CONMED (NYSE:CNMD) Reaches New 52-Week Low – What’s Next?

CONMED Co. (NYSE:CNMD) hit a new 52-week low on Thursday . The company traded as low as $60.74 and last traded at $60.88, with a volume of 140959 shares trading hands. The stock had previously closed at $63.02.

Wall Street Analyst Weigh In

Several research firms recently issued reports on CNMD. Stifel Nicolaus increased their target price on CONMED from $72.00 to $75.00 and gave the stock a “buy” rating in a research note on Thursday, February 6th. Needham & Company LLC lowered their price objective on shares of CONMED from $97.00 to $91.00 and set a “buy” rating for the company in a research note on Thursday, February 6th. StockNews.com cut shares of CONMED from a “buy” rating to a “hold” rating in a report on Friday, November 8th. Wells Fargo & Company reduced their target price on shares of CONMED from $74.00 to $70.00 and set an “equal weight” rating on the stock in a report on Thursday, February 6th. Finally, JPMorgan Chase & Co. downgraded shares of CONMED from an “overweight” rating to a “neutral” rating and dropped their price target for the stock from $85.00 to $70.00 in a research note on Thursday, February 6th. Three analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $77.20.

CONMED Price Performance

The company has a debt-to-equity ratio of 0.94, a quick ratio of 1.06 and a current ratio of 2.30. The firm has a market cap of $1.89 billion, a PE ratio of 14.38, a P/E/G ratio of 1.83 and a beta of 1.46. The stock’s fifty day moving average price is $68.30 and its 200-day moving average price is $69.74.

CONMED (NYSE:CNMD) last released its earnings results on Wednesday, February 5th. The company reported $1.34 EPS for the quarter, topping the consensus estimate of $1.20 by $0.14. CONMED had a net margin of 10.13% and a return on equity of 14.31%. As a group, equities analysts forecast that CONMED Co. will post 4.35 EPS for the current fiscal year.

CONMED Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, January 3rd. Stockholders of record on Friday, December 20th were paid a $0.20 dividend. The ex-dividend date of this dividend was Friday, December 20th. This represents a $0.80 annualized dividend and a dividend yield of 1.31%. CONMED’s dividend payout ratio (DPR) is presently 18.87%.

Institutional Trading of CONMED

Institutional investors and hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. lifted its position in CONMED by 1.3% in the 4th quarter. Vanguard Group Inc. now owns 3,574,420 shares of the company’s stock valued at $244,633,000 after purchasing an additional 44,777 shares during the last quarter. Earnest Partners LLC increased its position in shares of CONMED by 0.9% in the fourth quarter. Earnest Partners LLC now owns 2,810,176 shares of the company’s stock worth $192,328,000 after acquiring an additional 25,876 shares in the last quarter. Capital Research Global Investors grew its holdings in shares of CONMED by 2.1% during the fourth quarter. Capital Research Global Investors now owns 1,577,172 shares of the company’s stock valued at $107,942,000 after buying an additional 32,630 shares in the last quarter. Champlain Investment Partners LLC lifted its position in shares of CONMED by 6.4% in the third quarter. Champlain Investment Partners LLC now owns 1,367,650 shares of the company’s stock worth $98,361,000 after purchasing an additional 81,970 shares in the last quarter. Finally, Silvercrest Asset Management Group LLC acquired a new stake in shares of CONMED during the 4th quarter valued at $68,489,000.

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.