CONMED Co. to Issue Quarterly Dividend of $0.20 (NYSE:CNMD)

CONMED Co. (NYSE:CNMD) declared a quarterly dividend on Wednesday, May 21st, RTT News reports. Investors of record on Friday, June 13th will be paid a dividend of 0.20 per share on Thursday, July 3rd. This represents a $0.80 dividend on an annualized basis and a yield of 1.43%. The ex-dividend date is Friday, June 13th.

CONMED has a payout ratio of 16.9% meaning its dividend is sufficiently covered by earnings. Analysts expect CONMED to earn $5.07 per share next year, which means the company should continue to be able to cover its $0.80 annual dividend with an expected future payout ratio of 15.8%.

CONMED Stock Performance

Shares of NYSE:CNMD opened at $56.13 on Friday. The company’s 50 day simple moving average is $55.67 and its 200 day simple moving average is $64.12. The stock has a market capitalization of $1.74 billion, a price-to-earnings ratio of 13.24, a price-to-earnings-growth ratio of 1.83 and a beta of 1.19. CONMED has a 1 year low of $46.00 and a 1 year high of $78.58. The company has a debt-to-equity ratio of 0.94, a current ratio of 2.30 and a quick ratio of 1.06.

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

Insider Buying and Selling at CONMED

In other news, Director Charles Farkas sold 4,000 shares of the stock in a transaction that occurred on Monday, May 5th. The shares were sold at an average price of $56.94, for a total transaction 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 $930,741.24. This represents a 19.66% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 3.10% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in shares of CONMED by 5.8% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 82,686 shares of the company’s stock valued at $4,993,000 after acquiring an additional 4,565 shares during the period. Intech Investment Management LLC lifted its stake in shares of CONMED by 34.6% during the 1st quarter. Intech Investment Management LLC now owns 22,505 shares of the company’s stock valued at $1,359,000 after buying an additional 5,780 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of CONMED by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 18,354 shares of the company’s stock valued at $1,108,000 after buying an additional 800 shares in the last quarter. Finally, AQR Capital Management LLC lifted its stake in shares of CONMED by 19.9% during the 1st quarter. AQR Capital Management LLC now owns 14,199 shares of the company’s stock valued at $857,000 after buying an additional 2,357 shares in the last quarter.

Wall Street Analyst Weigh In

CNMD has been the topic of several analyst reports. JPMorgan Chase & Co. reduced their price objective 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. Needham & Company LLC dropped their target price 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 lowered shares of CONMED from a “buy” rating to a “hold” rating and dropped their target price for the company from $75.00 to $55.00 in a report on Monday, April 28th. Wall Street Zen lowered shares of CONMED from a “buy” rating to a “hold” rating in a report on Tuesday, May 6th. Finally, Wells Fargo & Company dropped their price objective on shares of CONMED from $70.00 to $57.00 and set an “equal weight” rating on the stock in a report on Thursday, May 1st. Four research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $62.20.

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.