CONMED Corporation (NYSE:CNMD) Given Consensus Rating of “Hold” by Analysts

Shares of CONMED Corporation (NYSE:CNMD) have been assigned an average recommendation of “Hold” from the five ratings firms that are covering the company, Marketbeat.com reports. Four analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. The average 1 year price objective among brokers that have updated their coverage on the stock in the last year is $62.20.

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

CONMED Stock Down 2.5%

Shares of NYSE CNMD opened at $48.82 on Wednesday. The company has a quick ratio of 1.00, a current ratio of 2.26 and a debt-to-equity ratio of 0.91. CONMED has a 52 week low of $46.00 and a 52 week high of $78.19. The firm has a 50-day moving average price of $55.26 and a 200 day moving average price of $59.15. The stock has a market capitalization of $1.51 billion, a price-to-earnings ratio of 12.85, a price-to-earnings-growth ratio of 1.29 and a beta of 1.20.

CONMED (NYSE:CNMD) last posted its earnings results on Wednesday, April 30th. The company reported $0.95 earnings per share for the quarter, beating the consensus estimate of $0.81 by $0.14. CONMED had a net margin of 9.02% and a return on equity of 14.36%. The firm had revenue of $321.26 million during the quarter, compared to the consensus estimate of $313.38 million. During the same period last year, the firm posted $0.79 EPS. The firm’s revenue for the quarter was up 2.9% on a year-over-year basis. Equities research analysts anticipate that CONMED will post 4.35 EPS for the current fiscal year.

CONMED Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, July 3rd. Stockholders of record on Friday, June 13th were issued a dividend of $0.20 per share. The ex-dividend date of this dividend was Friday, June 13th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.64%. CONMED’s dividend payout ratio (DPR) is presently 21.05%.

Insider Activity at CONMED

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

Institutional Investors Weigh In On CONMED

Several hedge funds have recently modified their holdings of CNMD. Silvercrest Asset Management Group LLC acquired a new stake in shares of CONMED in the fourth quarter worth approximately $68,489,000. Fuller & Thaler Asset Management Inc. acquired a new stake in shares of CONMED in the fourth quarter worth approximately $59,046,000. Westwood Holdings Group Inc. lifted its position in CONMED by 41.1% during the first quarter. Westwood Holdings Group Inc. now owns 1,237,735 shares of the company’s stock valued at $74,747,000 after buying an additional 360,336 shares in the last quarter. Neuberger Berman Group LLC acquired a new position in CONMED during the fourth quarter valued at approximately $21,395,000. Finally, Raymond James Financial Inc. acquired a new position in CONMED during the fourth quarter valued at approximately $18,248,000.

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.