CONMED (NYSE:CNMD) Shares Gap Down Following Analyst Downgrade

CONMED Co. (NYSE:CNMD - Get Free Report) gapped down before the market opened on Thursday after Wells Fargo & Company lowered their price target on the stock from $74.00 to $70.00. The stock had previously closed at $74.00, but opened at $70.11. Wells Fargo & Company currently has an equal weight rating on the stock. CONMED shares last traded at $72.97, with a volume of 106,823 shares trading hands.

A number of other equities analysts have also recently issued reports on the stock. StockNews.com cut shares of CONMED from a "buy" rating to a "hold" rating in a report on Friday, November 8th. Needham & Company LLC reduced their target price on shares of CONMED from $97.00 to $91.00 and set a "buy" rating for the company in a research note on Thursday. Finally, JPMorgan Chase & Co. lowered shares of CONMED from an "overweight" rating to a "neutral" rating and dropped their price target for the company from $85.00 to $70.00 in a research note on Thursday. Three equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $77.20.

Institutional Investors Weigh In On CONMED

Hedge funds and other institutional investors have recently modified their holdings of the stock. GAMMA Investing LLC increased its stake in CONMED by 93.6% during the 4th quarter. GAMMA Investing LLC now owns 726 shares of the company's stock valued at $50,000 after buying an additional 351 shares during the period. CWM LLC boosted its holdings in shares of CONMED by 36.1% in the third quarter. CWM LLC now owns 1,251 shares of the company's stock valued at $90,000 after acquiring an additional 332 shares in the last quarter. Pacer Advisors Inc. boosted its holdings in shares of CONMED by 41.4% in the fourth quarter. Pacer Advisors Inc. now owns 1,656 shares of the company's stock valued at $113,000 after acquiring an additional 485 shares in the last quarter. Smartleaf Asset Management LLC increased its stake in shares of CONMED by 19.6% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,962 shares of the company's stock valued at $136,000 after acquiring an additional 322 shares during the period. Finally, nVerses Capital LLC raised its holdings in CONMED by 566.7% during the third quarter. nVerses Capital LLC now owns 2,000 shares of the company's stock worth $144,000 after purchasing an additional 1,700 shares in the last quarter.

CONMED Price Performance

The stock has a market capitalization of $2.08 billion, a price-to-earnings ratio of 15.90, a P/E/G ratio of 1.05 and a beta of 1.46. The business has a 50-day simple moving average of $70.37 and a two-hundred day simple moving average of $70.13. The company has a quick ratio of 1.06, a current ratio of 2.27 and a debt-to-equity ratio of 1.01.

CONMED (NYSE:CNMD - Get Free Report) last announced its quarterly earnings data on Wednesday, February 5th. The company reported $1.34 earnings per share for the quarter, beating the consensus estimate of $1.20 by $0.14. CONMED had a return on equity of 14.60% and a net margin of 10.13%. As a group, research analysts predict that CONMED Co. will post 4.35 earnings per share for the current fiscal year.

CONMED Announces Dividend

The firm also recently disclosed 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 was Friday, December 20th. This represents a $0.80 annualized dividend and a dividend yield of 1.19%. CONMED's dividend payout ratio is currently 18.87%.

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.