CONMED (NYSE:CNMD) Cut to “Hold” at Stifel Nicolaus

Stifel Nicolaus cut shares of CONMED (NYSE:CNMD) from a buy rating to a hold rating in a report published on Monday, Marketbeat Ratings reports. Stifel Nicolaus currently has $55.00 price target on the stock, down from their previous price target of $75.00.

A number of other brokerages have also recently commented on CNMD. Wells Fargo & Company dropped their price target on shares of CONMED from $74.00 to $70.00 and set an “equal weight” rating on the stock in a research note on Thursday, February 6th. JPMorgan Chase & Co. downgraded CONMED from an “overweight” rating to a “neutral” rating and dropped their target price for the stock from $85.00 to $70.00 in a research report on Thursday, February 6th. Finally, Needham & Company LLC cut their price target on CONMED from $97.00 to $91.00 and set a “buy” rating for the company in a report on Thursday, February 6th. Four research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, CONMED has an average rating of “Hold” and a consensus price target of $73.20.

CONMED Price Performance

Shares of NYSE CNMD opened at $48.91 on Monday. The company has a current ratio of 2.30, a quick ratio of 1.06 and a debt-to-equity ratio of 0.94. The stock has a fifty day simple moving average of $56.30 and a two-hundred day simple moving average of $64.88. CONMED has a 1-year low of $46.00 and a 1-year high of $78.58. The firm has a market cap of $1.51 billion, a price-to-earnings ratio of 11.54, a price-to-earnings-growth ratio of 1.83 and a beta of 1.28.

CONMED (NYSE:CNMD) last announced its quarterly earnings data on Wednesday, April 30th. The company reported $0.95 earnings per share for the quarter, topping the consensus estimate of $0.81 by $0.14. The company had revenue of $321.26 million during the quarter, compared to analyst estimates of $313.38 million. CONMED had a return on equity of 14.31% and a net margin of 10.13%. The firm’s revenue for the quarter was up 2.9% on a year-over-year basis. During the same quarter last year, the firm posted $0.79 EPS. Analysts anticipate that CONMED will post 4.35 earnings per share for the current year.

CONMED Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, April 4th. Shareholders of record on Friday, March 14th were issued a $0.20 dividend. The ex-dividend date was Friday, March 14th. This represents a $0.80 annualized dividend and a dividend yield of 1.64%. CONMED’s payout ratio is currently 18.87%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Silvercrest Asset Management Group LLC purchased a new position in CONMED in the 4th quarter worth approximately $68,489,000. Fuller & Thaler Asset Management Inc. bought a new stake in shares of CONMED during the 4th quarter worth $59,046,000. Neuberger Berman Group LLC bought a new position in CONMED in the fourth quarter valued at $21,395,000. Raymond James Financial Inc. purchased a new stake in CONMED during the fourth quarter valued at about $18,248,000. Finally, Fisher Asset Management LLC lifted its stake in CONMED by 41.4% during the fourth quarter. Fisher Asset Management LLC now owns 417,430 shares of the company’s stock worth $28,569,000 after purchasing an additional 122,140 shares during 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.