StockNews.com Upgrades CONMED (NYSE:CNMD) to Buy

StockNews.com upgraded shares of CONMED (NYSE:CNMD) from a hold rating to a buy rating in a report published on Thursday.

CNMD has been the subject of several other reports. Needham & Company LLC decreased their price objective on shares of CONMED from $106.00 to $97.00 and set a buy rating for the company in a report on Thursday, August 1st. Piper Sandler decreased their target price on shares of CONMED from $95.00 to $80.00 and set an overweight rating for the company in a research note on Thursday, August 1st. Wells Fargo & Company dropped their price target on CONMED from $77.00 to $71.00 and set an equal weight rating on the stock in a research note on Thursday, August 1st. Finally, Stifel Nicolaus reduced their price objective on CONMED from $88.00 to $76.00 and set a buy rating for the company in a research report on Thursday, August 1st. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of Moderate Buy and an average price target of $79.80.

CONMED Stock Performance

CNMD stock opened at $74.17 on Thursday. The stock has a market capitalization of $2.28 billion, a PE ratio of 28.42, a price-to-earnings-growth ratio of 0.95 and a beta of 1.46. The stock’s 50 day simple moving average is $69.32 and its 200 day simple moving average is $73.10. CONMED has a 12-month low of $61.05 and a 12-month high of $117.27. The company has a current ratio of 2.34, a quick ratio of 1.13 and a debt-to-equity ratio of 1.09.

CONMED (NYSE:CNMD) last released its quarterly earnings data on Wednesday, July 31st. The company reported $0.98 EPS for the quarter, beating the consensus estimate of $0.92 by $0.06. CONMED had a return on equity of 13.89% and a net margin of 7.73%. The company had revenue of $332.10 million for the quarter, compared to analysts’ expectations of $334.39 million. During the same period last year, the firm posted $0.83 earnings per share. CONMED’s revenue was up 4.5% compared to the same quarter last year. As a group, research analysts forecast 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. Stockholders of record on Monday, September 16th will be given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.08%. The ex-dividend date of this dividend is Monday, September 16th. CONMED’s payout ratio is 30.65%.

Insider Transactions at CONMED

In related news, insider Stanley W. Peters III sold 4,000 shares of CONMED stock in a transaction on Friday, June 14th. The stock was 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 $4,524.66. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 6.80% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On CONMED

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

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.