CONMED Co. (NYSE:CNMD) Receives Average Recommendation of “Hold” from Brokerages

Shares of CONMED Co. (NYSE:CNMD) have earned a consensus recommendation of “Hold” from the five analysts that are covering the firm, Marketbeat Ratings reports. Three research analysts have rated the stock with a hold recommendation and two have assigned a buy recommendation to the company. The average 12-month target price among brokers that have issued ratings on the stock in the last year is $62.20.

Several equities research analysts have recently issued reports on the stock. JPMorgan Chase & Co. lowered their target price on shares of CONMED from $70.00 to $58.00 and set a “neutral” rating on the stock in a research note on Thursday, May 1st. StockNews.com lowered CONMED from a “buy” rating to a “hold” rating in a report on Tuesday. Needham & Company LLC decreased their price objective on shares of CONMED from $91.00 to $61.00 and set a “buy” rating on the stock in a report on Thursday, May 1st. Stifel Nicolaus downgraded shares of CONMED from a “buy” rating to a “hold” rating and reduced their price target for the stock from $75.00 to $55.00 in a research report on Monday, April 28th. Finally, Wells Fargo & Company cut their price objective on CONMED from $70.00 to $57.00 and set an “equal weight” rating for the company in a research note on Thursday, May 1st.

Insider Activity

In other CONMED news, Director Charles Farkas sold 4,000 shares of the stock in a transaction dated Monday, May 5th. The shares were sold at an average price of $56.94, for a total value of $227,760.00. Following the completion of the transaction, the director now directly owns 16,346 shares of the company’s stock, valued at approximately $930,741.24. This trade represents a 19.66 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 3.10% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the business. Principal Financial Group Inc. grew its position in shares of CONMED by 4.2% in the third quarter. Principal Financial Group Inc. now owns 620,715 shares of the company’s stock valued at $44,631,000 after purchasing an additional 25,047 shares during the period. GAMMA Investing LLC boosted its stake in CONMED by 93.6% in the 4th quarter. GAMMA Investing LLC now owns 726 shares of the company’s stock worth $50,000 after buying an additional 351 shares during the last quarter. Nordea Investment Management AB grew its holdings in CONMED by 31.5% in the 4th quarter. Nordea Investment Management AB now owns 73,587 shares of the company’s stock valued at $5,141,000 after buying an additional 17,633 shares during the period. Tealwood Asset Management Inc. acquired a new position in shares of CONMED during the 4th quarter valued at about $1,142,000. Finally, Avity Investment Management Inc. purchased a new position in shares of CONMED during the 4th quarter worth about $278,000.

CONMED Trading Down 1.8 %

NYSE:CNMD opened at $55.97 on Friday. 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 stock has a market capitalization of $1.73 billion, a price-to-earnings ratio of 13.20, a PEG ratio of 1.83 and a beta of 1.19. CONMED has a 52 week low of $46.00 and a 52 week high of $78.58. The firm has a 50 day moving average of $55.95 and a 200 day moving average of $64.65.

CONMED (NYSE:CNMD) last posted its quarterly earnings data on Wednesday, April 30th. The company reported $0.95 EPS for the quarter, topping the consensus estimate of $0.81 by $0.14. CONMED had a net margin of 10.13% and a return on equity of 14.31%. The business had revenue of $321.26 million during the quarter, compared to the consensus estimate of $313.38 million. During the same period in the previous year, the firm posted $0.79 earnings per share. The business’s revenue for the quarter was up 2.9% compared to the same quarter last year. As a group, sell-side analysts anticipate that CONMED will post 4.35 earnings per share for the current fiscal year.

CONMED Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 4th. Investors of record on Friday, March 14th were given a $0.20 dividend. The ex-dividend date of this dividend was Friday, March 14th. This represents a $0.80 dividend on an annualized basis and a yield of 1.43%. CONMED’s dividend payout ratio (DPR) is 21.05%.

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.