CONMED (NYSE:CNMD) Posts Quarterly Earnings Results, Beats Expectations By $0.05 EPS

CONMED (NYSE:CNMD) released its quarterly earnings results on Wednesday. The company reported $0.79 earnings per share for the quarter, topping the consensus estimate of $0.74 by $0.05, reports. CONMED had a return on equity of 13.99% and a net margin of 6.53%. The company had revenue of $312.27 million for the quarter, compared to analysts’ expectations of $307.06 million. CONMED updated its FY24 guidance to $4.25-4.35 EPS and its FY 2024 guidance to 4.250-4.350 EPS.

CONMED Stock Up 6.3 %

Shares of NYSE:CNMD traded up $3.88 during trading on Friday, reaching $65.78. 1,135,843 shares of the stock were exchanged, compared to its average volume of 573,520. The company has a debt-to-equity ratio of 1.17, a current ratio of 1.98 and a quick ratio of 0.96. CONMED has a 1-year low of $61.05 and a 1-year high of $138.47. The stock has a fifty day moving average of $78.06 and a two-hundred day moving average of $93.44. The firm has a market cap of $2.03 billion, a price-to-earnings ratio of 25.20, a price-to-earnings-growth ratio of 0.57 and a beta of 1.33.

CONMED Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, April 5th. Stockholders of record on Friday, March 15th were given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.22%. The ex-dividend date was Thursday, March 14th. CONMED’s payout ratio is 30.65%.

Analyst Ratings Changes

Several analysts recently commented on CNMD shares. Wells Fargo & Company reduced their target price on CONMED from $98.00 to $77.00 and set an “equal weight” rating on the stock in a report on Thursday. Needham & Company LLC reduced their target price on CONMED from $129.00 to $107.00 and set a “buy” rating on the stock in a report on Thursday. JPMorgan Chase & Co. reduced their target price on CONMED from $115.00 to $75.00 and set an “overweight” rating on the stock in a report on Thursday. Finally, Piper Sandler dropped their price target on CONMED from $100.00 to $95.00 and set an “overweight” rating on the stock in a research note on Thursday. Two investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $107.86.

Hedge Funds Weigh In On CONMED

A number of institutional investors have recently modified their holdings of CNMD. SG Americas Securities LLC acquired a new position in shares of CONMED during the third quarter worth approximately $2,387,000. Greenwood Capital Associates LLC raised its position in CONMED by 11.5% in the 3rd quarter. Greenwood Capital Associates LLC now owns 6,560 shares of the company’s stock valued at $662,000 after buying an additional 679 shares during the last quarter. Mountain Pacific Investment Advisers Inc. ID raised its position in CONMED by 8.7% in the 3rd quarter. Mountain Pacific Investment Advisers Inc. ID now owns 144,376 shares of the company’s stock valued at $14,560,000 after buying an additional 11,538 shares during the last quarter. AMI Asset Management Corp raised its position in CONMED by 13.2% in the 3rd quarter. AMI Asset Management Corp now owns 43,725 shares of the company’s stock valued at $4,410,000 after buying an additional 5,085 shares during the last quarter. Finally, Raymond James & Associates raised its position in CONMED by 2.6% in the 3rd quarter. Raymond James & Associates now owns 82,959 shares of the company’s stock valued at $8,366,000 after buying an additional 2,131 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.