CONMED (NYSE:CNMD) Upgraded at StockNews.com

StockNews.com upgraded shares of CONMED (NYSE:CNMD) from a hold rating to a buy rating in a report issued on Wednesday.

Several other analysts also recently weighed in on the company. Stifel Nicolaus dropped their price objective on CONMED from $88.00 to $76.00 and set a buy rating for the company in a research report on Thursday, August 1st. Needham & Company LLC restated a buy rating and issued a $97.00 price target on shares of CONMED in a research note on Friday, October 4th. Wells Fargo & Company lowered their price objective on shares of CONMED from $77.00 to $71.00 and set an equal weight rating for the company in a research report on Thursday, August 1st. Finally, Piper Sandler cut their target price on shares of CONMED from $95.00 to $80.00 and set an overweight rating on the stock in a research report on Thursday, August 1st. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of Moderate Buy and a consensus price target of $79.80.

CONMED Trading Up 3.6 %

Shares of CNMD stock opened at $64.01 on Wednesday. The stock has a market cap of $1.97 billion, a P/E ratio of 20.39, a price-to-earnings-growth ratio of 0.82 and a beta of 1.46. CONMED has a 1 year low of $61.05 and a 1 year high of $117.27. The company has a current ratio of 2.34, a quick ratio of 1.13 and a debt-to-equity ratio of 1.09. The stock has a 50 day simple moving average of $70.31 and a 200 day simple moving average of $71.51.

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

CONMED Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 4th. Investors of record on Monday, September 16th were issued a $0.20 dividend. The ex-dividend date was Monday, September 16th. This represents a $0.80 dividend on an annualized basis and a yield of 1.25%. CONMED’s payout ratio is 25.48%.

Hedge Funds Weigh In On CONMED

A number of hedge funds have recently made changes to their positions in the stock. Earnest Partners LLC lifted its holdings in CONMED by 18.9% in the second quarter. Earnest Partners LLC now owns 2,818,606 shares of the company’s stock valued at $195,386,000 after buying an additional 447,498 shares during the period. Champlain Investment Partners LLC grew its stake in CONMED by 36.1% during the first quarter. Champlain Investment Partners LLC now owns 1,303,060 shares of the company’s stock worth $104,349,000 after purchasing an additional 345,735 shares during the period. Clearbridge Investments LLC bought a new stake in CONMED in the first quarter worth approximately $27,343,000. Deerfield Management Company L.P. Series C increased its holdings in CONMED by 86.7% in the second quarter. Deerfield Management Company L.P. Series C now owns 631,264 shares of the company’s stock worth $43,759,000 after purchasing an additional 293,099 shares in the last quarter. Finally, Cooke & Bieler LP lifted its stake in CONMED by 49.8% in the second quarter. Cooke & Bieler LP now owns 628,621 shares of the company’s stock valued at $43,576,000 after buying an additional 209,064 shares during the period.

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.