CONMED Co. (NYSE:CNMD – Get Free Report) saw a significant increase in short interest in the month of March. As of March 15th, there was short interest totalling 2,800,000 shares, an increase of 21.7% from the February 28th total of 2,300,000 shares. Approximately 9.7% of the shares of the company are sold short. Based on an average daily volume of 494,100 shares, the short-interest ratio is presently 5.7 days.
CONMED Stock Performance
CONMED stock traded down $1.06 during midday trading on Thursday, hitting $59.37. The stock had a trading volume of 189,068 shares, compared to its average volume of 452,924. The company has a current ratio of 2.30, a quick ratio of 1.06 and a debt-to-equity ratio of 0.94. CONMED has a 52-week low of $55.22 and a 52-week high of $80.65. The company has a market capitalization of $1.84 billion, a PE ratio of 14.00, a P/E/G ratio of 1.83 and a beta of 1.53. The firm’s fifty day moving average is $63.20 and its two-hundred day moving average is $67.71.
CONMED (NYSE:CNMD – Get Free Report) last released its quarterly earnings data on Wednesday, February 5th. The company reported $1.34 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.20 by $0.14. CONMED had a net margin of 10.13% and a return on equity of 14.31%. On average, research analysts forecast that CONMED will post 4.35 EPS for the current year.
CONMED Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Friday, April 4th. Shareholders of record on Friday, March 14th will be issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 1.35%. The ex-dividend date of this dividend is Friday, March 14th. CONMED’s payout ratio is 18.87%.
Institutional Investors Weigh In On CONMED
Several hedge funds have recently modified their holdings of CNMD. Blue Trust Inc. lifted its stake in shares of CONMED by 4.6% during the 4th 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 last quarter. Beverly Hills Private Wealth LLC boosted its stake in CONMED by 4.7% in the fourth quarter. Beverly Hills Private Wealth LLC now owns 3,762 shares of the company’s stock valued at $257,000 after acquiring an additional 168 shares in the last quarter. Summit Investment Advisors Inc. grew its holdings in CONMED by 6.8% in the fourth quarter. Summit Investment Advisors Inc. now owns 3,228 shares of the company’s stock worth $221,000 after purchasing an additional 205 shares during the last quarter. HighTower Advisors LLC increased its position in shares of CONMED by 4.1% during the third quarter. HighTower Advisors LLC now owns 7,056 shares of the company’s stock worth $512,000 after purchasing an additional 275 shares in the last quarter. Finally, Epiq Partners LLC lifted its holdings in shares of CONMED by 2.2% during the 4th quarter. Epiq Partners LLC now owns 13,912 shares of the company’s stock valued at $952,000 after purchasing an additional 302 shares during the last quarter.
Analyst Upgrades and Downgrades
A number of equities research analysts have weighed in on CNMD shares. Wells Fargo & Company decreased their target price on shares of CONMED from $74.00 to $70.00 and set an “equal weight” rating for the company in a research note on Thursday, February 6th. Needham & Company LLC reduced their price objective on CONMED from $97.00 to $91.00 and set a “buy” rating for the company in a research report on Thursday, February 6th. Stifel Nicolaus raised their target price on CONMED from $72.00 to $75.00 and gave the stock a “buy” rating in a research report on Thursday, February 6th. Finally, JPMorgan Chase & Co. lowered shares of CONMED from an “overweight” rating to a “neutral” rating and reduced their price target for the company from $85.00 to $70.00 in a research report on Thursday, February 6th. Three equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $77.20.
View Our Latest Research Report on CONMED
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.
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