CONMED (NYSE:CNMD) Reaches New 1-Year Low – Here’s Why

CONMED Co. (NYSE:CNMD)’s stock price hit a new 52-week low on Thursday . The company traded as low as $60.74 and last traded at $60.88, with a volume of 140959 shares traded. The stock had previously closed at $63.02.

Analysts Set New Price Targets

CNMD has been the topic of a number of research reports. Wells Fargo & Company dropped their price target on CONMED from $74.00 to $70.00 and set an “equal weight” rating on the stock in a research note on Thursday, February 6th. Stifel Nicolaus boosted their price target on CONMED from $72.00 to $75.00 and gave the stock a “buy” rating in a report on Thursday, February 6th. StockNews.com lowered CONMED from a “buy” rating to a “hold” rating in a research note on Friday, November 8th. JPMorgan Chase & Co. downgraded shares of CONMED from an “overweight” rating to a “neutral” rating and reduced their target price for the stock from $85.00 to $70.00 in a report on Thursday, February 6th. Finally, Needham & Company LLC reduced their target price on shares of CONMED from $97.00 to $91.00 and set a “buy” rating on the stock in a research note on Thursday, February 6th. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, CONMED currently has an average rating of “Moderate Buy” and an average target price of $77.20.

CONMED Stock Down 0.5 %

The company has a market capitalization of $1.89 billion, a price-to-earnings ratio of 14.38, a P/E/G ratio of 1.83 and a beta of 1.46. The business’s 50-day moving average is $68.30 and its 200-day moving average is $69.74. The company has a quick ratio of 1.06, a current ratio of 2.30 and a debt-to-equity ratio of 0.94.

CONMED (NYSE:CNMD) last announced its earnings results on Wednesday, February 5th. The company reported $1.34 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.20 by $0.14. CONMED had a net margin of 10.13% and a return on equity of 14.31%. As a group, equities analysts predict that CONMED Co. will post 4.35 earnings per share for the current year.

CONMED Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, January 3rd. Investors of record on Friday, December 20th were paid a dividend of $0.20 per share. The ex-dividend date of this dividend was Friday, December 20th. This represents a $0.80 annualized dividend and a yield of 1.31%. CONMED’s dividend payout ratio is presently 18.87%.

Hedge Funds Weigh In On CONMED

Institutional investors have recently bought and sold shares of the company. GAMMA Investing LLC grew its position in CONMED by 93.6% in the fourth quarter. GAMMA Investing LLC now owns 726 shares of the company’s stock worth $50,000 after acquiring an additional 351 shares during the period. Aquatic Capital Management LLC acquired a new position in CONMED in the fourth quarter valued at about $82,000. CWM LLC boosted its stake in CONMED by 36.1% during the third quarter. CWM LLC now owns 1,251 shares of the company’s stock worth $90,000 after buying an additional 332 shares during the period. Pacer Advisors Inc. increased its position in shares of CONMED by 41.4% during the fourth quarter. Pacer Advisors Inc. now owns 1,656 shares of the company’s stock valued at $113,000 after acquiring an additional 485 shares during the last quarter. Finally, Smartleaf Asset Management LLC raised its stake in shares of CONMED by 19.6% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,962 shares of the company’s stock valued at $136,000 after acquiring an additional 322 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.