485 shares during the period. Smartleaf Asset Management LLC lifted its stake in shares of CONMED by 19.6% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,962 shares of the company’s stock worth $136,000 after buying an additional 322 shares during the last quarter. Finally, nVerses Capital LLC boosted its holdings in shares of CONMED by 566.7% during the 3rd quarter. nVerses Capital LLC now owns 2,000 shares of the company’s stock worth $144,000 after buying an additional 1,700 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.