CONMED (NYSE:CNMD) Price Target Cut to $75.00 by Analysts at JPMorgan Chase & Co.

CONMED (NYSE:CNMD) had its target price decreased by JPMorgan Chase & Co. from $115.00 to $75.00 in a report released on Thursday morning, Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the stock.

A number of other brokerages have also recently commented on CNMD. Piper Sandler dropped their price objective on shares of CONMED from $100.00 to $95.00 and set an overweight rating for the company in a research note on Thursday. Wells Fargo & Company dropped their price objective on shares of CONMED from $98.00 to $77.00 and set an equal weight rating for the company in a research note on Thursday. Finally, Needham & Company LLC dropped their price objective on shares of CONMED from $129.00 to $107.00 and set a buy rating for the company in a research note on Thursday. Two investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, CONMED presently has a consensus rating of Moderate Buy and an average target price of $107.86.

CONMED Price Performance

Shares of CONMED stock traded up $4.21 during trading hours on Thursday, hitting $66.11. The company’s stock had a trading volume of 565,702 shares, compared to its average volume of 584,463. The company has a debt-to-equity ratio of 1.17, a quick ratio of 0.96 and a current ratio of 1.98. CONMED has a 12-month low of $61.05 and a 12-month high of $138.47. The business has a 50 day moving average price of $78.36 and a two-hundred day moving average price of $93.67. The company has a market cap of $2.04 billion, a PE ratio of 23.72, a PEG ratio of 0.63 and a beta of 1.33.

CONMED (NYSE:CNMD) last posted its earnings results on Wednesday, April 24th. The company reported $0.79 earnings per share for the quarter, beating the consensus estimate of $0.74 by $0.05. The company had revenue of $312.27 million during the quarter, compared to analysts’ expectations of $307.06 million. CONMED had a net margin of 6.53% and a return on equity of 13.99%. Analysts expect that CONMED will post 4.34 earnings per share for the current fiscal year.

CONMED Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, April 5th. Stockholders of record on Friday, March 15th were paid a dividend of $0.20 per share. The ex-dividend date was Thursday, March 14th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.21%. CONMED’s dividend payout ratio is presently 30.65%.

Hedge Funds Weigh In On CONMED

A number of hedge funds and other institutional investors have recently modified their holdings of the business. GAMMA Investing LLC acquired a new stake in CONMED in the fourth quarter valued at approximately $40,000. Principal Securities Inc. acquired a new stake in CONMED in the fourth quarter valued at approximately $46,000. Headlands Technologies LLC acquired a new stake in CONMED in the third quarter valued at approximately $64,000. Quadrant Capital Group LLC boosted its stake in CONMED by 44.2% in the fourth quarter. Quadrant Capital Group LLC now owns 1,631 shares of the company’s stock valued at $179,000 after acquiring an additional 500 shares in the last quarter. Finally, AdvisorNet Financial Inc boosted its stake in CONMED by 70.6% in the first quarter. AdvisorNet Financial Inc now owns 1,800 shares of the company’s stock valued at $144,000 after acquiring an additional 745 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.