CONMED (NYSE:CNMD) Sets New 52-Week Low – Here’s What Happened

CONMED Co. (NYSE:CNMD) reached a new 52-week low during trading on Tuesday . The company traded as low as $46.00 and last traded at $47.71, with a volume of 530716 shares traded. The stock had previously closed at $48.59.

Wall Street Analysts Forecast Growth

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

CONMED Price Performance

The company has a 50 day simple moving average of $58.07 and a 200 day simple moving average of $65.55. The company has a current ratio of 2.30, a quick ratio of 1.06 and a debt-to-equity ratio of 0.94. The stock has a market cap of $1.48 billion, a P/E ratio of 11.25, a PEG ratio of 1.83 and a beta of 1.28.

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

CONMED Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, April 4th. Shareholders of record on Friday, March 14th were given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 1.68%. The ex-dividend date was Friday, March 14th. CONMED’s dividend payout ratio (DPR) is presently 18.87%.

Institutional Investors Weigh In On CONMED

A number of large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its stake in shares of CONMED by 1.3% during the 4th quarter. Vanguard Group Inc. now owns 3,574,420 shares of the company’s stock worth $244,633,000 after buying an additional 44,777 shares during the last quarter. Earnest Partners LLC boosted its stake in CONMED by 0.9% in the 4th quarter. Earnest Partners LLC now owns 2,810,176 shares of the company’s stock valued at $192,328,000 after purchasing an additional 25,876 shares during the period. Capital Research Global Investors increased its position in CONMED by 2.1% during the 4th quarter. Capital Research Global Investors now owns 1,577,172 shares of the company’s stock worth $107,942,000 after buying an additional 32,630 shares during the period. Silvercrest Asset Management Group LLC bought a new stake in shares of CONMED in the fourth quarter valued at about $68,489,000. Finally, Fuller & Thaler Asset Management Inc. bought a new position in CONMED during the fourth quarter worth about $59,046,000.

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.