CONMED (NYSE:CNMD) Updates FY24 Earnings Guidance

CONMED (NYSE:CNMD) updated its FY24 earnings guidance on Wednesday. The company provided earnings per share guidance of $4.00-4.05 for the period, compared to the consensus earnings per share estimate of $3.99. The company issued revenue guidance of $1.300-1.305 billion, compared to the consensus revenue estimate of $1.31 billion.

CONMED Price Performance

CNMD traded up $0.58 on Wednesday, reaching $65.26. The stock had a trading volume of 531,967 shares, compared to its average volume of 487,169. The firm has a 50-day moving average of $69.61 and a 200-day moving average of $70.20. The company has a current ratio of 2.34, a quick ratio of 1.13 and a debt-to-equity ratio of 1.09. CONMED has a fifty-two week low of $61.05 and a fifty-two week high of $117.27. The company has a market capitalization of $2.01 billion, a price-to-earnings ratio of 24.81, a price-to-earnings-growth ratio of 0.82 and a beta of 1.46.

CONMED (NYSE:CNMD) last issued its quarterly earnings results on Wednesday, July 31st. The company reported $0.98 earnings per share for the quarter, topping analysts’ consensus estimates of $0.92 by $0.06. The firm had revenue of $332.10 million during the quarter, compared to the consensus estimate of $334.39 million. CONMED had a return on equity of 13.89% and a net margin of 7.73%. The business’s revenue was up 4.5% compared to the same quarter last year. During the same period last year, the business posted $0.83 EPS. As a group, sell-side analysts anticipate that CONMED will post 3.99 EPS for the current year.

CONMED Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, October 4th. Shareholders of record on Monday, September 16th were paid a dividend of $0.20 per share. The ex-dividend date of this dividend was Monday, September 16th. This represents a $0.80 dividend on an annualized basis and a yield of 1.23%. CONMED’s dividend payout ratio (DPR) is presently 30.65%.

Analyst Upgrades and Downgrades

CNMD has been the topic of a number of analyst reports. Piper Sandler cut their price objective on shares of CONMED from $95.00 to $80.00 and set an “overweight” rating on the stock in a report on Thursday, August 1st. Needham & Company LLC reissued a “buy” rating and issued a $97.00 price objective on shares of CONMED in a report on Friday, October 4th. StockNews.com raised CONMED from a “hold” rating to a “buy” rating in a report on Wednesday, October 9th. Stifel Nicolaus lowered their target price on shares of CONMED from $88.00 to $76.00 and set a “buy” rating on the stock in a research note on Thursday, August 1st. Finally, Wells Fargo & Company dropped their price target on CONMED from $77.00 to $71.00 and set an “equal weight” rating for the company in a research report on Thursday, August 1st. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $79.80.

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.