CONMED (NYSE:CNMD) Shares Gap Up Following Strong Earnings

CONMED Co. (NYSE:CNMD) gapped up prior to trading on Thursday following a stronger than expected earnings report. The stock had previously closed at $49.11, but opened at $55.00. CONMED shares last traded at $56.58, with a volume of 40,475 shares.

The company reported $0.95 earnings per share for the quarter, beating analysts’ consensus estimates of $0.81 by $0.14. CONMED had a net margin of 10.13% and a return on equity of 14.31%. The business had revenue of $321.26 million for the quarter, compared to the consensus estimate of $313.38 million. During the same period last year, the firm posted $0.79 earnings per share. CONMED’s quarterly revenue was up 2.9% on a year-over-year basis.

CONMED Dividend Announcement

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

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on CNMD shares. JPMorgan Chase & Co. decreased their price objective on CONMED from $70.00 to $58.00 and set a “neutral” rating on the stock in a report on Thursday. Wells Fargo & Company lowered their price objective on shares of CONMED from $70.00 to $57.00 and set an “equal weight” rating for the company in a report on Thursday. Stifel Nicolaus lowered shares of CONMED from a “buy” rating to a “hold” rating and reduced their target price for the company from $75.00 to $55.00 in a report on Monday, April 28th. Finally, Needham & Company LLC decreased their target price on shares of CONMED from $91.00 to $61.00 and set a “buy” rating on the stock in a research report on Thursday. Four analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat, CONMED currently has a consensus rating of “Hold” and a consensus price target of $62.20.

Institutional Investors Weigh In On CONMED

Large investors have recently added to or reduced their stakes in the company. Blue Trust Inc. boosted its holdings in shares of CONMED by 4.6% during the fourth quarter. Blue Trust Inc. now owns 3,266 shares of the company’s stock worth $235,000 after purchasing an additional 145 shares during the period. Beverly Hills Private Wealth LLC lifted its holdings in CONMED by 4.7% in the 4th quarter. Beverly Hills Private Wealth LLC now owns 3,762 shares of the company’s stock worth $257,000 after buying an additional 168 shares during the period. Summit Investment Advisors Inc. lifted its holdings in CONMED by 6.8% in the 4th quarter. Summit Investment Advisors Inc. now owns 3,228 shares of the company’s stock worth $221,000 after buying an additional 205 shares during the period. Exchange Traded Concepts LLC grew its position in shares of CONMED by 2.3% in the 1st quarter. Exchange Traded Concepts LLC now owns 9,701 shares of the company’s stock worth $586,000 after buying an additional 217 shares during the last quarter. Finally, Epiq Partners LLC increased its stake in shares of CONMED by 2.2% during the fourth quarter. Epiq Partners LLC now owns 13,912 shares of the company’s stock valued at $952,000 after buying an additional 302 shares during the period.

CONMED Stock Performance

The company has a market cap of $1.78 billion, a P/E ratio of 13.57, a P/E/G ratio of 1.83 and a beta of 1.28. The business has a fifty day moving average of $56.10 and a 200 day moving average of $64.78. The company has a quick ratio of 1.06, a current ratio of 2.30 and a debt-to-equity ratio of 0.94.

About CONMED

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.