CONMED (NYSE:CNMD) Sets New 1-Year Low – What’s Next?

CONMED Co. (NYSE:CNMD) shares hit a new 52-week low during trading on Thursday . The stock traded as low as $50.95 and last traded at $52.44, with a volume of 203687 shares. The stock had previously closed at $56.78.

Analyst Upgrades and Downgrades

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

CONMED Stock Performance

The stock has a market cap of $1.62 billion, a P/E ratio of 12.34, a PEG ratio of 1.83 and a beta of 1.28. The company has a debt-to-equity ratio of 0.94, a current ratio of 2.30 and a quick ratio of 1.06. The company has a fifty day moving average of $61.08 and a 200 day moving average of $66.79.

CONMED (NYSE:CNMD) last posted its quarterly earnings data on Wednesday, February 5th. The company reported $1.34 EPS for the quarter, topping analysts’ consensus estimates of $1.20 by $0.14. CONMED had a return on equity of 14.31% and a net margin of 10.13%. On average, equities analysts predict that CONMED Co. will post 4.35 earnings per share for the current fiscal year.

CONMED Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, April 4th. Stockholders of record on Friday, March 14th were given a $0.20 dividend. The ex-dividend date was Friday, March 14th. This represents a $0.80 annualized dividend and a dividend yield of 1.53%. CONMED’s dividend payout ratio (DPR) is presently 18.87%.

Institutional Trading of CONMED

Hedge funds and other institutional investors have recently modified their holdings of the company. GAMMA Investing LLC increased its position in CONMED by 10,855.1% in the 1st quarter. GAMMA Investing LLC now owns 79,534 shares of the company’s stock worth $4,803,000 after purchasing an additional 78,808 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of CONMED by 16.5% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 78,121 shares of the company’s stock valued at $5,347,000 after buying an additional 11,059 shares in the last quarter. Squarepoint Ops LLC acquired a new position in CONMED in the fourth quarter worth approximately $849,000. Silvercrest Asset Management Group LLC bought a new position in CONMED during the fourth quarter valued at approximately $68,489,000. Finally, ProShare Advisors LLC lifted its stake in CONMED by 44.5% in the fourth quarter. ProShare Advisors LLC now owns 9,300 shares of the company’s stock valued at $636,000 after acquiring an additional 2,865 shares during the last quarter.

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.