Brokerages Set CONMED Co. (NYSE:CNMD) Target Price at $79.80

Shares of CONMED Co. (NYSE:CNMD) have been given an average recommendation of “Moderate Buy” by the five brokerages that are covering the company, Marketbeat Ratings reports. One research analyst has rated the stock with a hold recommendation and four have assigned a buy recommendation to the company. The average 1 year price objective among brokerages that have covered the stock in the last year is $79.80.

Several equities research analysts recently weighed in on CNMD shares. Stifel Nicolaus dropped their price objective on shares of CONMED from $88.00 to $76.00 and set a “buy” rating on the stock in a research note on Thursday, August 1st. Needham & Company LLC cut their target price on shares of CONMED from $106.00 to $97.00 and set a “buy” rating for the company in a research note on Thursday, August 1st. Piper Sandler decreased their price target on CONMED from $95.00 to $80.00 and set an “overweight” rating for the company in a research report on Thursday, August 1st. StockNews.com upgraded shares of CONMED from a “hold” rating to a “buy” rating in a research report on Thursday, September 5th. Finally, Wells Fargo & Company lowered their target price on CONMED from $77.00 to $71.00 and set an “equal weight” rating on the stock in a research note on Thursday, August 1st.

Institutional Investors Weigh In On CONMED

A number of large investors have recently added to or reduced their stakes in CNMD. 1620 Investment Advisors Inc. acquired a new stake in CONMED during the second quarter worth about $39,000. Innealta Capital LLC acquired a new stake in shares of CONMED during the second quarter worth $41,000. Principal Securities Inc. acquired a new position in CONMED during the fourth quarter valued at approximately $46,000. Hilltop National Bank grew its holdings in shares of CONMED by 31.0% in the 2nd quarter. Hilltop National Bank now owns 825 shares of the company’s stock valued at $57,000 after buying an additional 195 shares during the period. Finally, CWM LLC grew its stake in CONMED by 224.7% in the second quarter. CWM LLC now owns 919 shares of the company’s stock valued at $64,000 after acquiring an additional 636 shares during the period.

CONMED Stock Performance

Shares of CNMD stock opened at $75.50 on Thursday. The company’s fifty day simple moving average is $70.98 and its 200-day simple moving average is $72.50. The company has a current ratio of 2.34, a quick ratio of 1.13 and a debt-to-equity ratio of 1.09. CONMED has a 52 week low of $61.05 and a 52 week high of $117.27. The company has a market cap of $2.33 billion, a PE ratio of 28.93, a P/E/G ratio of 0.95 and a beta of 1.46.

CONMED (NYSE:CNMD) last issued its quarterly earnings results on Wednesday, July 31st. The company reported $0.98 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.92 by $0.06. CONMED had a net margin of 7.73% and a return on equity of 13.89%. The business had revenue of $332.10 million during the quarter, compared to analyst estimates of $334.39 million. During the same quarter in the previous year, the firm earned $0.83 earnings per share. The business’s revenue was up 4.5% compared to the same quarter last year. As a group, equities research analysts anticipate that CONMED will post 3.99 EPS for the current year.

CONMED Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 4th. Shareholders of record on Monday, September 16th will be issued a dividend of $0.20 per share. The ex-dividend date of this dividend is Monday, September 16th. This represents a $0.80 annualized dividend and a yield of 1.06%. CONMED’s dividend payout ratio (DPR) is currently 30.65%.

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.