CONMED Co. to Issue Quarterly Dividend of $0.20 (NYSE:CNMD)

CONMED Co. (NYSE:CNMD – Get Rating) announced a quarterly dividend on Wednesday, May 24th, Zacks reports. Investors of record on Thursday, June 15th will be given a dividend of 0.20 per share on Wednesday, July 5th. This represents a $0.80 dividend on an annualized basis and a yield of 0.68%. The ex-dividend date of this dividend is Wednesday, June 14th.

CONMED has a dividend payout ratio of 18.6% meaning its dividend is sufficiently covered by earnings. Research analysts expect CONMED to earn $4.31 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 18.6%.

CONMED Price Performance

CNMD stock opened at $117.39 on Friday. The firm has a 50 day moving average of $120.24 and a 200 day moving average of $106.02. The company has a current ratio of 1.90, a quick ratio of 0.86 and a debt-to-equity ratio of 1.32. CONMED has a 52 week low of $71.09 and a 52 week high of $129.65.

CONMED (NYSE:CNMD – Get Rating) last released its earnings results on Wednesday, April 26th. The company reported $0.66 EPS for the quarter, topping analysts’ consensus estimates of $0.60 by $0.06. The company had revenue of $295.47 million during the quarter, compared to analysts’ expectations of $266.66 million. CONMED had a negative net margin of 8.53% and a positive return on equity of 11.38%. CONMED’s revenue for the quarter was up 21.9% on a year-over-year basis. During the same period last year, the business earned $0.70 EPS. Equities analysts predict that CONMED will post 3.41 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on CNMD. CL King began coverage on shares of CONMED in a research report on Monday. They set a “buy” rating and a $140.00 price target for the company. Stifel Nicolaus raised their price target on shares of CONMED from $118.00 to $130.00 in a research report on Thursday, April 27th. Wells Fargo & Company raised their price target on shares of CONMED from $96.00 to $119.00 in a research report on Thursday, April 27th. StockNews.com assumed coverage on shares of CONMED in a report on Thursday, May 18th. They set a “hold” rating for the company. Finally, Piper Sandler lifted their target price on shares of CONMED from $118.00 to $128.00 in a report on Thursday, April 27th. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, CONMED currently has an average rating of “Moderate Buy” and a consensus price target of $130.40.

Insider Activity

In related news, EVP Peter K. Shagory sold 2,442 shares of the business’s stock in a transaction on Friday, April 28th. The shares were sold at an average price of $128.00, for a total value of $312,576.00. Following the completion of the sale, the executive vice president now owns 1,861 shares of the company’s stock, valued at approximately $238,208. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, VP Stanley W. Peters III sold 1,500 shares of the business’s stock in a transaction on Monday, May 22nd. The shares were sold at an average price of $120.89, for a total value of $181,335.00. Following the completion of the sale, the vice president now owns 63 shares of the company’s stock, valued at approximately $7,616.07. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Peter K. Shagory sold 2,442 shares of the business’s stock in a transaction on Friday, April 28th. The stock was sold at an average price of $128.00, for a total transaction of $312,576.00. Following the completion of the sale, the executive vice president now directly owns 1,861 shares of the company’s stock, valued at approximately $238,208. The disclosure for this sale can be found here. Insiders sold a total of 70,031 shares of company stock valued at $7,777,079 in the last three months. 7.60% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On CONMED

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Belpointe Asset Management LLC boosted its stake in CONMED by 586.7% during the 1st quarter. Belpointe Asset Management LLC now owns 309 shares of the company’s stock worth $32,000 after purchasing an additional 264 shares during the last quarter. Tower Research Capital LLC TRC boosted its stake in CONMED by 712.8% during the 1st quarter. Tower Research Capital LLC TRC now owns 764 shares of the company’s stock worth $79,000 after purchasing an additional 670 shares during the last quarter. CIBC Asset Management Inc acquired a new stake in CONMED during the 1st quarter worth $210,000. Seven Eight Capital LP acquired a new stake in CONMED during the 1st quarter worth $254,000. Finally, Snowden Capital Advisors LLC boosted its stake in CONMED by 5.5% during the 1st quarter. Snowden Capital Advisors LLC now owns 2,534 shares of the company’s stock worth $263,000 after purchasing an additional 133 shares during the last quarter.

CONMED Company Profile

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CONMED Corp. operates as a medical technology company, which engages in the development, manufacturing, and sale of surgical devices and related equipment. It operates through the United States, Europe, Middle East, and Africa, and Asia Pacific geographical segments. Its products are used by surgeons and physicians in a variety of medical specialties, including orthopedic surgery, general surgery, gynecology, neurosurgery, thoracic surgery, and gastroenterology.