CONMED (NYSE:CNMD) Sets New 1-Year Low – What’s Next?

Shares of CONMED Co. (NYSE:CNMD) hit a new 52-week low during mid-day trading on Friday . The stock traded as low as $54.97 and last traded at $56.49, with a volume of 56503 shares traded. The stock had previously closed at $57.90.

Wall Street Analyst Weigh In

CNMD has been the subject of a number of research analyst reports. Needham & Company LLC cut their target price 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. Wells Fargo & Company cut their price objective on CONMED from $74.00 to $70.00 and set an “equal weight” rating for the company in a report on Thursday, February 6th. Stifel Nicolaus increased their target price on CONMED from $72.00 to $75.00 and gave the company a “buy” rating in a report on Thursday, February 6th. Finally, JPMorgan Chase & Co. downgraded CONMED from an “overweight” rating to a “neutral” rating and cut their price target for the company from $85.00 to $70.00 in a research note on Thursday, February 6th. Three equities 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, CONMED presently has a consensus rating of “Moderate Buy” and an average price target of $77.20.

CONMED Trading Down 2.9 %

The company has a market capitalization of $1.74 billion, a P/E ratio of 13.26, a PEG ratio of 1.83 and a beta of 1.28. The company has a debt-to-equity ratio of 0.94, a quick ratio of 1.06 and a current ratio of 2.30. The stock has a fifty day moving average of $62.73 and a 200 day moving average of $67.46.

CONMED (NYSE:CNMD) last posted its quarterly earnings data on Wednesday, February 5th. The company reported $1.34 EPS for the quarter, topping the consensus estimate 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, equities research analysts anticipate that CONMED Co. will post 4.35 EPS for the current fiscal year.

CONMED Announces Dividend

The company 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. This represents a $0.80 annualized dividend and a yield of 1.42%. The ex-dividend date was Friday, March 14th. CONMED’s dividend payout ratio is currently 18.87%.

Institutional Trading of CONMED

A number of hedge funds and other institutional investors have recently modified their holdings of CNMD. Vanguard Group Inc. boosted its holdings in CONMED by 1.3% in the 4th quarter. Vanguard Group Inc. now owns 3,574,420 shares of the company’s stock worth $244,633,000 after buying an additional 44,777 shares during the period. Earnest Partners LLC lifted its position in shares of CONMED by 0.9% in the fourth quarter. Earnest Partners LLC now owns 2,810,176 shares of the company’s stock valued at $192,328,000 after acquiring an additional 25,876 shares in the last quarter. Capital Research Global Investors boosted its stake in shares of CONMED by 2.1% in the fourth quarter. Capital Research Global Investors now owns 1,577,172 shares of the company’s stock worth $107,942,000 after acquiring an additional 32,630 shares during the period. Silvercrest Asset Management Group LLC purchased a new stake in shares of CONMED during the fourth quarter worth about $68,489,000. Finally, Fuller & Thaler Asset Management Inc. bought a new stake in CONMED during the 4th quarter valued at approximately $59,046,000.

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.