A number of other analysts have also recently weighed in on CNMD. Zacks Investment Research raised shares of CONMED from a hold rating to a buy rating and set a $98.00 price objective on the stock in a report on Friday. Barclays increased their price objective on shares of CONMED from $96.00 to $105.00 and gave the stock an overweight rating in a report on Thursday, August 1st. Stifel Nicolaus increased their price objective on shares of CONMED from $97.00 to $99.00 and gave the stock a buy rating in a report on Thursday, August 1st. Finally, Needham & Company LLC reaffirmed a buy rating and issued a $94.00 price objective (up previously from $87.00) on shares of CONMED in a report on Tuesday, April 16th. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. The company has an average rating of Buy and an average price target of $95.40.
Shares of NASDAQ:CNMD opened at $91.34 on Friday. The firm has a market capitalization of $2.61 billion, a PE ratio of 39.82, a price-to-earnings-growth ratio of 2.44 and a beta of 0.59. CONMED has a 1-year low of $56.90 and a 1-year high of $93.88. The business’s fifty day simple moving average is $86.71. The company has a quick ratio of 1.44, a current ratio of 2.55 and a debt-to-equity ratio of 1.14.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 7th. Investors of record on Friday, September 13th will be issued a $0.20 dividend. The ex-dividend date of this dividend is Thursday, September 12th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.88%. CONMED’s dividend payout ratio (DPR) is presently 36.70%.
In related news, Director Dirk Kuyper sold 8,970 shares of the stock in a transaction dated Friday, June 14th. The shares were sold at an average price of $83.00, for a total value of $744,510.00. Following the sale, the director now owns 5,000 shares of the company’s stock, valued at approximately $415,000. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, VP Terence M. Berge sold 7,161 shares of the stock in a transaction dated Tuesday, May 28th. The stock was sold at an average price of $83.03, for a total transaction of $594,577.83. Following the completion of the sale, the vice president now directly owns 23,851 shares in the company, valued at approximately $1,980,348.53. The disclosure for this sale can be found here. In the last ninety days, insiders sold 16,396 shares of company stock worth $1,361,266. Corporate insiders own 4.38% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in the business. Champlain Investment Partners LLC increased its stake in CONMED by 0.8% during the 1st quarter. Champlain Investment Partners LLC now owns 1,433,335 shares of the medical technology company’s stock valued at $119,225,000 after buying an additional 11,155 shares during the period. Principal Financial Group Inc. increased its stake in CONMED by 142.5% during the 1st quarter. Principal Financial Group Inc. now owns 548,342 shares of the medical technology company’s stock valued at $45,611,000 after buying an additional 322,249 shares during the period. Norges Bank acquired a new position in CONMED during the 4th quarter valued at about $33,144,000. Marshall Wace LLP increased its stake in CONMED by 148.9% during the 1st quarter. Marshall Wace LLP now owns 398,722 shares of the medical technology company’s stock valued at $33,166,000 after buying an additional 238,500 shares during the period. Finally, Westwood Holdings Group Inc. increased its stake in CONMED by 0.8% during the 1st quarter. Westwood Holdings Group Inc. now owns 394,979 shares of the medical technology company’s stock valued at $32,854,000 after buying an additional 3,192 shares during the period. 96.75% of the stock is currently owned by hedge funds and other institutional investors.
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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