Stifel Nicolaus Cuts CONMED (NYSE:CNMD) Price Target to $76.00

CONMED (NYSE:CNMD) had its price target trimmed by Stifel Nicolaus from $88.00 to $76.00 in a report published on Thursday, Benzinga reports. The brokerage currently has a buy rating on the stock.

Several other equities research analysts also recently commented on CNMD. Piper Sandler reduced their target price on CONMED from $100.00 to $95.00 and set an overweight rating for the company in a report on Thursday, April 25th. JPMorgan Chase & Co. reduced their price objective on shares of CONMED from $115.00 to $75.00 and set an overweight rating for the company in a research note on Thursday, April 25th. Wells Fargo & Company dropped their target price on shares of CONMED from $98.00 to $77.00 and set an equal weight rating on the stock in a research report on Thursday, April 25th. Finally, Needham & Company LLC reduced their price target on shares of CONMED from $106.00 to $97.00 and set a buy rating for the company in a research report on Thursday. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of Moderate Buy and a consensus price target of $79.80.

CONMED Stock Performance

Shares of CNMD opened at $68.67 on Thursday. CONMED has a 12-month low of $61.05 and a 12-month high of $117.27. The stock has a market capitalization of $2.12 billion, a P/E ratio of 26.31, a P/E/G ratio of 0.67 and a beta of 1.42. The firm’s 50 day moving average is $70.67 and its 200-day moving average is $76.63. The company has a debt-to-equity ratio of 1.16, a current ratio of 2.18 and a quick ratio of 1.08.

CONMED (NYSE:CNMD) last posted its quarterly earnings results on Wednesday, July 31st. The company reported $0.98 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.92 by $0.06. CONMED had a net margin of 7.73% and a return on equity of 14.12%. The firm had revenue of $332.10 million for the quarter, compared to analyst estimates of $334.39 million. During the same quarter in the previous year, the business posted $0.83 earnings per share. The firm’s quarterly revenue was up 4.5% compared to the same quarter last year. Equities research analysts anticipate that CONMED will post 3.99 EPS for the current fiscal year.

CONMED Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, July 5th. Stockholders of record on Friday, June 14th were issued a $0.20 dividend. The ex-dividend date of this dividend was Friday, June 14th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.16%. CONMED’s dividend payout ratio is 30.65%.

Insider Transactions at CONMED

In other CONMED news, insider Stanley W. Peters III sold 4,000 shares of CONMED stock in a transaction on Friday, June 14th. The shares were sold at an average price of $71.82, for a total transaction of $287,280.00. Following the completion of the sale, the insider now owns 63 shares of the company’s stock, valued at approximately $4,524.66. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, Director Martha Goldberg Aronson purchased 2,000 shares of the stock in a transaction that occurred on Monday, May 6th. The stock was acquired at an average price of $70.98 per share, with a total value of $141,960.00. Following the purchase, the director now owns 2,000 shares in the company, valued at approximately $141,960. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Stanley W. Peters III sold 4,000 shares of the firm’s stock in a transaction that occurred on Friday, June 14th. The shares were sold at an average price of $71.82, for a total transaction of $287,280.00. Following the transaction, the insider now directly owns 63 shares in the company, valued at approximately $4,524.66. The disclosure for this sale can be found here. 6.80% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Cooke & Bieler LP lifted its stake in shares of CONMED by 49.8% in the 2nd quarter. Cooke & Bieler LP now owns 628,621 shares of the company’s stock valued at $43,576,000 after purchasing an additional 209,064 shares during the last quarter. Rhumbline Advisers raised its holdings in CONMED by 0.6% during the second quarter. Rhumbline Advisers now owns 93,240 shares of the company’s stock valued at $6,463,000 after buying an additional 590 shares in the last quarter. Natixis Advisors LLC lifted its position in shares of CONMED by 74.8% in the second quarter. Natixis Advisors LLC now owns 81,189 shares of the company’s stock worth $5,628,000 after buying an additional 34,744 shares during the last quarter. Commonwealth Equity Services LLC boosted its stake in shares of CONMED by 50.9% during the 2nd quarter. Commonwealth Equity Services LLC now owns 3,934 shares of the company’s stock worth $273,000 after acquiring an additional 1,327 shares in the last quarter. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. increased its holdings in shares of CONMED by 0.8% during the 2nd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 320,543 shares of the company’s stock valued at $22,220,000 after acquiring an additional 2,549 shares during the last quarter.

About CONMED

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.