CONMED Corporation (NYSE:CNMD) Given Consensus Recommendation of “Hold” by Brokerages

CONMED Corporation (NYSE:CNMD) has received a consensus recommendation of “Hold” from the five research firms that are presently covering the stock, Marketbeat.com reports. Four research analysts have rated the stock with a hold rating and one has issued a buy rating on the company. The average 12 month price objective among brokers that have issued a report on the stock in the last year is $62.20.

A number of research analysts have issued reports on CNMD shares. Wall Street Zen cut CONMED from a “buy” rating to a “hold” rating in a research note on Tuesday, May 6th. JPMorgan Chase & Co. decreased their price target on CONMED from $70.00 to $58.00 and set a “neutral” rating for the company in a research note on Thursday, May 1st. Wells Fargo & Company cut their price objective on CONMED from $70.00 to $57.00 and set an “equal weight” rating for the company in a report on Thursday, May 1st. Needham & Company LLC lowered CONMED from a “buy” rating to a “hold” rating and set a $61.00 price objective for the company. in a report on Thursday, June 12th. Finally, Stifel Nicolaus lowered CONMED from a “buy” rating to a “hold” rating and cut their price objective for the stock from $75.00 to $55.00 in a report on Monday, April 28th.

Insider Buying and Selling at CONMED

In related news, Director Charles Farkas sold 4,000 shares of the stock in a transaction that occurred on Monday, May 5th. The stock was sold at an average price of $56.94, for a total value of $227,760.00. Following the transaction, the director now owns 16,346 shares of the company’s stock, valued at $930,741.24. This represents a 19.66% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 3.10% of the company’s stock.

Institutional Trading of CONMED

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Beverly Hills Private Wealth LLC lifted its holdings in shares of CONMED by 4.7% during the 4th quarter. Beverly Hills Private Wealth LLC now owns 3,762 shares of the company’s stock valued at $257,000 after purchasing an additional 168 shares during the last quarter. Summit Investment Advisors Inc. raised its stake in shares of CONMED by 6.8% during the 4th quarter. Summit Investment Advisors Inc. now owns 3,228 shares of the company’s stock valued at $221,000 after buying an additional 205 shares during the last quarter. Exchange Traded Concepts LLC increased its stake in shares of CONMED by 2.3% in the 1st quarter. Exchange Traded Concepts LLC now owns 9,701 shares of the company’s stock valued at $586,000 after purchasing an additional 217 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in shares of CONMED by 4.6% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 5,462 shares of the company’s stock valued at $330,000 after purchasing an additional 239 shares in the last quarter. Finally, Smartleaf Asset Management LLC increased its stake in shares of CONMED by 15.2% in the 1st quarter. Smartleaf Asset Management LLC now owns 2,260 shares of the company’s stock valued at $133,000 after purchasing an additional 298 shares in the last quarter.

CONMED Price Performance

Shares of CNMD stock opened at $52.20 on Friday. The firm has a market cap of $1.61 billion, a P/E ratio of 13.74, a P/E/G ratio of 1.34 and a beta of 1.24. CONMED has a fifty-two week low of $46.00 and a fifty-two week high of $78.19. The business’s 50 day moving average price is $54.84 and its 200-day moving average price is $61.49. The company has a debt-to-equity ratio of 0.91, a quick ratio of 1.00 and a current ratio of 2.26.

CONMED (NYSE:CNMD) last issued its quarterly earnings data on Wednesday, April 30th. The company reported $0.95 earnings per share for the quarter, topping analysts’ consensus estimates of $0.81 by $0.14. CONMED had a return on equity of 14.36% and a net margin of 9.02%. The firm had revenue of $321.26 million for the quarter, compared to analyst estimates of $313.38 million. During the same period last year, the company earned $0.79 EPS. The business’s quarterly revenue was up 2.9% compared to the same quarter last year. On average, equities research analysts anticipate that CONMED will post 4.35 earnings per share for the current year.

CONMED Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, July 3rd. Shareholders of record on Friday, June 13th will be given a dividend of $0.20 per share. The ex-dividend date of this dividend is Friday, June 13th. This represents a $0.80 dividend on an annualized basis and a yield of 1.53%. CONMED’s dividend payout ratio (DPR) is presently 21.05%.

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.