Brokerages Set CONMED Co. (NYSE:CNMD) PT at $79.80

Shares of CONMED Co. (NYSE:CNMD) have been given a consensus recommendation of “Moderate Buy” by the five research firms that are presently covering the firm, MarketBeat Ratings reports. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. The average 1-year price target among brokerages that have covered the stock in the last year is $79.80.

Several equities analysts have recently weighed in on CNMD shares. Piper Sandler cut their target price on CONMED from $95.00 to $80.00 and set an “overweight” rating on the stock in a research report on Thursday, August 1st. StockNews.com raised CONMED from a “hold” rating to a “buy” rating in a research report on Friday. Needham & Company LLC cut their target price on CONMED from $106.00 to $97.00 and set a “buy” rating on the stock in a research report on Thursday, August 1st. Wells Fargo & Company cut their target price on CONMED from $77.00 to $71.00 and set an “equal weight” rating on the stock in a research report on Thursday, August 1st. Finally, Stifel Nicolaus dropped their price objective on CONMED from $88.00 to $76.00 and set a “buy” rating for the company in a report on Thursday, August 1st.

CONMED Stock Performance

NYSE:CNMD opened at $73.22 on Friday. 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 has a 1 year low of $61.05 and a 1 year high of $117.27. The stock’s 50 day simple moving average is $68.82 and its two-hundred day simple moving average is $73.42. The company has a market cap of $2.26 billion, a price-to-earnings ratio of 28.05, a PEG ratio of 0.67 and a beta of 1.42.

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

CONMED Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 4th. Investors of record on Monday, September 16th will be issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 1.09%. The ex-dividend date is Monday, September 16th. CONMED’s payout ratio is currently 30.65%.

Insiders Place Their Bets

In other CONMED news, insider Stanley W. Peters III sold 4,000 shares of the company’s stock in a transaction on Friday, June 14th. The stock was sold at an average price of $71.82, for a total value of $287,280.00. Following the completion of the sale, the insider now directly owns 63 shares in the company, valued at approximately $4,524.66. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 6.80% of the company’s stock.

Institutional Investors Weigh In On CONMED

Several hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in shares of CONMED by 1.1% in the 1st quarter. Vanguard Group Inc. now owns 3,456,834 shares of the company’s stock worth $276,823,000 after buying an additional 36,823 shares during the period. Earnest Partners LLC lifted its stake in shares of CONMED by 18.9% during the 2nd quarter. Earnest Partners LLC now owns 2,818,606 shares of the company’s stock worth $195,386,000 after purchasing an additional 447,498 shares during the last quarter. Capital Research Global Investors lifted its stake in shares of CONMED by 11.8% during the 4th quarter. Capital Research Global Investors now owns 2,757,108 shares of the company’s stock worth $301,931,000 after purchasing an additional 289,996 shares during the last quarter. Champlain Investment Partners LLC lifted its stake in shares of CONMED by 36.1% during the 1st quarter. Champlain Investment Partners LLC now owns 1,303,060 shares of the company’s stock worth $104,349,000 after purchasing an additional 345,735 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in shares of CONMED by 5.0% during the 4th quarter. Dimensional Fund Advisors LP now owns 712,332 shares of the company’s stock worth $78,010,000 after purchasing an additional 33,794 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.