CONMED (NYSE:CNMD) Reaches New 12-Month Low – Here’s What Happened

Shares of CONMED Co. (NYSE:CNMD) reached a new 52-week low during trading on Wednesday . The company traded as low as $47.89 and last traded at $48.49, with a volume of 481410 shares changing hands. The stock had previously closed at $50.98.

Analyst Ratings Changes

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

CONMED Trading Up 1.0 %

The business’s 50-day simple moving average is $58.69 and its 200-day simple moving average is $65.84. The company has a market cap of $1.50 billion, a PE ratio of 11.45, a P/E/G ratio of 1.83 and a beta of 1.28. The company has a current ratio of 2.30, a quick ratio of 1.06 and a debt-to-equity ratio of 0.94.

CONMED (NYSE:CNMD) last posted its quarterly earnings results on Wednesday, February 5th. The company reported $1.34 earnings per share for the quarter, topping analysts’ consensus estimates of $1.20 by $0.14. CONMED had a net margin of 10.13% and a return on equity of 14.31%. As a group, analysts expect that CONMED Co. will post 4.35 EPS for the current fiscal year.

CONMED Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, April 4th. Stockholders of record on Friday, March 14th were issued a dividend of $0.20 per share. The ex-dividend date of this dividend was Friday, March 14th. This represents a $0.80 annualized dividend and a dividend yield of 1.65%. CONMED’s dividend payout ratio is 18.87%.

Institutional Trading of CONMED

A number of institutional investors have recently added to or reduced their stakes in the business. GAMMA Investing LLC raised its holdings in shares of CONMED by 93.6% during the 4th quarter. GAMMA Investing LLC now owns 726 shares of the company’s stock valued at $50,000 after purchasing an additional 351 shares in the last quarter. Aquatic Capital Management LLC acquired a new position in CONMED during the fourth quarter worth $82,000. Pacer Advisors Inc. raised its holdings in CONMED by 41.4% during the fourth quarter. Pacer Advisors Inc. now owns 1,656 shares of the company’s stock valued at $113,000 after buying an additional 485 shares in the last quarter. Smartleaf Asset Management LLC lifted its position in shares of CONMED by 19.6% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,962 shares of the company’s stock worth $136,000 after buying an additional 322 shares during the last quarter. Finally, CIBC Asset Management Inc bought a new stake in shares of CONMED during the 4th quarter worth about $210,000.

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.