CONMED (NYSE:CNMD) Upgraded to Buy at StockNews.com

StockNews.com upgraded shares of CONMED (NYSE:CNMD) from a hold rating to a buy rating in a research report released on Thursday morning.

Other analysts have also issued reports about the stock. Stifel Nicolaus lowered their target price on shares of CONMED from $88.00 to $76.00 and set a buy rating for the company in a research note on Thursday, August 1st. Piper Sandler lowered their target price on shares of CONMED from $95.00 to $80.00 and set an overweight rating for the company in a research note on Thursday, August 1st. Wells Fargo & Company lowered their price objective on shares of CONMED from $77.00 to $71.00 and set an equal weight rating for the company in a research note on Thursday, August 1st. Finally, Needham & Company LLC lowered their price objective on shares of CONMED from $106.00 to $97.00 and set a buy rating for the company in a research note on Thursday, August 1st. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and a consensus target price of $79.80.

CONMED Trading Down 0.2 %

CONMED stock opened at $74.17 on Thursday. The stock has a market cap of $2.28 billion, a P/E ratio of 28.42, a PEG ratio of 0.95 and a beta of 1.46. The company has a debt-to-equity ratio of 1.09, a current ratio of 2.34 and a quick ratio of 1.13. CONMED has a 1 year low of $61.05 and a 1 year high of $117.27. The firm’s 50 day moving average price is $69.32 and its 200-day moving average price is $73.04.

CONMED (NYSE:CNMD) last announced its quarterly earnings results on Wednesday, July 31st. The company reported $0.98 earnings per share for the quarter, topping the consensus estimate of $0.92 by $0.06. The company had revenue of $332.10 million for the quarter, compared to analysts’ expectations of $334.39 million. CONMED had a net margin of 7.73% and a return on equity of 13.89%. CONMED’s quarterly revenue was up 4.5% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.83 earnings per share. On average, equities analysts predict that CONMED will post 3.99 earnings per share for the current fiscal year.

CONMED Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, October 4th. Shareholders of record on Monday, September 16th will be issued a $0.20 dividend. The ex-dividend date is Monday, September 16th. This represents a $0.80 dividend on an annualized basis and a yield of 1.08%. CONMED’s dividend payout ratio is presently 30.65%.

Insiders Place Their Bets

In other CONMED news, insider Stanley W. Peters III sold 4,000 shares of the business’s stock in a transaction dated Friday, June 14th. The shares were sold at an average price of $71.82, for a total value of $287,280.00. Following the completion of the transaction, the insider now directly owns 63 shares in the company, valued at $4,524.66. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 6.80% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On CONMED

A number of large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in CONMED by 1.1% in the first quarter. Vanguard Group Inc. now owns 3,456,834 shares of the company’s stock worth $276,823,000 after purchasing an additional 36,823 shares in the last quarter. Earnest Partners LLC increased its holdings in shares of CONMED by 18.9% during the second quarter. Earnest Partners LLC now owns 2,818,606 shares of the company’s stock valued at $195,386,000 after acquiring an additional 447,498 shares in the last quarter. Capital Research Global Investors increased its holdings in shares of CONMED by 11.8% during the fourth quarter. Capital Research Global Investors now owns 2,757,108 shares of the company’s stock valued at $301,931,000 after acquiring an additional 289,996 shares in the last quarter. Champlain Investment Partners LLC increased its holdings in shares of CONMED by 36.1% during the first quarter. Champlain Investment Partners LLC now owns 1,303,060 shares of the company’s stock valued at $104,349,000 after acquiring an additional 345,735 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its holdings in shares of CONMED by 5.0% during the fourth quarter. Dimensional Fund Advisors LP now owns 712,332 shares of the company’s stock valued at $78,010,000 after acquiring an additional 33,794 shares in 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.