CONMED (NYSE:CNMD) Rating Lowered to “Hold” at StockNews.com

by · The Markets Daily

StockNews.com downgraded shares of CONMED (NYSE:CNMD – Free Report) from a buy rating to a hold rating in a report published on Saturday.

CNMD has been the topic of a number of other research reports. Piper Sandler reduced their target price on CONMED from $95.00 to $80.00 and set an “overweight” rating on the stock in a research note on Thursday, August 1st. Wells Fargo & Company reduced their target price on CONMED from $77.00 to $71.00 and set an “equal weight” rating on the stock in a research note on Thursday, August 1st. Needham & Company LLC reiterated a “buy” rating and issued a $97.00 target price on shares of CONMED in a research note on Thursday. Finally, Stifel Nicolaus cut their price target on CONMED from $88.00 to $76.00 and set a “buy” rating on the stock in a research note on Thursday, August 1st. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $79.80.

Check Out Our Latest Stock Report on CNMD

CONMED Stock Up 3.2 %

Shares of CNMD opened at $70.40 on Friday. The company has a market cap of $2.17 billion, a PE ratio of 16.72, a P/E/G ratio of 0.85 and a beta of 1.45. The business has a fifty day moving average of $69.52 and a 200 day moving average of $70.12. CONMED has a 52-week low of $61.05 and a 52-week high of $117.27. The company has a quick ratio of 1.13, a current ratio of 2.34 and a debt-to-equity ratio of 1.09.

CONMED (NYSE:CNMD – Get Free Report) last issued its quarterly earnings results on Wednesday, October 30th. The company reported $1.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.99 by $0.06. CONMED had a return on equity of 14.15% and a net margin of 10.23%. The company had revenue of $316.70 million during the quarter, compared to the consensus estimate of $318.46 million. On average, sell-side analysts expect that CONMED will post 3.99 EPS for the current year.

CONMED Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, October 4th. Stockholders of record on Monday, September 16th were paid a dividend of $0.20 per share. The ex-dividend date of this dividend was Monday, September 16th. This represents a $0.80 annualized dividend and a dividend yield of 1.14%. CONMED’s dividend payout ratio is currently 19.00%.

Hedge Funds Weigh In On CONMED

Several institutional investors and hedge funds have recently added to or reduced their stakes in CNMD. 1620 Investment Advisors Inc. purchased a new position in CONMED in the second quarter valued at about $39,000. Innealta Capital LLC acquired a new stake in CONMED in the second quarter worth about $41,000. Hilltop National Bank boosted its holdings in CONMED by 31.0% in the second quarter. Hilltop National Bank now owns 825 shares of the company’s stock worth $57,000 after acquiring an additional 195 shares in the last quarter. CWM LLC boosted its holdings in CONMED by 224.7% in the second quarter. CWM LLC now owns 919 shares of the company’s stock worth $64,000 after acquiring an additional 636 shares in the last quarter. Finally, nVerses Capital LLC boosted its holdings in CONMED by 566.7% in the third quarter. nVerses Capital LLC now owns 2,000 shares of the company’s stock worth $144,000 after acquiring an additional 1,700 shares in the last quarter.

About CONMED

(Get Free Report)

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.

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