CONMED Co. (NASDAQ:CNMD) announced a quarterly dividend on Friday, August 2nd, RTT News reports. Shareholders of record on Friday, September 13th will be given a dividend of 0.20 per share by the medical technology company on Monday, October 7th. This represents a $0.80 dividend on an annualized basis and a yield of 0.81%. The ex-dividend date is Thursday, September 12th.
CONMED has a dividend payout ratio of 36.9% meaning its dividend is sufficiently covered by earnings. Research analysts expect CONMED to earn $2.98 per share next year, which means the company should continue to be able to cover its $0.80 annual dividend with an expected future payout ratio of 26.8%.
Shares of CNMD stock opened at $99.37 on Wednesday. The firm has a 50 day moving average of $95.13 and a two-hundred day moving average of $85.26. The stock has a market capitalization of $2.78 billion, a PE ratio of 45.58, a P/E/G ratio of 2.59 and a beta of 0.54. The company has a quick ratio of 1.44, a current ratio of 2.55 and a debt-to-equity ratio of 1.14. CONMED has a 52 week low of $56.90 and a 52 week high of $102.56.
In other news, VP Johonna Marie Pelletier sold 453 shares of the stock in a transaction dated Thursday, August 8th. The stock was sold at an average price of $94.93, for a total value of $43,003.29. Following the transaction, the vice president now owns 3,965 shares in the company, valued at approximately $376,397.45. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Dirk Kuyper sold 11,614 shares of the stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $91.10, for a total value of $1,058,035.40. Following the completion of the transaction, the director now owns 10,396 shares in the company, valued at approximately $947,075.60. The disclosure for this sale can be found here. Insiders sold a total of 26,446 shares of company stock worth $2,354,968 over the last 90 days. Company insiders own 4.38% of the company’s stock.
Several research analysts recently commented on the company. Piper Jaffray Companies raised CONMED from a “neutral” rating to an “overweight” rating and boosted their target price for the stock from $88.00 to $110.00 in a research note on Thursday, August 22nd. Zacks Investment Research raised CONMED from a “hold” rating to a “buy” rating and set a $98.00 price target on the stock in a research report on Friday, August 2nd. BidaskClub downgraded CONMED from a “strong-buy” rating to a “buy” rating in a research report on Friday, September 6th. Stifel Nicolaus upped their target price on shares of CONMED from $97.00 to $99.00 and gave the stock a “buy” rating in a research note on Thursday, August 1st. Finally, Barclays upped their target price on shares of CONMED from $96.00 to $105.00 and gave the stock an “overweight” rating in a research note on Thursday, August 1st. Six research analysts have rated the stock with a buy rating, CONMED presently has a consensus rating of “Buy” and an average price target of $101.20.
CONMED Company Profile
CONMED Corporation, a medical technology company, develops, manufactures, and sells surgical devices and related equipment for minimally invasive procedures worldwide. The company offers orthopedic surgery products, including sports medicine products comprising powered resection instruments, arthroscopes, reconstructive systems, tissue repair sets, and metal and bioabsorbable implants, as well as related disposable products and fluid management systems; powered surgical instruments for use in bone orthopedic, arthroscopic, oral/maxillofacial, podiatric, plastic, ENT, neurological, spinal, and cardiothoracic surgeries; sports biologics and tissue products; and surgical visualization products.
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