CONMED (NYSE:CNMD) Upgraded at StockNews.com

StockNews.com upgraded shares of CONMED (NYSE:CNMD) from a hold rating to a buy rating in a research note released on Wednesday.

Several other equities research analysts have also commented on CNMD. Needham & Company LLC reissued a buy rating and set a $97.00 price target on shares of CONMED in a research note on Friday, October 4th. Piper Sandler decreased 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. Stifel Nicolaus dropped their price target on CONMED from $88.00 to $76.00 and set a buy rating for the company in a research report on Thursday, August 1st. Finally, Wells Fargo & Company decreased their price objective on shares of CONMED from $77.00 to $71.00 and set an equal weight rating on the stock in a research report on Thursday, August 1st. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of Moderate Buy and an average price target of $79.80.

CONMED Stock Performance

NYSE CNMD opened at $64.02 on Wednesday. The stock has a market capitalization of $1.97 billion, a price-to-earnings ratio of 20.39, a PEG ratio of 0.82 and a beta of 1.46. The business’s 50 day moving average is $70.31 and its two-hundred day moving average is $71.47. 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 announced its quarterly earnings data on Wednesday, July 31st. The company reported $0.98 earnings per share for the quarter, topping analysts’ consensus estimates of $0.92 by $0.06. CONMED had a return on equity of 13.89% and a net margin of 7.73%. 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 prior year, the company posted $0.83 earnings per share. CONMED’s quarterly revenue was up 4.5% on a year-over-year basis. Research analysts expect that CONMED will post 3.99 EPS for the current year.

CONMED Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, October 4th. Investors of record on Monday, September 16th were given a $0.20 dividend. The ex-dividend date was Monday, September 16th. This represents a $0.80 annualized dividend and a dividend yield of 1.25%. CONMED’s dividend payout ratio is presently 25.48%.

Institutional Trading of CONMED

Institutional investors have recently made changes to their positions in the stock. Public Employees Retirement System of Ohio grew its holdings in shares of CONMED by 29.1% during the 1st quarter. Public Employees Retirement System of Ohio now owns 47,595 shares of the company’s stock worth $3,811,000 after purchasing an additional 10,736 shares during the period. UniSuper Management Pty Ltd purchased a new stake in CONMED during the first quarter worth approximately $673,000. Mountain Pacific Investment Advisers Inc. ID increased its position in shares of CONMED by 29.0% in the first quarter. Mountain Pacific Investment Advisers Inc. ID now owns 248,304 shares of the company’s stock worth $19,884,000 after acquiring an additional 55,878 shares in the last quarter. Duality Advisers LP raised its stake in shares of CONMED by 149.5% in the 1st quarter. Duality Advisers LP now owns 18,541 shares of the company’s stock valued at $1,485,000 after acquiring an additional 11,110 shares during the period. Finally, Kempner Capital Management Inc. acquired a new position in shares of CONMED during the 2nd quarter valued at $6,480,000.

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.