Analysts Set CONMED Co. (CNMD) Target Price at $90.00

CONMED Co. (NASDAQ:CNMD) has been given a consensus recommendation of “Buy” by the six ratings firms that are covering the company, MarketBeat reports. One analyst has rated the stock with a hold recommendation and five have given a buy recommendation to the company. The average twelve-month target price among brokerages that have covered the stock in the last year is $91.00.

Several equities research analysts have issued reports on the company. Needham & Company LLC reaffirmed a “buy” rating and set a $79.00 price target (down previously from $86.00) on shares of CONMED in a research note on Wednesday, January 23rd. Zacks Investment Research raised CONMED from a “hold” rating to a “buy” rating and set a $93.00 price target for the company in a research note on Monday, April 15th. BidaskClub raised CONMED from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, March 27th. Finally, Barclays assumed coverage on CONMED in a research note on Tuesday, February 19th. They set an “overweight” rating and a $85.00 price target for the company.

CNMD stock traded down $0.38 during mid-day trading on Wednesday, hitting $79.04. 2,242 shares of the stock were exchanged, compared to its average volume of 234,307. The company has a quick ratio of 1.37, a current ratio of 2.33 and a debt-to-equity ratio of 0.66. CONMED has a 12 month low of $56.90 and a 12 month high of $84.38. The firm has a market cap of $2.24 billion, a P/E ratio of 36.43, a price-to-earnings-growth ratio of 2.82 and a beta of 0.67.

CONMED (NASDAQ:CNMD) last issued its quarterly earnings results on Tuesday, January 22nd. The medical technology company reported $0.73 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.73. CONMED had a return on equity of 9.65% and a net margin of 4.75%. The firm had revenue of $242.40 million during the quarter, compared to analyst estimates of $228.40 million. During the same quarter in the previous year, the company posted $0.69 earnings per share. The company’s revenue was up 8.9% compared to the same quarter last year. As a group, research analysts expect that CONMED will post 2.45 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Friday, April 5th. Stockholders of record on Friday, March 15th were paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.01%. The ex-dividend date of this dividend was Thursday, March 14th. CONMED’s dividend payout ratio (DPR) is presently 36.70%.

In other news, Director Dirk Kuyper sold 2,000 shares of the business’s stock in a transaction dated Monday, April 8th. The stock was sold at an average price of $83.39, for a total value of $166,780.00. Following the completion of the sale, the director now owns 13,906 shares of the company’s stock, valued at approximately $1,159,621.34. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Peter K. Shagory sold 4,000 shares of the business’s stock in a transaction dated Thursday, January 31st. The shares were sold at an average price of $69.29, for a total value of $277,160.00. Following the completion of the sale, the executive vice president now directly owns 5,155 shares of the company’s stock, valued at approximately $357,189.95. The disclosure for this sale can be found here. In the last three months, insiders sold 9,000 shares of company stock valued at $677,250. 4.38% of the stock is currently owned by corporate insiders.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Financial Gravity Companies Inc. purchased a new position in shares of CONMED during the 4th quarter worth approximately $45,000. First Quadrant L P CA purchased a new stake in shares of CONMED in the 4th quarter worth approximately $78,000. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. grew its stake in shares of CONMED by 35.2% in the 4th quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 1,742 shares of the medical technology company’s stock worth $106,000 after buying an additional 454 shares during the last quarter. Quantamental Technologies LLC purchased a new stake in shares of CONMED in the 4th quarter worth approximately $161,000. Finally, Wendell David Associates Inc. purchased a new stake in shares of CONMED in the 1st quarter worth approximately $218,000. 96.69% of the stock is owned by institutional investors and hedge funds.

About CONMED

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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