CONMED (CNMD) Scheduled to Post Earnings on Wednesday

CONMED (NYSE:CNMD) is scheduled to release its earnings data after the market closes on Wednesday, April 24th. Analysts expect CONMED to post earnings of $0.74 per share for the quarter. CONMED has set its FY24 guidance at $4.30-4.40 EPS and its FY 2024 guidance at 4.300-4.400 EPS.Persons that are interested in participating in the company’s earnings conference call can do so using this link.

CONMED (NYSE:CNMD) last announced its earnings results on Wednesday, January 31st. The company reported $1.06 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.11 by ($0.05). CONMED had a net margin of 5.18% and a return on equity of 13.69%. The company had revenue of $327.05 million during the quarter, compared to analyst estimates of $332.94 million. On average, analysts expect CONMED to post $4 EPS for the current fiscal year and $6 EPS for the next fiscal year.

CONMED Stock Up 3.0 %

Shares of NYSE CNMD opened at $77.48 on Wednesday. The company’s 50-day simple moving average is $80.40 and its 200-day simple moving average is $94.98. CONMED has a 52-week low of $73.88 and a 52-week high of $138.47. The firm has a market cap of $2.39 billion, a price-to-earnings ratio of 37.98, a price-to-earnings-growth ratio of 0.68 and a beta of 1.33. The company has a quick ratio of 0.96, a current ratio of 1.98 and a debt-to-equity ratio of 1.17.

CONMED Dividend Announcement

The firm also recently declared 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 was Thursday, March 14th. This represents a $0.80 dividend on an annualized basis and a yield of 1.03%. CONMED’s payout ratio is presently 39.22%.

Institutional Investors Weigh In On CONMED

Several hedge funds have recently modified their holdings of the stock. Public Employees Retirement System of Ohio raised its holdings in CONMED by 7.3% in the fourth quarter. Public Employees Retirement System of Ohio now owns 36,859 shares of the company’s stock valued at $4,036,000 after buying an additional 2,521 shares during the period. Mercer Global Advisors Inc. ADV grew its position in shares of CONMED by 10.7% during the fourth quarter. Mercer Global Advisors Inc. ADV now owns 4,750 shares of the company’s stock worth $520,000 after buying an additional 461 shares in the last quarter. Townsquare Capital LLC boosted its holdings in CONMED by 28.5% in the fourth quarter. Townsquare Capital LLC now owns 10,548 shares of the company’s stock worth $1,155,000 after purchasing an additional 2,339 shares during the period. Voya Investment Management LLC boosted its holdings in CONMED by 2.6% in the fourth quarter. Voya Investment Management LLC now owns 490,730 shares of the company’s stock worth $53,740,000 after purchasing an additional 12,316 shares during the period. Finally, Vident Advisory LLC boosted its holdings in CONMED by 12.9% in the fourth quarter. Vident Advisory LLC now owns 2,358 shares of the company’s stock worth $258,000 after purchasing an additional 269 shares during the period.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on CNMD shares. Needham & Company LLC lifted their target price on shares of CONMED from $119.00 to $129.00 and gave the stock a “buy” rating in a research note on Thursday, February 1st. Piper Sandler cut their target price on shares of CONMED from $130.00 to $100.00 and set an “overweight” rating on the stock in a research note on Thursday, February 1st. JPMorgan Chase & Co. lowered their price target on shares of CONMED from $135.00 to $115.00 and set an “overweight” rating for the company in a report on Thursday, February 1st. Finally, Wells Fargo & Company lowered their price target on shares of CONMED from $107.00 to $98.00 and set an “equal weight” rating for the company in a report on Thursday, February 1st. Two equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $120.43.

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.