CONMED (NYSE:CNMD) Hits New 1-Year Low – Here’s What Happened

Shares of CONMED Co. (NYSE:CNMD) hit a new 52-week low during mid-day trading on Thursday . The company traded as low as $50.95 and last traded at $52.44, with a volume of 203687 shares traded. The stock had previously closed at $56.78.

Analyst Ratings Changes

Several research firms have commented on CNMD. Stifel Nicolaus lifted their target price 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. Wells Fargo & Company dropped their price target on CONMED from $74.00 to $70.00 and set an “equal weight” rating on the stock in a report on Thursday, February 6th. Needham & Company LLC reduced their price objective on CONMED from $97.00 to $91.00 and set a “buy” rating for the company in a research note on Thursday, February 6th. Finally, JPMorgan Chase & Co. cut CONMED from an “overweight” rating to a “neutral” rating and lowered their target price for the stock 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 issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $77.20.

CONMED Trading Down 1.1 %

The company has a debt-to-equity ratio of 0.94, a current ratio of 2.30 and a quick ratio of 1.06. The firm has a fifty day simple moving average of $60.28 and a two-hundred day simple moving average of $66.47. The firm has a market capitalization of $1.60 billion, a P/E ratio of 12.19, a price-to-earnings-growth ratio of 1.83 and a beta of 1.28.

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 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%. On average, equities research analysts anticipate that CONMED Co. will post 4.35 earnings per share for the current fiscal year.

CONMED Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, April 4th. Investors of record on Friday, March 14th were paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.55%. The ex-dividend date was 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. Captrust Financial Advisors lifted its holdings in shares of CONMED by 22.9% in the third quarter. Captrust Financial Advisors now owns 6,251 shares of the company’s stock worth $450,000 after buying an additional 1,164 shares in the last quarter. HighTower Advisors LLC increased its holdings in CONMED by 4.1% during the 3rd 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. Stifel Financial Corp lifted its stake in CONMED by 13.8% in the 3rd quarter. Stifel Financial Corp now owns 30,675 shares of the company’s stock worth $2,206,000 after purchasing an additional 3,712 shares in the last quarter. Public Employees Retirement System of Ohio boosted its holdings in CONMED by 6.6% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 50,760 shares of the company’s stock valued at $3,651,000 after purchasing an additional 3,155 shares during the period. Finally, M&T Bank Corp grew its position in shares of CONMED by 18.3% during the 3rd quarter. M&T Bank Corp now owns 19,070 shares of the company’s stock valued at $1,371,000 after purchasing an additional 2,956 shares in 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.