CONMED (NYSE:CNMD) Upgraded to Buy at StockNews.com

StockNews.com upgraded shares of CONMED (NYSE:CNMD) from a hold rating to a buy rating in a research note issued to investors on Friday morning.

A number of other research analysts also recently issued reports on CNMD. Needham & Company LLC cut their price objective on shares of CONMED from $106.00 to $97.00 and set a buy rating on the stock in a research report on Thursday, August 1st. Piper Sandler cut their price objective 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. Stifel Nicolaus lowered their target price on shares of CONMED from $88.00 to $76.00 and set a buy rating for the company in a research note on Thursday, August 1st. Finally, Wells Fargo & Company lowered their target price on shares of CONMED from $77.00 to $71.00 and set an equal weight rating for the company in a research note on Thursday, August 1st. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of Moderate Buy and a consensus price target of $79.80.

CONMED Trading Down 1.0 %

NYSE CNMD opened at $73.22 on Friday. 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 company has a market capitalization of $2.26 billion, a price-to-earnings ratio of 28.05, a price-to-earnings-growth ratio of 0.95 and a beta of 1.42. The company’s 50-day simple moving average is $68.92 and its two-hundred day simple moving average is $73.28. CONMED has a one year low of $61.05 and a one year high of $117.27.

CONMED (NYSE:CNMD) last posted its 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. CONMED had a net margin of 7.73% and a return on equity of 13.89%. The business had revenue of $332.10 million for the quarter, compared to the consensus estimate of $334.39 million. During the same quarter last year, the firm posted $0.83 EPS. The company’s revenue for the quarter was up 4.5% on a year-over-year basis. Equities analysts forecast that CONMED will post 3.99 EPS for the current fiscal year.

CONMED Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 4th. Shareholders of record on Monday, September 16th will be paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 1.09%. The ex-dividend date is Monday, September 16th. CONMED’s payout ratio is 30.65%.

Insider Buying and Selling at CONMED

In other CONMED news, insider Stanley W. Peters III sold 4,000 shares of CONMED stock in a transaction that occurred on Friday, June 14th. The shares were sold at an average price of $71.82, for a total transaction of $287,280.00. Following the completion of the sale, the insider now directly owns 63 shares in the company, valued at approximately $4,524.66. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 6.80% of the company’s stock.

Hedge Funds Weigh In On CONMED

Several institutional investors have recently made changes to their positions in the company. Clearbridge Investments LLC increased its holdings in shares of CONMED by 23.4% during the 2nd quarter. Clearbridge Investments LLC now owns 421,465 shares of the company’s stock valued at $29,216,000 after purchasing an additional 80,025 shares in the last quarter. Creative Planning increased its holdings in shares of CONMED by 83.6% during the 2nd quarter. Creative Planning now owns 7,136 shares of the company’s stock valued at $495,000 after purchasing an additional 3,250 shares in the last quarter. The Manufacturers Life Insurance Company increased its holdings in shares of CONMED by 7.2% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 17,171 shares of the company’s stock valued at $1,190,000 after purchasing an additional 1,154 shares in the last quarter. Deerfield Management Company L.P. Series C increased its holdings in shares of CONMED by 86.7% during the 2nd quarter. Deerfield Management Company L.P. Series C now owns 631,264 shares of the company’s stock valued at $43,759,000 after purchasing an additional 293,099 shares in the last quarter. Finally, Earnest Partners LLC increased its holdings in shares of CONMED by 18.9% during the 2nd quarter. Earnest Partners LLC now owns 2,818,606 shares of the company’s stock valued at $195,386,000 after purchasing an additional 447,498 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.