CONMED (NYSE:CNMD) Cut to "Hold" at StockNews.com

StockNews.com lowered shares of CONMED (NYSE:CNMD - Free Report) from a buy rating to a hold rating in a research note issued to investors on Saturday morning.

Several other equities research analysts have also issued reports on CNMD. Stifel Nicolaus decreased their price target on shares of CONMED from $88.00 to $76.00 and set a "buy" rating on the stock in a report on Thursday, August 1st. Wells Fargo & Company cut their price objective on CONMED from $77.00 to $71.00 and set an "equal weight" rating for the company in a report on Thursday, August 1st. Needham & Company LLC restated a "buy" rating and issued a $97.00 target price on shares of CONMED in a research report on Thursday. Finally, Piper Sandler reduced their price target on shares of CONMED from $95.00 to $80.00 and set an "overweight" rating on the stock in a research report on Thursday, August 1st. Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $79.80.

CONMED Stock Performance

NYSE CNMD traded up $2.16 during trading on Friday, hitting $70.40. 455,749 shares of the company's stock traded hands, compared to its average volume of 488,473. The stock has a market capitalization of $2.17 billion, a price-to-earnings ratio of 16.72, a PEG ratio of 0.85 and a beta of 1.45. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.13 and a current ratio of 2.34. The business has a 50 day moving average of $69.52 and a 200-day moving average of $70.12. CONMED has a 12-month low of $61.05 and a 12-month high of $117.27.

CONMED (NYSE:CNMD - Get Free Report) last posted its earnings results on Wednesday, October 30th. The company reported $1.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.99 by $0.06. CONMED had a return on equity of 14.15% and a net margin of 10.23%. The firm had revenue of $316.70 million for the quarter, compared to the consensus estimate of $318.46 million. As a group, equities research analysts anticipate that CONMED will post 3.99 earnings per share for the current fiscal year.

CONMED Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 4th. Stockholders of record on Monday, September 16th were paid a $0.20 dividend. The ex-dividend date of this dividend was Monday, September 16th. This represents a $0.80 annualized dividend and a dividend yield of 1.14%. CONMED's dividend payout ratio (DPR) is 19.00%.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Public Employees Retirement System of Ohio boosted its holdings in CONMED by 29.1% in the 1st quarter. Public Employees Retirement System of Ohio now owns 47,595 shares of the company's stock worth $3,811,000 after buying an additional 10,736 shares during the period. UniSuper Management Pty Ltd purchased a new stake in shares of CONMED during the first quarter worth about $673,000. Duality Advisers LP raised its stake in CONMED by 149.5% during the 1st quarter. Duality Advisers LP now owns 18,541 shares of the company's stock valued at $1,485,000 after purchasing an additional 11,110 shares during the period. Kempner Capital Management Inc. purchased a new position in CONMED in the 2nd quarter worth approximately $6,480,000. Finally, Thornburg Investment Management Inc. boosted its stake in CONMED by 35.5% in the 1st quarter. Thornburg Investment Management Inc. now owns 111,667 shares of the company's stock worth $8,936,000 after purchasing an additional 29,281 shares during the period.

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.