CONMED (NYSE:CNMD) Hits New 12-Month Low – What’s Next?

CONMED Co. (NYSE:CNMD)’s share price reached a new 52-week low on Wednesday . The stock traded as low as $55.22 and last traded at $57.85, with a volume of 748834 shares changing hands. The stock had previously closed at $58.33.

Wall Street Analyst Weigh In

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

CONMED Trading Up 2.7 %

The company’s 50 day simple moving average is $66.41 and its 200 day simple moving average is $69.30. The firm has a market cap of $1.83 billion, a price-to-earnings ratio of 13.95, a P/E/G ratio of 1.83 and a beta of 1.53. The company has a debt-to-equity ratio of 0.94, a current ratio of 2.30 and a quick ratio of 1.06.

CONMED (NYSE:CNMD) last posted its quarterly 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, research analysts expect that CONMED Co. will post 4.35 earnings per share for the current fiscal year.

CONMED Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 4th. Stockholders of record on Friday, March 14th will be given a dividend of $0.20 per share. The ex-dividend date is Friday, March 14th. This represents a $0.80 annualized dividend and a dividend yield of 1.35%. CONMED’s dividend payout ratio (DPR) is currently 18.87%.

Institutional Investors Weigh In On CONMED

Several institutional investors have recently modified their holdings of CNMD. GAMMA Investing LLC lifted its position in shares of CONMED by 93.6% during the 4th quarter. GAMMA Investing LLC now owns 726 shares of the company’s stock worth $50,000 after purchasing an additional 351 shares during the last quarter. Aquatic Capital Management LLC purchased a new stake in shares of CONMED during the 4th quarter worth $82,000. Pacer Advisors Inc. lifted its position in shares of CONMED by 41.4% during the 4th quarter. Pacer Advisors Inc. now owns 1,656 shares of the company’s stock worth $113,000 after purchasing an additional 485 shares during the last quarter. Smartleaf Asset Management LLC lifted its position in shares of CONMED by 19.6% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,962 shares of the company’s stock worth $136,000 after purchasing an additional 322 shares during the last quarter. Finally, CIBC Asset Management Inc purchased a new stake in shares of CONMED during the 4th quarter worth $210,000.

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.