Conmed Corp. (NASDAQ:CNMD) shares dropped 16.1% on Thursday . The company traded as low as $38.30 and last traded at $40.43, with a volume of 1,096,488 shares trading hands. The stock had previously closed at $48.20.

CNMD has been the subject of a number of analyst reports. Zacks Investment Research raised shares of Conmed Corp. from a “hold” rating to a “buy” rating and set a $47.00 target price for the company in a research report on Monday, June 6th. Leerink Swann cut shares of Conmed Corp. from an “outperform” rating to a “market perform” rating and cut their price target for the company from $56.00 to $47.00 in a research note on Thursday. Finally, Needham & Company LLC increased their price target on shares of Conmed Corp. from $48.00 to $49.00 and gave the company a “buy” rating in a research note on Thursday, April 28th. Five analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $49.33.

The stock has a 50 day moving average price of $46.40 and a 200-day moving average price of $41.81. The company has a market capitalization of $1.11 billion and a P/E ratio of 51.11.

Conmed Corp. (NASDAQ:CNMD) last released its earnings results on Wednesday, July 27th. The medical technology company reported $0.47 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.46 by $0.01. The company had revenue of $193.40 million for the quarter, compared to analyst estimates of $191.48 million. During the same quarter in the previous year, the firm earned $0.36 EPS. The firm’s revenue was up 6.8% on a year-over-year basis. On average, equities analysts forecast that Conmed Corp. will post $1.98 earnings per share for the current year.

The business also recently announced a quarterly dividend, which was paid on Wednesday, July 6th. Investors of record on Wednesday, June 15th were given a dividend of $0.20 per share. The ex-dividend date of this dividend was Monday, June 13th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.00%.

In related news, CFO Luke A. Pomilio sold 4,400 shares of the business’s stock in a transaction on Friday, June 3rd. The shares were sold at an average price of $41.56, for a total transaction of $182,864.00. Following the transaction, the chief financial officer now owns 41,884 shares in the company, valued at approximately $1,740,699.04. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Other hedge funds and institutional investors recently added to or reduced their stakes in the company. California State Teachers Retirement System increased its position in Conmed Corp. by 1.8% in the fourth quarter. California State Teachers Retirement System now owns 51,185 shares of the medical technology company’s stock worth $2,255,000 after buying an additional 881 shares during the last quarter. Sei Investments Co. raised its stake in shares of Conmed Corp. by 7.5% in the fourth quarter. Sei Investments Co. now owns 53,686 shares of the medical technology company’s stock worth $2,365,000 after buying an additional 3,734 shares during the period. Rhumbline Advisers raised its stake in shares of Conmed Corp. by 2.9% in the fourth quarter. Rhumbline Advisers now owns 54,772 shares of the medical technology company’s stock worth $2,413,000 after buying an additional 1,555 shares during the period. Turner Investments L.P. acquired a new stake in shares of Conmed Corp. during the fourth quarter worth approximately $2,847,000. Finally, State of Wisconsin Investment Board raised its stake in shares of Conmed Corp. by 0.9% in the fourth quarter. State of Wisconsin Investment Board now owns 164,370 shares of the medical technology company’s stock worth $7,240,000 after buying an additional 1,476 shares during the period.

CONMED Corporation is a medical technology company. The Company is engaged in the development, manufacturing and sale on a global basis of surgical devices and related equipment. Its products are used by surgeons and physicians in a range of specialties, including orthopedics, general surgery, gynecology, neurosurgery and gastroenterology.

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