CONMED (NYSE:CNMD) Shares Gap Down on Analyst Downgrade

CONMED Co. (NYSE:CNMD) gapped down before the market opened on Thursday after JPMorgan Chase & Co. lowered their price target on the stock from $115.00 to $75.00. The stock had previously closed at $70.01, but opened at $63.37. JPMorgan Chase & Co. currently has an overweight rating on the stock. CONMED shares last traded at $64.35, with a volume of 469,350 shares.

Several other equities research analysts have also recently weighed in on the company. Piper Sandler cut their target price on CONMED from $100.00 to $95.00 and set an “overweight” rating for the company in a research note on Thursday. Needham & Company LLC cut their target price on CONMED from $129.00 to $107.00 and set a “buy” rating for the company in a research note on Thursday. Finally, Wells Fargo & Company cut their target price on CONMED from $98.00 to $77.00 and set an “equal weight” rating for the company in a research note on Thursday. Two equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $107.86.

Institutional Trading of CONMED

Large investors have recently bought and sold shares of the business. GAMMA Investing LLC acquired a new stake in CONMED during the 4th quarter worth about $40,000. Principal Securities Inc. bought a new position in shares of CONMED during the 4th quarter worth about $46,000. Headlands Technologies LLC bought a new position in shares of CONMED during the 3rd quarter worth about $64,000. AdvisorNet Financial Inc boosted its position in shares of CONMED by 70.6% during the 1st quarter. AdvisorNet Financial Inc now owns 1,800 shares of the company’s stock worth $144,000 after purchasing an additional 745 shares in the last quarter. Finally, Quadrant Capital Group LLC boosted its position in shares of CONMED by 44.2% during the 4th quarter. Quadrant Capital Group LLC now owns 1,631 shares of the company’s stock worth $179,000 after purchasing an additional 500 shares in the last quarter.

CONMED Stock Up 6.3 %

The company has a market cap of $2.03 billion, a P/E ratio of 25.21, a PEG ratio of 0.63 and a beta of 1.33. The stock’s 50-day moving average price is $78.06 and its 200-day moving average price is $93.44. The company has a current ratio of 1.98, a quick ratio of 0.96 and a debt-to-equity ratio of 1.17.

CONMED (NYSE:CNMD) last released its quarterly earnings data on Wednesday, April 24th. The company reported $0.79 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.74 by $0.05. The company had revenue of $312.27 million for the quarter, compared to analysts’ expectations of $307.06 million. CONMED had a net margin of 6.53% and a return on equity of 13.99%. As a group, research analysts forecast that CONMED Co. will post 4.34 EPS for the current year.

CONMED Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 5th. Stockholders of record on Friday, March 15th were given a dividend of $0.20 per share. The ex-dividend date was Thursday, March 14th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.22%. CONMED’s dividend payout ratio (DPR) is presently 30.65%.

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.