CONMED (NYSE:CNMD) Hits New 12-Month Low - Here's Why

CONMED Co. (NYSE:CNMD - Get Free Report) shares reached 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. The stock had previously closed at $63.02.

Wall Street Analyst Weigh In

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

CONMED Stock Down 0.5 %

The company has a quick ratio of 1.06, a current ratio of 2.30 and a debt-to-equity ratio of 0.94. The business has a fifty day simple moving average of $68.30 and a two-hundred day simple moving average of $69.74. The company has a market capitalization of $1.89 billion, a price-to-earnings ratio of 14.38, a P/E/G ratio of 1.83 and a beta of 1.46.

CONMED (NYSE:CNMD - Get Free Report) last posted its earnings results on Wednesday, February 5th. The company reported $1.34 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.20 by $0.14. CONMED had a net margin of 10.13% and a return on equity of 14.31%. Equities analysts expect that CONMED Co. will post 4.35 EPS for the current 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. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.31%. The ex-dividend date of this dividend was Friday, December 20th. CONMED's dividend payout ratio (DPR) is currently 18.87%.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. GAMMA Investing LLC raised its position in CONMED by 93.6% in 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 bought a new position in CONMED in the 4th quarter worth approximately $82,000. CWM LLC raised its position in CONMED by 36.1% in the 3rd quarter. CWM LLC now owns 1,251 shares of the company's stock worth $90,000 after purchasing an additional 332 shares during the last quarter. Pacer Advisors Inc. raised its position in CONMED by 41.4% in 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. Finally, Smartleaf Asset Management LLC raised its position in CONMED by 19.6% in 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.

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.