CONMED (NYSE:CNMD) Price Target Cut to $77.00 by Analysts at Wells Fargo & Company

CONMED (NYSE:CNMD) had its target price lowered by Wells Fargo & Company from $98.00 to $77.00 in a research note issued to investors on Thursday morning, Benzinga reports. The brokerage currently has an equal weight rating on the stock.

Several other brokerages have also recently weighed in on CNMD. Needham & Company LLC dropped their price objective on CONMED from $129.00 to $107.00 and set a buy rating for the company in a report on Thursday. JPMorgan Chase & Co. dropped their price objective on CONMED from $135.00 to $115.00 and set an overweight rating for the company in a report on Thursday, February 1st. Finally, Piper Sandler dropped their price objective on CONMED from $100.00 to $95.00 and set an overweight rating for the company in a report on Thursday. Two investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of Moderate Buy and a consensus price target of $107.86.

CONMED Stock Up 5.0 %

Shares of NYSE CNMD traded up $3.08 during mid-day trading on Thursday, reaching $64.98. 340,038 shares of the company’s stock were exchanged, compared to its average volume of 581,891. The firm has a market capitalization of $2.00 billion, a price-to-earnings ratio of 23.72, a PEG ratio of 0.63 and a beta of 1.33. The company has a current ratio of 1.98, a quick ratio of 0.96 and a debt-to-equity ratio of 1.17. The business has a fifty day simple moving average of $78.36 and a 200 day simple moving average of $93.67. CONMED has a twelve month low of $61.05 and a twelve month high of $138.47.

CONMED (NYSE:CNMD) last posted its quarterly earnings results on Wednesday, April 24th. The company reported $0.79 earnings per share for the quarter, beating analysts’ consensus estimates of $0.74 by $0.05. CONMED had a return on equity of 13.99% and a net margin of 6.53%. The firm had revenue of $312.27 million during the quarter, compared to the consensus estimate of $307.06 million. As a group, equities analysts expect that CONMED will post 4.34 EPS for the current fiscal year.

CONMED Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, April 5th. Investors of record on Friday, March 15th were given a dividend of $0.20 per share. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $0.80 annualized dividend and a dividend yield of 1.23%. CONMED’s payout ratio is 30.65%.

Institutional Investors Weigh In On CONMED

Several institutional investors and hedge funds have recently made changes to their positions in CNMD. Versor Investments LP bought a new position in CONMED in the third quarter worth approximately $475,000. Walleye Capital LLC bought a new position in shares of CONMED in the third quarter valued at approximately $5,691,000. Trexquant Investment LP bought a new position in shares of CONMED in the third quarter valued at approximately $2,534,000. California Public Employees Retirement System lifted its holdings in shares of CONMED by 14.9% in the third quarter. California Public Employees Retirement System now owns 49,065 shares of the company’s stock valued at $4,948,000 after purchasing an additional 6,356 shares in the last quarter. Finally, Fifth Third Bancorp increased its position in shares of CONMED by 6.0% during the fourth quarter. Fifth Third Bancorp now owns 17,379 shares of the company’s stock valued at $1,903,000 after acquiring an additional 987 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.