CONMED (NASDAQ:CNMD) had its price target hoisted by SVB Leerink from $82.00 to $92.00 in a research report sent to investors on Thursday, BenzingaRatingsTable reports. The brokerage currently has a market perform rating on the medical technology company’s stock.
Other analysts have also issued research reports about the stock. Stifel Nicolaus lifted their price objective on shares of CONMED from $65.00 to $82.00 and gave the stock a buy rating in a research report on Thursday, April 30th. Needham & Company LLC reaffirmed a hold rating on shares of CONMED in a report on Thursday, April 30th. Piper Sandler increased their price objective on CONMED from $90.00 to $95.00 and gave the company an overweight rating in a report on Wednesday. TheStreet downgraded CONMED from a b- rating to a c+ rating in a research report on Monday, April 6th. Finally, Barclays reaffirmed a buy rating and set a $110.00 price target on shares of CONMED in a research report on Tuesday, April 14th. One analyst has rated the stock with a sell rating, four have given a hold rating and five have issued a buy rating to the stock. The stock has a consensus rating of Hold and a consensus target price of $94.38.
Shares of CONMED stock opened at $82.54 on Thursday. The business’s fifty day simple moving average is $74.62 and its 200 day simple moving average is $79.48. The company has a current ratio of 2.48, a quick ratio of 1.40 and a debt-to-equity ratio of 1.11. CONMED has a 12 month low of $37.66 and a 12 month high of $116.81. The firm has a market capitalization of $2.35 billion, a P/E ratio of 86.88, a price-to-earnings-growth ratio of 2.18 and a beta of 0.56.
CONMED (NASDAQ:CNMD) last announced its earnings results on Wednesday, July 29th. The medical technology company reported ($0.07) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.95) by $0.88. The firm had revenue of $157.80 million during the quarter, compared to analyst estimates of $126.59 million. CONMED had a return on equity of 11.18% and a net margin of 3.00%. The business’s revenue was down 33.8% compared to the same quarter last year. During the same period last year, the firm posted $0.56 EPS. Analysts predict that CONMED will post 3.1 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Monday, July 6th. Stockholders of record on Monday, June 15th were issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.97%. The ex-dividend date of this dividend was Friday, June 12th. CONMED’s payout ratio is currently 30.30%.
In related news, EVP Wilfredo Ruiz-Caban sold 9,919 shares of the business’s stock in a transaction on Friday, June 5th. The stock was sold at an average price of $82.02, for a total transaction of $813,556.38. Following the sale, the executive vice president now directly owns 25,592 shares in the company, valued at approximately $2,099,055.84. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 4.38% of the stock is currently owned by insiders.
A number of hedge funds have recently bought and sold shares of the business. Comerica Bank lifted its holdings in shares of CONMED by 9.4% in the second quarter. Comerica Bank now owns 30,288 shares of the medical technology company’s stock worth $2,487,000 after buying an additional 2,603 shares in the last quarter. Brinker Capital Inc. increased its holdings in CONMED by 17.7% during the 2nd quarter. Brinker Capital Inc. now owns 7,456 shares of the medical technology company’s stock worth $537,000 after acquiring an additional 1,121 shares during the period. Moody Aldrich Partners LLC lifted its stake in CONMED by 17.2% in the 2nd quarter. Moody Aldrich Partners LLC now owns 27,799 shares of the medical technology company’s stock worth $2,001,000 after purchasing an additional 4,079 shares in the last quarter. M&T Bank Corp bought a new position in CONMED in the 2nd quarter valued at $248,000. Finally, Raymond James & Associates grew its position in shares of CONMED by 16.0% during the 2nd quarter. Raymond James & Associates now owns 87,284 shares of the medical technology company’s stock valued at $6,284,000 after purchasing an additional 12,032 shares in the last quarter.
CONMED Company Profile
CONMED Corporation, a medical technology company, develops, manufactures, and sells surgical devices and related equipment for minimally invasive procedures worldwide. The company offers orthopedic surgery products, including sports medicine products comprising powered resection instruments, arthroscopes, reconstructive systems, tissue repair sets, and metal and bioabsorbable implants, as well as related disposable products and fluid management systems; powered surgical instruments for use in bone orthopedic, arthroscopic, oral/maxillofacial, podiatric, plastic, ENT, neurological, spinal, and cardiothoracic surgeries; sports biologics and tissue products; and surgical visualization products.
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