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

CONMED Co. (NYSE:CNMD) declared a quarterly dividend on Wednesday, May 22nd, Zacks reports. Shareholders of record on Friday, June 14th will be given a dividend of 0.20 per share on Friday, July 5th. This represents a $0.80 annualized dividend and a dividend yield of 1.09%. The ex-dividend date is Friday, June 14th.

CONMED has a payout ratio of 14.5% indicating that its dividend is sufficiently covered by earnings. Research analysts expect CONMED to earn $5.51 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 14.5%.

CONMED Stock Down 2.5 %

Shares of CNMD opened at $73.10 on Friday. The firm’s 50-day simple moving average is $74.17 and its 200 day simple moving average is $90.29. The company has a debt-to-equity ratio of 1.16, a quick ratio of 1.08 and a current ratio of 2.18. The firm has a market cap of $2.25 billion, a P/E ratio of 28.01, a price-to-earnings-growth ratio of 0.72 and a beta of 1.37. CONMED has a 52 week low of $61.05 and a 52 week high of $138.47.

CONMED (NYSE:CNMD) last released its quarterly earnings results on Wednesday, April 24th. The company reported $0.79 earnings per share for the quarter, topping the consensus estimate of $0.74 by $0.05. CONMED had a return on equity of 13.78% and a net margin of 6.53%. The business had revenue of $312.27 million during the quarter, compared to analysts’ expectations of $307.06 million. On average, analysts forecast that CONMED will post 4.3 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the company. Needham & Company LLC reaffirmed a “buy” rating and issued a $107.00 price objective on shares of CONMED in a report on Monday, May 6th. JPMorgan Chase & Co. cut their price target on shares of CONMED from $115.00 to $75.00 and set an “overweight” rating for the company in a report on Thursday, April 25th. Piper Sandler dropped their price objective on CONMED from $100.00 to $95.00 and set an “overweight” rating for the company in a research report on Thursday, April 25th. Finally, Wells Fargo & Company lowered their target price on CONMED from $98.00 to $77.00 and set an “equal weight” rating for the company in a research note on Thursday, April 25th. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $102.50.

Insider Activity

In other news, COO Pat Beyer purchased 3,000 shares of CONMED stock in a transaction dated Tuesday, April 30th. The shares were bought at an average cost of $68.30 per share, for a total transaction of $204,900.00. Following the completion of the acquisition, the chief operating officer now owns 10,807 shares in the company, valued at approximately $738,118.10. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. In other CONMED news, COO Pat Beyer purchased 3,000 shares of the business’s stock in a transaction dated Tuesday, April 30th. The shares were bought at an average price of $68.30 per share, for a total transaction of $204,900.00. Following the completion of the acquisition, the chief operating officer now owns 10,807 shares in the company, valued at $738,118.10. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Barbara J. Schwarzentraub acquired 1,442 shares of CONMED stock in a transaction that occurred on Wednesday, May 8th. The stock was acquired at an average cost of $69.26 per share, for a total transaction of $99,872.92. Following the purchase, the director now owns 1,442 shares of the company’s stock, valued at $99,872.92. The disclosure for this purchase can be found here. In the last ninety days, insiders bought 6,442 shares of company stock worth $446,733. Insiders own 6.80% of the company’s stock.

CONMED Company Profile

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.