CONMED (NYSE:CNMD) Reaches New 12-Month Low – What’s Next?

CONMED Co. (NYSE:CNMD) reached a new 52-week low on Thursday . The company traded as low as $50.95 and last traded at $52.44, with a volume of 203687 shares trading hands. The stock had previously closed at $56.78.

Analyst Ratings Changes

A number of research firms have recently issued reports on CNMD. Wells Fargo & Company cut their price objective on CONMED from $74.00 to $70.00 and set an “equal weight” rating for the company in a report on Thursday, February 6th. Needham & Company LLC cut their target price on CONMED from $97.00 to $91.00 and set a “buy” rating for the company in a research note on Thursday, February 6th. JPMorgan Chase & Co. downgraded shares of CONMED from an “overweight” rating to a “neutral” rating and decreased their price target for the stock from $85.00 to $70.00 in a research note on Thursday, February 6th. Finally, Stifel Nicolaus upped their price objective on shares of CONMED from $72.00 to $75.00 and gave the company a “buy” rating in a research note on Thursday, February 6th. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat, CONMED currently has a consensus rating of “Moderate Buy” and a consensus price target of $77.20.

CONMED Stock Performance

The company has a debt-to-equity ratio of 0.94, a current ratio of 2.30 and a quick ratio of 1.06. The stock has a market cap of $1.60 billion, a PE ratio of 12.19, a price-to-earnings-growth ratio of 1.83 and a beta of 1.28. The business has a 50 day moving average price of $60.28 and a two-hundred day moving average price of $66.47.

CONMED (NYSE:CNMD) last announced its quarterly earnings results on Wednesday, February 5th. The company reported $1.34 earnings per share for the quarter, beating the consensus estimate of $1.20 by $0.14. CONMED had a net margin of 10.13% and a return on equity of 14.31%. As a group, equities research analysts forecast that CONMED Co. will post 4.35 EPS for the current fiscal year.

CONMED Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, April 4th. Investors of record on Friday, March 14th were issued a dividend of $0.20 per share. The ex-dividend date was Friday, March 14th. This represents a $0.80 dividend on an annualized basis and a yield of 1.55%. CONMED’s dividend payout ratio is presently 18.87%.

Institutional Trading of CONMED

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CNMD. Captrust Financial Advisors increased its position in CONMED by 22.9% during the 3rd quarter. Captrust Financial Advisors now owns 6,251 shares of the company’s stock valued at $450,000 after purchasing an additional 1,164 shares during the period. HighTower Advisors LLC increased its position in shares of CONMED by 4.1% during the third quarter. HighTower Advisors LLC now owns 7,056 shares of the company’s stock valued at $512,000 after buying an additional 275 shares during the period. Stifel Financial Corp raised its stake in CONMED by 13.8% in the third quarter. Stifel Financial Corp now owns 30,675 shares of the company’s stock worth $2,206,000 after buying an additional 3,712 shares in the last quarter. Public Employees Retirement System of Ohio lifted its holdings in CONMED by 6.6% in the third quarter. Public Employees Retirement System of Ohio now owns 50,760 shares of the company’s stock worth $3,651,000 after buying an additional 3,155 shares during the period. Finally, M&T Bank Corp boosted its position in CONMED by 18.3% during the 3rd quarter. M&T Bank Corp now owns 19,070 shares of the company’s stock valued at $1,371,000 after acquiring an additional 2,956 shares in the last quarter.

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.