CONMED (NYSE:CNMD) Issues Quarterly Earnings Results, Beats Expectations By $0.06 EPS

CONMED (NYSE:CNMD) announced its quarterly earnings results on Wednesday. The company reported $1.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.99 by $0.06, reports. CONMED had a return on equity of 14.15% and a net margin of 10.23%. The firm had revenue of $316.70 million during the quarter, compared to the consensus estimate of $318.46 million. CONMED updated its FY24 guidance to $4.00-4.05 EPS and its FY 2024 guidance to 4.000-4.050 EPS.

CONMED Trading Up 4.6 %

Shares of CNMD stock opened at $68.29 on Friday. The company has a market capitalization of $2.11 billion, a P/E ratio of 16.22, a price-to-earnings-growth ratio of 0.85 and a beta of 1.46. The company has a current ratio of 2.34, a quick ratio of 1.13 and a debt-to-equity ratio of 1.09. The business’s 50 day moving average is $69.56 and its two-hundred day moving average is $70.16. CONMED has a twelve month low of $61.05 and a twelve month high of $117.27.

CONMED Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 4th. Shareholders of record on Monday, September 16th were given a dividend of $0.20 per share. The ex-dividend date was Monday, September 16th. This represents a $0.80 dividend on an annualized basis and a yield of 1.17%. CONMED’s payout ratio is 19.00%.

Analysts Set New Price Targets

A number of research firms recently commented on CNMD. Stifel Nicolaus dropped their target price on shares of CONMED from $88.00 to $76.00 and set a “buy” rating on the stock in a research report on Thursday, August 1st. Wells Fargo & Company dropped their price objective on CONMED from $77.00 to $71.00 and set an “equal weight” rating on the stock in a report on Thursday, August 1st. Needham & Company LLC reissued a “buy” rating and issued a $97.00 target price on shares of CONMED in a report on Thursday. StockNews.com raised CONMED from a “hold” rating to a “buy” rating in a research report on Wednesday, October 9th. Finally, Piper Sandler cut their price target on CONMED from $95.00 to $80.00 and set an “overweight” rating on the stock in a research report on Thursday, August 1st. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, CONMED currently has a consensus rating of “Moderate Buy” and a consensus target price of $79.80.

Institutional Investors Weigh In On CONMED

Hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. raised its position in CONMED by 1.1% during the 1st quarter. Vanguard Group Inc. now owns 3,456,834 shares of the company’s stock worth $276,823,000 after buying an additional 36,823 shares during the last quarter. Earnest Partners LLC lifted its position in CONMED by 18.9% in the second quarter. Earnest Partners LLC now owns 2,818,606 shares of the company’s stock valued at $195,386,000 after purchasing an additional 447,498 shares during the period. Champlain Investment Partners LLC lifted its position in CONMED by 36.1% in the first quarter. Champlain Investment Partners LLC now owns 1,303,060 shares of the company’s stock valued at $104,349,000 after purchasing an additional 345,735 shares during the period. Deerfield Management Company L.P. Series C boosted its holdings in CONMED by 86.7% in the 2nd quarter. Deerfield Management Company L.P. Series C now owns 631,264 shares of the company’s stock valued at $43,759,000 after purchasing an additional 293,099 shares in the last quarter. Finally, Cooke & Bieler LP increased its position in CONMED by 49.8% during the 2nd quarter. Cooke & Bieler LP now owns 628,621 shares of the company’s stock worth $43,576,000 after purchasing an additional 209,064 shares during the period.

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.