CONMED Co. (NYSE:CNMD) Short Interest Update

CONMED Co. (NYSE:CNMD - Get Free Report) saw a significant growth in short interest in May. As of May 15th, there was short interest totalling 3,660,000 shares, a growth of 5.2% from the April 30th total of 3,480,000 shares. Based on an average trading volume of 520,800 shares, the short-interest ratio is presently 7.0 days.

Analysts Set New Price Targets

CNMD has been the subject of a number of analyst reports. JPMorgan Chase & Co. dropped their target price on shares of CONMED from $115.00 to $75.00 and set an "overweight" rating for the company in a report on Thursday, April 25th. Piper Sandler dropped their target price on shares of CONMED from $100.00 to $95.00 and set an "overweight" rating for the company in a report on Thursday, April 25th. Needham & Company LLC reissued a "buy" rating and issued a $107.00 price target on shares of CONMED in a research note on Monday, May 6th. Finally, Wells Fargo & Company decreased their price target on shares of CONMED from $98.00 to $77.00 and set an "equal weight" rating for the company in a research note on Thursday, April 25th. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, CONMED presently has a consensus rating of "Moderate Buy" and a consensus price target of $102.50.

CONMED Trading Up 0.7 %

CNMD stock traded up $0.52 during trading on Tuesday, reaching $77.70. The company had a trading volume of 247,691 shares, compared to its average volume of 559,389. CONMED has a 52 week low of $61.05 and a 52 week high of $138.47. The company has a market cap of $2.39 billion, a P/E ratio of 29.77, a PEG ratio of 0.73 and a beta of 1.43. The business has a 50 day moving average of $74.03 and a 200 day moving average of $88.57. The company has a debt-to-equity ratio of 1.16, a current ratio of 2.18 and a quick ratio of 1.08.

CONMED (NYSE:CNMD - Get Free Report) last announced its earnings results on Wednesday, April 24th. The company reported $0.79 earnings per share for the quarter, beating analysts' consensus estimates of $0.74 by $0.05. CONMED had a net margin of 6.53% and a return on equity of 13.78%. The business had revenue of $312.27 million during the quarter, compared to the consensus estimate of $307.06 million. As a group, sell-side analysts forecast that CONMED will post 4.3 earnings per share for the current fiscal year.

CONMED Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 5th. Shareholders of record on Friday, June 14th will be paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.03%. The ex-dividend date of this dividend is Friday, June 14th. CONMED's dividend payout ratio is 30.65%.

Insider Buying and Selling

In other CONMED news, COO Pat Beyer purchased 3,000 shares of the business's stock in a transaction on Tuesday, April 30th. The stock was acquired at an average cost of $68.30 per share, for a total transaction of $204,900.00. Following the completion of the transaction, the chief operating officer now directly owns 10,807 shares in the company, valued at approximately $738,118.10. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other CONMED news, COO Pat Beyer purchased 3,000 shares of the business's stock in a transaction on Tuesday, April 30th. The stock was acquired at an average cost of $68.30 per share, for a total transaction of $204,900.00. Following the completion of the transaction, the chief operating officer now directly owns 10,807 shares in the company, valued at approximately $738,118.10. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Martha Goldberg Aronson purchased 2,000 shares of the business's stock in a transaction on Monday, May 6th. The shares were acquired at an average price of $70.98 per share, with a total value of $141,960.00. Following the completion of the transaction, the director now owns 2,000 shares of the company's stock, valued at $141,960. The disclosure for this purchase can be found here. Over the last ninety days, insiders purchased 6,442 shares of company stock worth $446,733. Corporate insiders own 6.80% of the company's stock.

Hedge Funds Weigh In On CONMED

Institutional investors and hedge funds have recently made changes to their positions in the business. GAMMA Investing LLC bought a new position in shares of CONMED during the fourth quarter valued at approximately $40,000. Principal Securities Inc. purchased a new stake in shares of CONMED during the fourth quarter valued at approximately $46,000. Headlands Technologies LLC purchased a new stake in shares of CONMED during the third quarter valued at approximately $64,000. AdvisorNet Financial Inc grew its holdings in shares of CONMED by 70.6% during the first quarter. AdvisorNet Financial Inc now owns 1,800 shares of the company's stock valued at $144,000 after buying an additional 745 shares during the last quarter. Finally, Quadrant Capital Group LLC grew its holdings in shares of CONMED by 44.2% during the fourth quarter. Quadrant Capital Group LLC now owns 1,631 shares of the company's stock valued at $179,000 after buying an additional 500 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.