CONMED (NYSE:CNMD – Get Free Report) released its earnings results on Wednesday. The company reported $0.79 EPS for the quarter, beating the consensus estimate of $0.74 by $0.05, reports. The firm had revenue of $312.27 million for the quarter, compared to analysts’ expectations of $307.06 million. CONMED had a net margin of 6.53% and a return on equity of 13.99%. CONMED updated its FY24 guidance to $4.25-4.35 EPS and its FY 2024 guidance to 4.250-4.350 EPS.
CONMED Trading Up 6.3 %
Shares of CNMD traded up $3.88 during midday trading on Friday, hitting $65.78. The stock had a trading volume of 1,135,843 shares, compared to its average volume of 573,520. The company has a current ratio of 1.98, a quick ratio of 0.96 and a debt-to-equity ratio of 1.17. The firm has a market cap of $2.03 billion, a P/E ratio of 25.20, a price-to-earnings-growth ratio of 0.57 and a beta of 1.33. The business has a 50-day simple moving average of $78.06 and a two-hundred day simple moving average of $93.44. CONMED has a fifty-two week low of $61.05 and a fifty-two week high of $138.47.
CONMED Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Friday, April 5th. Shareholders of record on Friday, March 15th were issued a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 1.22%. The ex-dividend date of this dividend was Thursday, March 14th. CONMED’s payout ratio is 30.65%.
Institutional Inflows and Outflows
Analyst Ratings Changes
Several equities analysts have commented on CNMD shares. Needham & Company LLC lowered their target price on shares of CONMED from $129.00 to $107.00 and set a “buy” rating on the stock in a research note on Thursday. JPMorgan Chase & Co. lowered their target price on shares of CONMED from $115.00 to $75.00 and set an “overweight” rating on the stock in a research note on Thursday. Wells Fargo & Company lowered their target price on shares of CONMED from $98.00 to $77.00 and set an “equal weight” rating on the stock in a research note on Thursday. Finally, Piper Sandler lowered their price objective on shares of CONMED from $100.00 to $95.00 and set an “overweight” rating on the stock in a research note on Thursday. Two research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, CONMED presently has a consensus rating of “Moderate Buy” and an average price target of $107.86.
Get Our Latest Research Report on CNMD
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.
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