JPMorgan Chase & Co. Downgrades CONMED (NYSE:CNMD) to Neutral

JPMorgan Chase & Co. lowered shares of CONMED (NYSE:CNMD) from an overweight rating to a neutral rating in a report published on Thursday morning, MarketBeat Ratings reports. They currently have $70.00 price target on the stock, down from their prior price target of $85.00.

A number of other brokerages also recently commented on CNMD. Needham & Company LLC reiterated a “buy” rating and issued a $97.00 price objective on shares of CONMED in a research report on Thursday, October 31st. StockNews.com cut CONMED from a “buy” rating to a “hold” rating in a research report on Friday, November 8th. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, CONMED has a consensus rating of “Moderate Buy” and a consensus target price of $77.20.

CONMED Stock Down 8.9 %

CNMD opened at $67.43 on Thursday. The stock has a market capitalization of $2.08 billion, a price-to-earnings ratio of 16.02, a P/E/G ratio of 1.04 and a beta of 1.46. CONMED has a 1-year low of $61.05 and a 1-year high of $88.60. The business has a 50 day moving average of $70.53 and a 200-day moving average of $70.20. The company has a current ratio of 2.27, a quick ratio of 1.06 and a debt-to-equity ratio of 1.01.

CONMED (NYSE:CNMD) last posted its quarterly earnings data on Wednesday, February 5th. The company reported $1.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.20 by $0.14. CONMED had a net margin of 10.23% and a return on equity of 13.84%. As a group, sell-side analysts anticipate that CONMED will post 4.03 earnings per share for the current year.

CONMED Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, January 3rd. Shareholders of record on Friday, December 20th were issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 1.19%. The ex-dividend date of this dividend was Friday, December 20th. CONMED’s payout ratio is 19.00%.

Hedge Funds Weigh In On CONMED

A number of hedge funds have recently modified their holdings of the stock. GAMMA Investing LLC boosted its stake in CONMED by 93.6% in the 4th quarter. GAMMA Investing LLC now owns 726 shares of the company’s stock valued at $50,000 after buying an additional 351 shares in the last quarter. CWM LLC lifted its holdings in shares of CONMED by 36.1% during the third quarter. CWM LLC now owns 1,251 shares of the company’s stock valued at $90,000 after acquiring an additional 332 shares during the period. Pacer Advisors Inc. lifted its holdings in shares of 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 acquiring an additional 485 shares during the period. Smartleaf Asset Management LLC boosted its stake in shares of CONMED by 19.6% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,962 shares of the company’s stock valued at $136,000 after purchasing an additional 322 shares in the last quarter. Finally, nVerses Capital LLC grew its holdings in shares of CONMED by 566.7% in the 3rd quarter. nVerses Capital LLC now owns 2,000 shares of the company’s stock worth $144,000 after purchasing an additional 1,700 shares during the last quarter.

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.