SG Americas Securities LLC acquired a new stake in CONMED Co. (NYSE:CNMD – Get Rating) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 2,728 shares of the company's stock, valued at approximately $405,000.
Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Park Avenue Securities LLC raised its holdings in shares of CONMED by 13.0% in the first quarter. Park Avenue Securities LLC now owns 2,399 shares of the company's stock valued at $356,000 after acquiring an additional 276 shares in the last quarter. Comerica Bank raised its holdings in shares of CONMED by 3.9% in the first quarter. Comerica Bank now owns 25,571 shares of the company's stock valued at $3,943,000 after acquiring an additional 958 shares in the last quarter. AMI Asset Management Corp raised its holdings in CONMED by 5.0% in the first quarter. AMI Asset Management Corp now owns 46,558 shares of the company's stock worth $6,916,000 after purchasing an additional 2,223 shares in the last quarter. Advisor Partners LLC bought a new position in CONMED in the first quarter worth about $202,000. Finally, Assenagon Asset Management S.A. raised its holdings in CONMED by 39.0% in the first quarter. Assenagon Asset Management S.A. now owns 5,806 shares of the company's stock worth $862,000 after purchasing an additional 1,630 shares in the last quarter.
Get CONMED alerts:CONMED Price Performance
Shares of CNMD stock opened at $97.01 on Friday. CONMED Co. has a fifty-two week low of $87.24 and a fifty-two week high of $159.11. The firm has a market capitalization of $2.96 billion, a price-to-earnings ratio of 50.01, a PEG ratio of 3.19 and a beta of 1.53. The company has a debt-to-equity ratio of 0.86, a quick ratio of 1.16 and a current ratio of 2.34. The stock's 50-day simple moving average is $99.05 and its 200-day simple moving average is $123.08.
CONMED (NYSE:CNMD – Get Rating) last issued its quarterly earnings results on Wednesday, July 27th. The company reported $0.76 earnings per share for the quarter, topping analysts' consensus estimates of $0.75 by $0.01. CONMED had a return on equity of 13.20% and a net margin of 6.19%. The business had revenue of $277.20 million for the quarter, compared to analyst estimates of $274.22 million. During the same quarter in the previous year, the firm earned $0.71 earnings per share. The company's revenue was up 8.6% on a year-over-year basis. As a group, equities analysts forecast that CONMED Co. will post 3.7 earnings per share for the current fiscal year.CONMED Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Tuesday, July 5th. Investors of record on Wednesday, June 15th were given a $0.20 dividend. The ex-dividend date was Tuesday, June 14th. This represents a $0.80 dividend on an annualized basis and a yield of 0.82%. CONMED's dividend payout ratio is currently 41.24%.
Insider Activity at CONMED
In related news, Director Jerome J. Lande sold 6,000 shares of the company's stock in a transaction that occurred on Friday, May 13th. The stock was sold at an average price of $115.42, for a total value of $692,520.00. Following the sale, the director now owns 3,928 shares in the company, valued at $453,369.76. The sale was disclosed in a legal filing with the SEC, which is available through this link. In related news, Director Jerome J. Lande sold 1,521 shares of the company's stock in a transaction that occurred on Tuesday, May 17th. The stock was sold at an average price of $117.00, for a total value of $177,957.00. Following the sale, the director now owns 2,407 shares in the company, valued at $281,619. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Jerome J. Lande sold 6,000 shares of the company's stock in a transaction that occurred on Friday, May 13th. The shares were sold at an average price of $115.42, for a total value of $692,520.00. Following the completion of the sale, the director now owns 3,928 shares in the company, valued at approximately $453,369.76. The disclosure for this sale can be found here. Insiders have sold a total of 10,183 shares of company stock worth $1,136,118 over the last quarter. Insiders own 1.10% of the company's stock.
Analyst Ratings Changes
CNMD has been the subject of a number of recent research reports. Stifel Nicolaus reduced their target price on shares of CONMED from $160.00 to $110.00 and set a "buy" rating for the company in a report on Thursday, June 23rd. Needham & Company LLC reduced their target price on shares of CONMED from $155.00 to $127.00 and set a "buy" rating for the company in a report on Thursday, July 28th. TheStreet downgraded shares of CONMED from a "b-" rating to a "c+" rating in a report on Tuesday, June 21st. Finally, Piper Sandler reduced their target price on shares of CONMED from $160.00 to $118.00 and set an "overweight" rating for the company in a report on Thursday, July 28th. One research analyst has rated the stock with a hold rating and three have issued a buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $118.33.
About CONMED
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CONMED Corporation, a medical technology company, develops, manufactures, and sells surgical devices and related equipment for surgical procedures worldwide. It offers orthopedic surgery products, including TruShot with Y-Knot All-In-One Soft Tissue Fixation System, Y-knot All-Suture Anchors, and PopLok Knotless Suture Anchors, which provide unique clinical solutions to orthopedic surgeons for the repair of soft tissue injuries, as well as supporting products that enable surgeons to perform minimally invasive sports medicine surgeries.
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