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

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

Several other research analysts also recently issued reports on CNMD. 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 report on Thursday. Needham & Company LLC reduced their target price on shares of CONMED from $129.00 to $107.00 and set a buy rating for the company in a research note on Thursday. Finally, Wells Fargo & Company reduced their target price 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. Two research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of Moderate Buy and a consensus price target of $107.86.

CONMED Stock Up 6.8 %

Shares of NYSE CNMD traded up $4.21 during mid-day trading on Thursday, reaching $66.11. The company had a trading volume of 565,702 shares, compared to its average volume of 584,463. CONMED has a 52-week low of $61.05 and a 52-week 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 stock has a market cap of $2.04 billion, a P/E ratio of 23.72, a PEG ratio of 0.63 and a beta of 1.33. The firm has a 50 day simple moving average of $78.36 and a two-hundred day simple moving average of $93.67.

CONMED (NYSE:CNMD) last issued its quarterly earnings data on Wednesday, April 24th. The company reported $0.79 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.74 by $0.05. CONMED had a net margin of 6.53% and a return on equity of 13.99%. The company had revenue of $312.27 million for the quarter, compared to the consensus estimate of $307.06 million. Sell-side analysts predict that CONMED will post 4.34 earnings per share for the current year.

CONMED Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, April 5th. Shareholders of record on Friday, March 15th were given 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 yield of 1.21%. CONMED’s dividend payout ratio (DPR) is 30.65%.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in CNMD. SG Americas Securities LLC acquired a new position in shares of CONMED during the third quarter worth $2,387,000. Mountain Pacific Investment Advisers Inc. ID raised its holdings in CONMED by 8.7% in the third quarter. Mountain Pacific Investment Advisers Inc. ID now owns 144,376 shares of the company’s stock valued at $14,560,000 after acquiring an additional 11,538 shares in the last quarter. AMI Asset Management Corp raised its holdings in CONMED by 13.2% in the third quarter. AMI Asset Management Corp now owns 43,725 shares of the company’s stock valued at $4,410,000 after acquiring an additional 5,085 shares in the last quarter. Raymond James & Associates raised its holdings in CONMED by 2.6% in the third quarter. Raymond James & Associates now owns 82,959 shares of the company’s stock valued at $8,366,000 after acquiring an additional 2,131 shares in the last quarter. Finally, Raymond James Financial Services Advisors Inc. raised its holdings in CONMED by 4.7% in the third quarter. Raymond James Financial Services Advisors Inc. now owns 3,095 shares of the company’s stock valued at $312,000 after acquiring an additional 140 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.