Conmed (CNMD) Declares $0.20 Dividend
Conmed said on February 27, 2023 that its board of directors declared a regular quarterly dividend of $0.20 per share ($0.80 annualized). Shareholders of record as of March 15, 2023 will receive the payment on April 5, 2023. Previously, the company paid $0.20 per share.
At the current share price of $96.19 / share, the stock's dividend yield is 0.83%. Looking back five years and taking a sample every week, the average dividend yield has been 0.88%, the lowest has been 0.51%, and the highest has been 2.01%. The standard deviation of yields is 0.24 (n=236).
The current dividend yield is 0.21 standard deviations below the historical average.
Additionally, the company's dividend payout ratio is -0.30. The payout ratio tells us how much of a company's income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company's income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend - not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.
The company has not increased its dividend in the last three years.
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Analyst Price Forecast Suggests 18.94% Upside
As of March 1, 2023, the average one-year price target for Conmed is $114.41. The forecasts range from a low of $101.00 to a high of $128.10. The average price target represents an increase of 18.94% from its latest reported closing price of $96.19.
The projected annual revenue for Conmed is $1,230MM, an increase of 17.65%. The projected annual EPS is $3.45.
What is the Fund Sentiment?
There are 583 funds or institutions reporting positions in Conmed. This is a decrease of 30 owner(s) or 4.89% in the last quarter. Average portfolio weight of all funds dedicated to CNMD is 0.22%, a decrease of 0.08%. Total shares owned by institutions increased in the last three months by 3.58% to 45,572K shares. The put/call ratio of CNMD is 1.77, indicating a bearish outlook.
What are large shareholders doing?
Earnest Partners holds 2,402K shares representing 7.88% ownership of the company. In it's prior filing, the firm reported owning 2,066K shares, representing an increase of 13.99%. The firm increased its portfolio allocation in CNMD by 17.29% over the last quarter.
IJR - iShares Core S&P Small-Cap ETF holds 2,259K shares representing 7.41% ownership of the company. In it's prior filing, the firm reported owning 2,226K shares, representing an increase of 1.43%. The firm increased its portfolio allocation in CNMD by 2.05% over the last quarter.
Capital Research Global Investors holds 2,192K shares representing 7.19% ownership of the company. In it's prior filing, the firm reported owning 1,739K shares, representing an increase of 20.66%. The firm increased its portfolio allocation in CNMD by 28.19% over the last quarter.
SMCWX - SMALLCAP WORLD FUND INC holds 1,991K shares representing 6.53% ownership of the company. In it's prior filing, the firm reported owning 1,488K shares, representing an increase of 25.26%. The firm increased its portfolio allocation in CNMD by 38.26% over the last quarter.
Champlain Investment Partners holds 1,276K shares representing 4.18% ownership of the company. In it's prior filing, the firm reported owning 1,318K shares, representing a decrease of 3.32%. The firm decreased its portfolio allocation in CNMD by 99.90% over the last quarter.
Conmed Background Information
(This description is provided by the company.)
CONMED is a medical technology company that provides surgical devices and equipment for minimally invasive procedures. The Company's products are used by surgeons and physicians in a variety of specialties, including orthopedics, general surgery, gynecology, neurosurgery, thoracic surgery, and gastroenterology.
This story originally appeared on Fintel.