CONMED (NYSE:CNMD) Shares Gap Down on Analyst Downgrade

CONMED Co. (NYSE:CNMD) shares gapped down before the market opened on Thursday after JPMorgan Chase & Co. lowered their price target on the stock from $115.00 to $75.00. The stock had previously closed at $70.01, but opened at $63.37. JPMorgan Chase & Co. currently has an overweight rating on the stock. CONMED shares last traded at $64.35, with a volume of 469,350 shares changing hands.

A number of other equities research analysts also recently weighed in on the company. Piper Sandler lowered their price target on CONMED from $100.00 to $95.00 and set an “overweight” rating for the company in a report on Thursday. Wells Fargo & Company reduced their price target on CONMED from $98.00 to $77.00 and set an “equal weight” rating for the company in a research report on Thursday. Finally, Needham & Company LLC cut their price objective on CONMED from $129.00 to $107.00 and set a “buy” rating for the company in a report on Thursday. Two analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, CONMED has an average rating of “Moderate Buy” and an average price target of $107.86.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. Oak Family Advisors LLC increased its position in CONMED by 21.4% in the 1st quarter. Oak Family Advisors LLC now owns 7,951 shares of the company’s stock worth $637,000 after purchasing an additional 1,401 shares during the last quarter. Fifth Third Bancorp increased its position in CONMED by 3.9% in the 1st quarter. Fifth Third Bancorp now owns 18,051 shares of the company’s stock worth $1,446,000 after purchasing an additional 672 shares during the last quarter. Raymond James & Associates increased its position in CONMED by 5.3% in the 1st quarter. Raymond James & Associates now owns 84,635 shares of the company’s stock worth $6,778,000 after purchasing an additional 4,231 shares during the last quarter. AMI Asset Management Corp increased its position in CONMED by 31.1% in the 1st quarter. AMI Asset Management Corp now owns 55,728 shares of the company’s stock worth $4,463,000 after purchasing an additional 13,204 shares during the last quarter. Finally, Diversified Trust Co increased its position in CONMED by 69.3% in the 1st quarter. Diversified Trust Co now owns 10,991 shares of the company’s stock worth $880,000 after purchasing an additional 4,500 shares during the last quarter.

CONMED Stock Performance

The company has a current ratio of 1.98, a quick ratio of 0.96 and a debt-to-equity ratio of 1.17. The firm has a 50-day simple moving average of $78.06 and a two-hundred day simple moving average of $93.44. The company has a market capitalization of $2.03 billion, a price-to-earnings ratio of 25.21, a price-to-earnings-growth ratio of 0.63 and a beta of 1.33.

CONMED (NYSE:CNMD) last issued its quarterly earnings data on Wednesday, April 24th. The company reported $0.79 EPS for the quarter, beating analysts’ consensus estimates of $0.74 by $0.05. The business had revenue of $312.27 million for the quarter, compared to analyst estimates of $307.06 million. CONMED had a return on equity of 13.99% and a net margin of 6.53%. As a group, sell-side analysts forecast that CONMED Co. will post 4.34 earnings per share for the current fiscal year.

CONMED Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, April 5th. Investors of record on Friday, March 15th were paid a dividend of $0.20 per share. The ex-dividend date was Thursday, March 14th. This represents a $0.80 annualized dividend and a yield of 1.22%. CONMED’s payout ratio is 30.65%.

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.