CONMED Co. (NYSE:CNMD) COO Acquires $204,900.00 in Stock

CONMED Co. (NYSE:CNMD) COO Pat Beyer bought 3,000 shares of the firm’s stock in a transaction on Tuesday, April 30th. The stock was acquired at an average cost of $68.30 per share, for a total transaction of $204,900.00. Following the completion of the purchase, the chief operating officer now directly owns 10,807 shares in the company, valued at $738,118.10. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink.

CONMED Stock Up 2.3 %

Shares of CNMD opened at $71.76 on Friday. The company’s 50-day moving average price is $77.03 and its 200 day moving average price is $92.68. CONMED Co. has a 12-month low of $61.05 and a 12-month high of $138.47. The company has a current ratio of 2.18, a quick ratio of 1.08 and a debt-to-equity ratio of 1.16. The firm has a market cap of $2.21 billion, a P/E ratio of 27.49, a price-to-earnings-growth ratio of 0.65 and a beta of 1.37.

CONMED (NYSE:CNMD) last released its quarterly earnings results on Wednesday, April 24th. The company reported $0.79 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.74 by $0.05. The business had revenue of $312.27 million for the quarter, compared to the consensus estimate of $307.06 million. CONMED had a net margin of 6.53% and a return on equity of 13.78%. On average, sell-side analysts forecast that CONMED Co. will post 4.3 earnings per share for the current year.

CONMED Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, April 5th. Stockholders of record on Friday, March 15th were given a dividend of $0.20 per share. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $0.80 annualized dividend and a dividend yield of 1.11%. CONMED’s dividend payout ratio is currently 30.65%.

Hedge Funds Weigh In On CONMED

Several hedge funds have recently bought and sold shares of the company. Capital Research Global Investors grew its position in CONMED by 11.8% in the 4th quarter. Capital Research Global Investors now owns 2,757,108 shares of the company’s stock valued at $301,931,000 after acquiring an additional 289,996 shares in the last quarter. Earnest Partners LLC boosted its stake in shares of CONMED by 2.0% in the third quarter. Earnest Partners LLC now owns 2,265,092 shares of the company’s stock valued at $228,435,000 after purchasing an additional 44,076 shares during the period. Dimensional Fund Advisors LP grew its holdings in shares of CONMED by 5.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 712,332 shares of the company’s stock valued at $78,010,000 after purchasing an additional 33,794 shares in the last quarter. Principal Financial Group Inc. increased its stake in CONMED by 1.8% during the 1st quarter. Principal Financial Group Inc. now owns 611,224 shares of the company’s stock worth $48,947,000 after buying an additional 10,890 shares during the period. Finally, Jennison Associates LLC lifted its holdings in CONMED by 1.3% during the 1st quarter. Jennison Associates LLC now owns 349,436 shares of the company’s stock worth $27,983,000 after buying an additional 4,321 shares in the last quarter.

Analyst Ratings Changes

Several equities research analysts recently commented on the company. Piper Sandler cut their price target on CONMED from $100.00 to $95.00 and set an “overweight” rating for the company in a report on Thursday, April 25th. Needham & Company LLC cut their target price on CONMED from $129.00 to $107.00 and set a “buy” rating for the company in a research note on Thursday, April 25th. JPMorgan Chase & Co. lowered their price target on shares of CONMED from $115.00 to $75.00 and set an “overweight” rating on the stock in a research report on Thursday, April 25th. Finally, Wells Fargo & Company cut their price objective on shares of CONMED from $98.00 to $77.00 and set an “equal weight” rating for the company in a research report on Thursday, April 25th. Two investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $107.86.

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.