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

Shares of CONMED Co. (NYSE:CNMD) gapped down before the market opened on Thursday after Wells Fargo & Company lowered their price target on the stock from $74.00 to $70.00. The stock had previously closed at $74.00, but opened at $70.11. Wells Fargo & Company currently has an equal weight rating on the stock. CONMED shares last traded at $72.97, with a volume of 106,823 shares traded.

A number of other research firms have also commented on CNMD. JPMorgan Chase & Co. lowered CONMED from an “overweight” rating to a “neutral” rating and cut their price objective for the stock from $85.00 to $70.00 in a research note on Thursday. Needham & Company LLC dropped their price target on shares of CONMED from $97.00 to $91.00 and set a “buy” rating on the stock in a research report on Thursday. Finally, StockNews.com cut shares of CONMED from a “buy” rating to a “hold” rating in a research report on Friday, November 8th. Three analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $77.20.

Hedge Funds Weigh In On CONMED

Institutional investors have recently added to or reduced their stakes in the business. Nordea Investment Management AB increased its stake in shares of CONMED by 31.5% in the 4th quarter. Nordea Investment Management AB now owns 73,587 shares of the company’s stock valued at $5,141,000 after acquiring an additional 17,633 shares in the last quarter. Avity Investment Management Inc. acquired a new stake in CONMED in the fourth quarter worth $278,000. Intech Investment Management LLC increased its stake in CONMED by 177.6% in the third quarter. Intech Investment Management LLC now owns 15,922 shares of the company’s stock valued at $1,145,000 after purchasing an additional 10,187 shares in the last quarter. Millrace Asset Group Inc. acquired a new position in shares of CONMED during the third quarter valued at about $1,665,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of CONMED by 1.7% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 67,062 shares of the company’s stock worth $4,823,000 after purchasing an additional 1,095 shares in the last quarter.

CONMED Stock Performance

The company has a market capitalization of $2.08 billion, a price-to-earnings ratio of 16.02, a P/E/G ratio of 1.04 and a beta of 1.46. The company has a 50 day moving average price of $70.53 and a 200 day moving average price of $70.20. The company has a debt-to-equity ratio of 1.01, a quick ratio of 1.06 and a current ratio of 2.27.

CONMED (NYSE:CNMD) last announced its quarterly earnings data on Wednesday, February 5th. The company reported $1.34 EPS for the quarter, beating analysts’ consensus estimates of $1.20 by $0.14. CONMED had a return on equity of 13.84% and a net margin of 10.23%. Equities research analysts predict that CONMED Co. will post 4.03 earnings per share for the current fiscal year.

CONMED Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, January 3rd. Shareholders of record on Friday, December 20th were paid a dividend of $0.20 per share. The ex-dividend date was Friday, December 20th. This represents a $0.80 dividend on an annualized basis and a yield of 1.19%. CONMED’s dividend payout ratio (DPR) is presently 19.00%.

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.