JPMorgan Chase & Co. Cuts CONMED (NYSE:CNMD) Price Target to $58.00

CONMED (NYSE:CNMD) had its price target lowered by JPMorgan Chase & Co. from $70.00 to $58.00 in a report issued on Thursday,Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the stock.

CNMD has been the subject of a number of other reports. Stifel Nicolaus lowered shares of CONMED from a “buy” rating to a “hold” rating and reduced their price objective for the company from $75.00 to $55.00 in a research note on Monday, April 28th. Needham & Company LLC reduced their price target on shares of CONMED from $91.00 to $61.00 and set a “buy” rating for the company in a research report on Thursday. Finally, Wells Fargo & Company lowered their price objective on CONMED from $70.00 to $57.00 and set an “equal weight” rating on the stock in a research report on Thursday. Four research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, CONMED presently has a consensus rating of “Hold” and an average price target of $62.20.

CONMED Price Performance

Shares of CNMD opened at $57.52 on Thursday. The firm’s 50-day simple moving average is $56.10 and its two-hundred day simple moving average is $64.78. CONMED has a fifty-two week low of $46.00 and a fifty-two week high of $78.58. The stock has a market cap of $1.78 billion, a PE ratio of 13.57, a price-to-earnings-growth ratio of 1.83 and a beta of 1.28. The company has a debt-to-equity ratio of 0.94, a quick ratio of 1.06 and a current ratio of 2.30.

CONMED (NYSE:CNMD) last posted its quarterly earnings data on Wednesday, April 30th. The company reported $0.95 earnings per share for the quarter, beating analysts’ consensus estimates of $0.81 by $0.14. CONMED had a return on equity of 14.31% and a net margin of 10.13%. The company had revenue of $321.26 million during the quarter, compared to analyst estimates of $313.38 million. During the same quarter last year, the company earned $0.79 EPS. The firm’s revenue for the quarter was up 2.9% on a year-over-year basis. Analysts anticipate that CONMED will post 4.35 earnings per share for the current fiscal year.

CONMED Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, April 4th. Stockholders of record on Friday, March 14th were paid a $0.20 dividend. The ex-dividend date was Friday, March 14th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.39%. CONMED’s dividend payout ratio (DPR) is currently 18.87%.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of CNMD. GAMMA Investing LLC increased its position in shares of CONMED by 93.6% during the 4th quarter. GAMMA Investing LLC now owns 726 shares of the company’s stock valued at $50,000 after purchasing an additional 351 shares during the last quarter. Aquatic Capital Management LLC bought a new stake in CONMED during the fourth quarter valued at approximately $82,000. Pacer Advisors Inc. increased its holdings in CONMED by 41.4% during the fourth quarter. Pacer Advisors Inc. now owns 1,656 shares of the company’s stock valued at $113,000 after buying an additional 485 shares during the last quarter. Smartleaf Asset Management LLC raised its position in CONMED by 19.6% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,962 shares of the company’s stock worth $136,000 after acquiring an additional 322 shares during the period. Finally, CIBC Asset Management Inc purchased a new position in shares of CONMED during the 4th quarter worth $210,000.

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.