CONMED (NYSE:CNMD) Issues Earnings Results, Beats Estimates By $0.05 EPS

CONMED (NYSE:CNMD) released its earnings results on Wednesday. The company reported $0.79 earnings per share for the quarter, beating analysts’ consensus estimates of $0.74 by $0.05, reports. The business had revenue of $312.27 million during 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 Stock Performance

Shares of CONMED stock opened at $61.90 on Friday. The company has a 50 day moving average of $78.36 and a 200-day moving average of $93.67. CONMED has a 1-year low of $61.05 and a 1-year high of $138.47. 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 PE ratio of 23.72, a price-to-earnings-growth ratio of 0.63 and a beta of 1.33.

CONMED Announces Dividend

The firm 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. This represents a $0.80 dividend on an annualized basis and a yield of 1.29%. The ex-dividend date of this dividend was Thursday, March 14th. CONMED’s dividend payout ratio is currently 30.65%.

Institutional Trading of CONMED

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Arizona State Retirement System lifted its holdings in shares of CONMED by 1.4% during the 3rd quarter. Arizona State Retirement System now owns 8,705 shares of the company’s stock worth $878,000 after acquiring an additional 121 shares during the period. Olympiad Research LP lifted its holdings in shares of CONMED by 5.9% during the 4th quarter. Olympiad Research LP now owns 2,410 shares of the company’s stock worth $264,000 after acquiring an additional 134 shares during the period. Raymond James Financial Services Advisors Inc. lifted its holdings in shares of CONMED by 4.7% during the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 3,095 shares of the company’s stock worth $312,000 after acquiring an additional 140 shares during the period. Franklin Resources Inc. lifted its holdings in shares of CONMED by 0.9% during the 4th quarter. Franklin Resources Inc. now owns 14,966 shares of the company’s stock worth $1,639,000 after acquiring an additional 140 shares during the period. Finally, QRG Capital Management Inc. lifted its stake in CONMED by 2.7% in the 4th quarter. QRG Capital Management Inc. now owns 5,900 shares of the company’s stock valued at $646,000 after purchasing an additional 154 shares during the last quarter.

Analyst Upgrades and Downgrades

CNMD has been the topic of several recent analyst reports. Needham & Company LLC lowered their price objective on shares of CONMED from $129.00 to $107.00 and set a “buy” rating on the stock in a research note on Thursday. Wells Fargo & Company lowered their price objective on shares of CONMED from $98.00 to $77.00 and set an “equal weight” rating on the stock in a research note on Thursday. Piper Sandler lowered their price objective on shares of CONMED from $100.00 to $95.00 and set an “overweight” rating on the stock in a research note on Thursday. Finally, JPMorgan Chase & Co. decreased their price target on shares of CONMED from $115.00 to $75.00 and set an “overweight” rating on the stock 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 stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $107.86.

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.