CONMED (NYSE:CNMD) Shares Gap Down Following Analyst Downgrade

CONMED Co. (NYSE:CNMD)’s share price gapped down prior to trading on Thursday after JPMorgan Chase & Co. lowered their price target on the stock from $115.00 to $75.00. The stock had previously closed at $70.01, but opened at $63.37. JPMorgan Chase & Co. currently has an overweight rating on the stock. CONMED shares last traded at $64.35, with a volume of 469,350 shares trading hands.

Other analysts have also issued research reports about the company. Wells Fargo & Company cut their target price on CONMED from $98.00 to $77.00 and set an “equal weight” rating on the stock in a research report on Thursday. Needham & Company LLC cut their price objective on CONMED from $129.00 to $107.00 and set a “buy” rating on the stock in a report on Thursday. Finally, Piper Sandler lowered their target price on CONMED from $100.00 to $95.00 and set an “overweight” rating for the company in a report on Thursday. Two analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat, CONMED presently has a consensus rating of “Moderate Buy” and an average target price of $107.86.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of CNMD. GAMMA Investing LLC acquired a new stake in CONMED in the fourth quarter valued at approximately $40,000. Principal Securities Inc. acquired a new stake in shares of CONMED in the 4th quarter valued at $46,000. Headlands Technologies LLC acquired a new stake in shares of CONMED in the 3rd quarter valued at $64,000. Quadrant Capital Group LLC lifted its position in shares of CONMED by 44.2% during the 4th quarter. Quadrant Capital Group LLC now owns 1,631 shares of the company’s stock worth $179,000 after purchasing an additional 500 shares during the last quarter. Finally, AdvisorNet Financial Inc grew its stake in shares of CONMED by 70.6% during the first quarter. AdvisorNet Financial Inc now owns 1,800 shares of the company’s stock worth $144,000 after purchasing an additional 745 shares in the last quarter.

CONMED Stock Down 11.6 %

The company has a quick ratio of 0.96, a current ratio of 1.98 and a debt-to-equity ratio of 1.17. The stock has a market cap of $1.91 billion, a PE ratio of 30.34, a price-to-earnings-growth ratio of 0.65 and a beta of 1.33. The firm has a fifty day moving average of $78.36 and a 200 day moving average of $93.67.

CONMED (NYSE:CNMD) last released its quarterly earnings data on Wednesday, April 24th. The company reported $0.79 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.74 by $0.05. CONMED had a return on equity of 13.69% and a net margin of 5.18%. The business had revenue of $312.27 million during the quarter, compared to analysts’ expectations of $307.06 million. On average, equities research analysts anticipate that CONMED Co. will post 4.34 EPS for the current fiscal year.

CONMED Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 5th. Shareholders of record on Friday, March 15th were issued 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 1.29%. CONMED’s payout ratio is currently 39.22%.

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.