CONMED (NYSE:CNMD) Stock Price Down 5.7% - What's Next?

CONMED Co. (NYSE:CNMD - Get Free Report) shares fell 5.7% on Tuesday . The stock traded as low as $48.61 and last traded at $48.10. 205,518 shares changed hands during mid-day trading, a decline of 56% from the average session volume of 465,219 shares. The stock had previously closed at $50.98.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on CNMD shares. Wells Fargo & Company decreased their target price on CONMED from $74.00 to $70.00 and set an "equal weight" rating for the company in a research report on Thursday, February 6th. JPMorgan Chase & Co. lowered shares of CONMED from an "overweight" rating to a "neutral" rating and lowered their price target for the stock from $85.00 to $70.00 in a research report on Thursday, February 6th. Needham & Company LLC cut their price target on CONMED from $97.00 to $91.00 and set a "buy" rating on the stock in a report on Thursday, February 6th. Finally, Stifel Nicolaus boosted their target price on shares of CONMED from $72.00 to $75.00 and gave the stock a "buy" rating in a report on Thursday, February 6th. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $77.20.

CONMED Stock Performance

The firm's 50-day simple moving average is $58.36 and its two-hundred day simple moving average is $65.70. The company has a current ratio of 2.30, a quick ratio of 1.06 and a debt-to-equity ratio of 0.94. The stock has a market capitalization of $1.50 billion, a PE ratio of 11.45, a PEG ratio of 1.83 and a beta of 1.28.

CONMED (NYSE:CNMD - Get Free Report) last issued its earnings results on Wednesday, February 5th. The company reported $1.34 earnings per share for the quarter, beating 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 research analysts expect that CONMED Co. will post 4.35 earnings per share for the current fiscal year.

CONMED Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, April 4th. Shareholders of record on Friday, March 14th were issued a dividend of $0.20 per share. The ex-dividend date of this dividend was Friday, March 14th. This represents a $0.80 annualized dividend and a yield of 1.65%. CONMED's dividend payout ratio (DPR) is presently 18.87%.

Hedge Funds Weigh In On CONMED

Several large investors have recently made changes to their positions in CNMD. GAMMA Investing LLC lifted its holdings in shares of CONMED by 93.6% during the fourth quarter. GAMMA Investing LLC now owns 726 shares of the company's stock worth $50,000 after buying an additional 351 shares during the last quarter. Aquatic Capital Management LLC acquired a new stake in CONMED in the 4th quarter worth $82,000. Pacer Advisors Inc. increased its holdings 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 period. Smartleaf Asset Management LLC lifted its stake in shares of CONMED by 19.6% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,962 shares of the company's stock valued at $136,000 after buying an additional 322 shares during the period. Finally, CIBC Asset Management Inc acquired a new stake in CONMED during the fourth quarter worth about $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.