CONMED Co. Plans Quarterly Dividend of $0.20 (NYSE:CNMD)

CONMED Co. (NYSE:CNMD) announced a quarterly dividend on Monday, August 12th, Wall Street Journal reports. Stockholders of record on Monday, September 16th will be given a dividend of 0.20 per share on Friday, October 4th. This represents a $0.80 annualized dividend and a dividend yield of 1.22%. The ex-dividend date is Monday, September 16th.

CONMED has a dividend payout ratio of 16.3% meaning its dividend is sufficiently covered by earnings. Equities analysts expect CONMED to earn $5.40 per share next year, which means the company should continue to be able to cover its $0.80 annual dividend with an expected future payout ratio of 14.8%.

CONMED Price Performance

NYSE CNMD traded down $0.45 during trading hours on Tuesday, reaching $65.59. 20,131 shares of the stock traded hands, compared to its average volume of 526,140. The stock has a 50 day simple moving average of $69.60 and a two-hundred day simple moving average of $75.07. CONMED has a 1 year low of $61.05 and a 1 year high of $117.27. The company has a debt-to-equity ratio of 1.16, a current ratio of 2.18 and a quick ratio of 1.08. The company has a market cap of $2.02 billion, a price-to-earnings ratio of 25.30, a price-to-earnings-growth ratio of 0.67 and a beta of 1.42.

CONMED (NYSE:CNMD) last issued its quarterly earnings results on Wednesday, July 31st. The company reported $0.98 EPS for the quarter, beating analysts’ consensus estimates of $0.92 by $0.06. CONMED had a net margin of 7.73% and a return on equity of 14.12%. The business had revenue of $332.10 million for the quarter, compared to analysts’ expectations of $334.39 million. During the same period last year, the business earned $0.83 earnings per share. The business’s quarterly revenue was up 4.5% on a year-over-year basis. On average, analysts predict that CONMED will post 3.99 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on CNMD shares. JPMorgan Chase & Co. decreased their price target on CONMED from $115.00 to $75.00 and set an “overweight” rating on the stock in a research note on Thursday, April 25th. Stifel Nicolaus dropped their price target on shares of CONMED from $88.00 to $76.00 and set a “buy” rating for the company in a research report on Thursday, August 1st. Piper Sandler lowered their price objective on shares of CONMED from $95.00 to $80.00 and set an “overweight” rating for the company in a research note on Thursday, August 1st. Needham & Company LLC reduced their price target on CONMED from $106.00 to $97.00 and set a “buy” rating on the stock in a report on Thursday, August 1st. Finally, Wells Fargo & Company cut their price objective on CONMED from $77.00 to $71.00 and set an “equal weight” rating on the stock in a research report on Thursday, August 1st. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, CONMED presently has an average rating of “Moderate Buy” and a consensus target price of $79.80.

Insider Buying and Selling at CONMED

In other news, insider Stanley W. Peters III sold 4,000 shares of the firm’s stock in a transaction that occurred on Friday, June 14th. The stock was sold at an average price of $71.82, for a total value of $287,280.00. Following the completion of the transaction, the insider now owns 63 shares in the company, valued at approximately $4,524.66. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 6.80% of the company’s stock.

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.