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 research note released on Thursday.

CNMD has been the topic of a number of other research reports. Piper Sandler reduced their price target on CONMED from $95.00 to $80.00 and set an overweight rating on the stock in a report on Thursday, August 1st. Stifel Nicolaus reduced their target price on 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 dropped their price target on CONMED from $106.00 to $97.00 and set a buy rating for the company in a research note on Thursday, August 1st. Finally, Wells Fargo & Company cut their price target on shares of CONMED from $77.00 to $71.00 and set an equal weight rating on the stock in a report on Thursday, August 1st. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, CONMED presently has an average rating of Moderate Buy and an average price target of $79.80.

CONMED Stock Performance

Shares of CNMD stock opened at $74.17 on Thursday. The company has a market capitalization of $2.28 billion, a P/E ratio of 28.42, a PEG ratio of 0.95 and a beta of 1.46. CONMED has a fifty-two week low of $61.05 and a fifty-two week high of $117.27. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.13 and a current ratio of 2.34. The stock has a 50 day moving average price of $69.32 and a two-hundred day moving average price of $73.10.

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

CONMED Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, October 4th. Investors of record on Monday, September 16th will be given 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 dividend yield of 1.08%. CONMED’s dividend payout ratio is presently 30.65%.

Insider Buying and Selling

In other CONMED news, insider Stanley W. Peters III sold 4,000 shares of the firm’s stock in a transaction on Friday, June 14th. The stock was sold at an average price of $71.82, for a total transaction of $287,280.00. Following the completion of the transaction, the insider now owns 63 shares of the company’s stock, valued at $4,524.66. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 6.80% of the stock is owned by insiders.

Hedge Funds Weigh In On CONMED

A number of institutional investors and hedge funds have recently made changes to their positions in CNMD. 1620 Investment Advisors Inc. bought a new stake in shares of CONMED in the 2nd quarter worth approximately $39,000. Innealta Capital LLC purchased a new position in CONMED during the second quarter valued at $41,000. Principal Securities Inc. bought a new stake in CONMED in the fourth quarter worth $46,000. Hilltop National Bank grew its stake in shares of CONMED by 31.0% in the second quarter. Hilltop National Bank now owns 825 shares of the company’s stock worth $57,000 after acquiring an additional 195 shares during the last quarter. Finally, CWM LLC increased its holdings in shares of CONMED by 224.7% during the second quarter. CWM LLC now owns 919 shares of the company’s stock valued at $64,000 after acquiring an additional 636 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.