CONMED (NYSE:CNMD) Announces Earnings Results

CONMED (NYSE:CNMD) posted its quarterly earnings data on Wednesday. The company reported $0.79 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.74 by $0.05, reports. The firm had revenue of $312.27 million for the quarter, compared to the consensus estimate of $307.06 million. CONMED had a net margin of 6.53% and a return on equity of 13.99%. CONMED updated its FY24 guidance to $4.25-4.35 EPS and its FY 2024 guidance to 4.250-4.350 EPS.

CONMED Price Performance

CNMD opened at $61.90 on Friday. The stock has a fifty day simple moving average of $78.36 and a two-hundred day simple moving average of $93.67. The company has a current ratio of 1.98, a quick ratio of 0.96 and a debt-to-equity ratio of 1.17. The company has a market cap of $1.91 billion, a price-to-earnings ratio of 23.72, a price-to-earnings-growth ratio of 0.63 and a beta of 1.33. CONMED has a 12-month low of $61.05 and a 12-month high of $138.47.

CONMED Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 5th. Shareholders of record on Friday, March 15th were issued a $0.20 dividend. The ex-dividend date was Thursday, March 14th. This represents a $0.80 dividend on an annualized basis and a yield of 1.29%. CONMED’s dividend payout ratio (DPR) is 30.65%.

Analyst Ratings Changes

A number of equities analysts have issued reports on CNMD shares. Wells Fargo & Company cut their price objective on shares of CONMED from $98.00 to $77.00 and set an “equal weight” rating on the stock in a report on Thursday. JPMorgan Chase & Co. cut their price target on shares of CONMED from $115.00 to $75.00 and set an “overweight” rating on the stock in a report on Thursday. Piper Sandler cut their price target on shares of CONMED from $100.00 to $95.00 and set an “overweight” rating on the stock in a report on Thursday. Finally, Needham & Company LLC cut their price target on shares of CONMED from $129.00 to $107.00 and set a “buy” rating on the stock in a report on Thursday. Two equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $107.86.

Hedge Funds Weigh In On CONMED

A number of institutional investors have recently added to or reduced their stakes in the company. Oak Family Advisors LLC raised its holdings in CONMED by 21.4% in the first quarter. Oak Family Advisors LLC now owns 7,951 shares of the company’s stock worth $637,000 after purchasing an additional 1,401 shares in the last quarter. Fifth Third Bancorp increased its holdings in shares of CONMED by 3.9% during the first quarter. Fifth Third Bancorp now owns 18,051 shares of the company’s stock valued at $1,446,000 after acquiring an additional 672 shares in the last quarter. Raymond James & Associates increased its holdings in shares of CONMED by 5.3% during the first quarter. Raymond James & Associates now owns 84,635 shares of the company’s stock valued at $6,778,000 after acquiring an additional 4,231 shares in the last quarter. AMI Asset Management Corp increased its holdings in shares of CONMED by 31.1% during the first quarter. AMI Asset Management Corp now owns 55,728 shares of the company’s stock valued at $4,463,000 after acquiring an additional 13,204 shares in the last quarter. Finally, Diversified Trust Co increased its holdings in shares of CONMED by 69.3% during the first quarter. Diversified Trust Co now owns 10,991 shares of the company’s stock valued at $880,000 after acquiring an additional 4,500 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.