CONMED (NYSE:CNMD) Price Target Cut to $76.00 by Analysts at Stifel Nicolaus

CONMED (NYSE:CNMD) had its target price trimmed by Stifel Nicolaus from $88.00 to $76.00 in a research report sent to investors on Thursday morning, Benzinga reports. The firm currently has a buy rating on the stock.

Several other research firms have also weighed in on CNMD. Needham & Company LLC lowered their target price on shares of CONMED from $106.00 to $97.00 and set a buy rating on the stock in a report on Thursday. Piper Sandler lowered their target price on shares of CONMED from $100.00 to $95.00 and set an overweight rating on the stock in a report on Thursday, April 25th. Wells Fargo & Company reduced their price target on shares of CONMED from $98.00 to $77.00 and set an equal weight rating on the stock in a research report on Thursday, April 25th. Finally, JPMorgan Chase & Co. reduced their price target on shares of CONMED from $115.00 to $75.00 and set an overweight rating on the stock in a research report on Thursday, April 25th. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of Moderate Buy and an average target price of $79.80.

CONMED Stock Performance

CONMED stock traded up $0.46 on Thursday, hitting $65.80. The company’s stock had a trading volume of 45,647 shares, compared to its average volume of 526,948. The firm has a market cap of $2.03 billion, a P/E ratio of 25.03, a price-to-earnings-growth ratio of 0.66 and a beta of 1.42. The company has a quick ratio of 1.08, a current ratio of 2.18 and a debt-to-equity ratio of 1.16. The company has a fifty day moving average price of $70.78 and a 200-day moving average price of $77.17. CONMED has a one year low of $61.05 and a one year high of $117.27.

CONMED (NYSE:CNMD) last announced its quarterly earnings results on Wednesday, July 31st. The company reported $0.98 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.92 by $0.06. The firm had revenue of $332.10 million for the quarter, compared to analyst estimates of $334.39 million. CONMED had a net margin of 7.73% and a return on equity of 14.12%. The business’s revenue for the quarter was up 4.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.83 EPS. On average, equities analysts anticipate that CONMED will post 4.3 earnings per share for the current year.

CONMED Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, July 5th. Investors of record on Friday, June 14th were given a dividend of $0.20 per share. The ex-dividend date of this dividend was Friday, June 14th. This represents a $0.80 annualized dividend and a yield of 1.22%. CONMED’s dividend payout ratio (DPR) is 30.65%.

Insider Buying and Selling at CONMED

In other CONMED news, insider Stanley W. Peters III sold 4,000 shares of the company’s stock in a transaction dated Friday, June 14th. The shares were sold at an average price of $71.82, for a total transaction of $287,280.00. Following the transaction, the insider now directly owns 63 shares in the company, valued at approximately $4,524.66. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, insider Stanley W. Peters III sold 4,000 shares of the stock in a transaction that occurred on Friday, June 14th. The shares were sold at an average price of $71.82, for a total value of $287,280.00. Following the sale, the insider now directly owns 63 shares in the company, valued at approximately $4,524.66. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Barbara J. Schwarzentraub purchased 1,442 shares of the business’s stock in a transaction that occurred on Wednesday, May 8th. The stock was purchased at an average price of $69.26 per share, for a total transaction of $99,872.92. Following the completion of the transaction, the director now directly owns 1,442 shares in the company, valued at $99,872.92. The disclosure for this purchase can be found here. Corporate insiders own 6.80% of the company’s stock.

Hedge Funds Weigh In On CONMED

Hedge funds have recently made changes to their positions in the business. 1620 Investment Advisors Inc. bought a new position in shares of CONMED during the 2nd quarter worth approximately $39,000. GAMMA Investing LLC bought a new position in shares of CONMED in the fourth quarter valued at $40,000. Innealta Capital LLC bought a new position in shares of CONMED in the second quarter valued at $41,000. Principal Securities Inc. bought a new position in shares of CONMED in the fourth quarter valued at $46,000. Finally, Hilltop National Bank grew its stake in shares of CONMED by 31.0% in the second quarter. Hilltop National Bank now owns 825 shares of the company’s stock valued at $57,000 after buying an additional 195 shares in the last quarter.

About CONMED

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.