CONMED (CNMD) Scheduled to Post Earnings on Wednesday

CONMED (NYSE:CNMD) will be announcing its earnings results after the market closes on Wednesday, April 24th. Analysts expect the company to announce earnings of $0.74 per share for the quarter. CONMED has set its FY24 guidance at $4.30-4.40 EPS and its FY 2024 guidance at 4.300-4.400 EPS.Parties that are interested in registering for the company’s conference call can do so using this link.

CONMED (NYSE:CNMD) last posted its quarterly earnings data on Wednesday, January 31st. The company reported $1.06 earnings per share for the quarter, missing analysts’ consensus estimates of $1.11 by ($0.05). CONMED had a return on equity of 13.69% and a net margin of 5.18%. The company had revenue of $327.05 million for the quarter, compared to analyst estimates of $332.94 million. On average, analysts expect CONMED to post $4 EPS for the current fiscal year and $6 EPS for the next fiscal year.

CONMED Price Performance

CONMED stock opened at $77.48 on Wednesday. CONMED has a 52-week low of $73.88 and a 52-week high of $138.47. The firm has a market capitalization of $2.39 billion, a price-to-earnings ratio of 37.98, a PEG ratio of 0.68 and a beta of 1.33. The company has a fifty day simple moving average of $80.40 and a 200-day simple moving average of $94.98. The company has a quick ratio of 0.96, a current ratio of 1.98 and a debt-to-equity ratio of 1.17.

CONMED Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 5th. Investors of record on Friday, March 15th were issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.03%. The ex-dividend date of this dividend was Thursday, March 14th. CONMED’s dividend payout ratio is currently 39.22%.

Wall Street Analysts Forecast Growth

CNMD has been the topic of several recent analyst reports. JPMorgan Chase & Co. dropped their price target on shares of CONMED from $135.00 to $115.00 and set an “overweight” rating on the stock in a research note on Thursday, February 1st. Piper Sandler lowered their price objective on shares of CONMED from $130.00 to $100.00 and set an “overweight” rating on the stock in a research report on Thursday, February 1st. Needham & Company LLC lifted their price objective on shares of CONMED from $119.00 to $129.00 and gave the company a “buy” rating in a research report on Thursday, February 1st. Finally, Wells Fargo & Company reduced their target price on CONMED from $107.00 to $98.00 and set an “equal weight” rating for the company in a report on Thursday, February 1st. Two equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat.com, CONMED presently has a consensus rating of “Moderate Buy” and a consensus target price of $120.43.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in CNMD. Belpointe Asset Management LLC boosted its stake in CONMED by 586.7% in the first quarter. Belpointe Asset Management LLC now owns 309 shares of the company’s stock worth $32,000 after purchasing an additional 264 shares in the last quarter. Tower Research Capital LLC TRC increased its holdings in shares of CONMED by 712.8% in the first quarter. Tower Research Capital LLC TRC now owns 764 shares of the company’s stock worth $79,000 after acquiring an additional 670 shares in the last quarter. Raymond James Trust N.A. bought a new stake in shares of CONMED in the second quarter worth about $202,000. Beacon Pointe Advisors LLC acquired a new position in shares of CONMED during the second quarter worth about $210,000. Finally, Cetera Advisor Networks LLC acquired a new position in shares of CONMED during the second quarter worth about $218,000.

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.