CONMED (NYSE:CNMD) Reaches New 1-Year Low – Here’s Why

CONMED Co. (NYSE:CNMD) shares reached a new 52-week low during mid-day trading on Thursday . The stock traded as low as $59.42 and last traded at $59.75, with a volume of 165605 shares traded. The stock had previously closed at $61.42.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on CNMD shares. Needham & Company LLC cut their price objective on shares of CONMED from $97.00 to $91.00 and set a “buy” rating for the company in a research report on Thursday, February 6th. StockNews.com downgraded CONMED from a “buy” rating to a “hold” rating in a report on Friday, November 8th. Stifel Nicolaus boosted their price objective on shares of CONMED from $72.00 to $75.00 and gave the company a “buy” rating in a report on Thursday, February 6th. Wells Fargo & Company reduced their price objective on shares of CONMED from $74.00 to $70.00 and set an “equal weight” rating on the stock in a research report on Thursday, February 6th. Finally, JPMorgan Chase & Co. downgraded shares of CONMED from an “overweight” rating to a “neutral” rating and lowered their target price for the company from $85.00 to $70.00 in a research note on Thursday, February 6th. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $77.20.

CONMED Stock Performance

The firm’s 50-day moving average is $67.78 and its 200 day moving average is $69.66. The stock has a market cap of $1.83 billion, a PE ratio of 13.99, a P/E/G ratio of 1.83 and a beta of 1.46. The company has a debt-to-equity ratio of 0.94, a quick ratio of 1.06 and a current ratio of 2.30.

CONMED (NYSE:CNMD) last issued its quarterly earnings results on Wednesday, February 5th. The company reported $1.34 earnings per share (EPS) for the quarter, topping 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%. As a group, research analysts anticipate that CONMED Co. will post 4.35 EPS for the current year.

CONMED Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, April 4th. Shareholders of record on Friday, March 14th will be paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 1.35%. The ex-dividend date of this dividend is Friday, March 14th. CONMED’s payout ratio is currently 18.87%.

Hedge Funds Weigh In On CONMED

A number of large investors have recently made changes to their positions in CNMD. Blue Trust Inc. grew its holdings in shares of CONMED by 4.6% in the 4th quarter. Blue Trust Inc. now owns 3,266 shares of the company’s stock worth $235,000 after purchasing an additional 145 shares during the last quarter. Beverly Hills Private Wealth LLC raised its stake in shares of CONMED by 4.7% during the 4th quarter. Beverly Hills Private Wealth LLC now owns 3,762 shares of the company’s stock worth $257,000 after purchasing an additional 168 shares in the last quarter. Summit Investment Advisors Inc. increased its holdings in shares of CONMED by 6.8% during the 4th quarter. Summit Investment Advisors Inc. now owns 3,228 shares of the company’s stock worth $221,000 after acquiring an additional 205 shares during the last quarter. HighTower Advisors LLC increased its position in CONMED by 4.1% during the third quarter. HighTower Advisors LLC now owns 7,056 shares of the company’s stock worth $512,000 after acquiring an additional 275 shares during the period. Finally, QRG Capital Management Inc. increased its holdings in CONMED by 5.0% in the 3rd quarter. QRG Capital Management Inc. now owns 5,827 shares of the company’s stock valued at $419,000 after buying an additional 280 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.