Mutual of America Capital Management LLC Has $2.22 Million Stock Position in CONMED Co. (NYSE:CNMD)

Mutual of America Capital Management LLC cut its position in CONMED Co. (NYSE:CNMD) by 4.2% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 32,044 shares of the company’s stock after selling 1,403 shares during the quarter. Mutual of America Capital Management LLC owned approximately 0.10% of CONMED worth $2,221,000 at the end of the most recent reporting period.

Several other institutional investors have also recently bought and sold shares of the company. Envestnet Asset Management Inc. increased its position in CONMED by 7.2% in the 2nd quarter. Envestnet Asset Management Inc. now owns 140,144 shares of the company’s stock worth $9,715,000 after buying an additional 9,473 shares during the period. Federated Hermes Inc. bought a new position in CONMED during the second quarter worth $167,000. Qsemble Capital Management LP acquired a new position in CONMED during the 2nd quarter valued at $294,000. Texas Permanent School Fund Corp boosted its holdings in CONMED by 8.4% in the 2nd quarter. Texas Permanent School Fund Corp now owns 28,751 shares of the company’s stock valued at $1,993,000 after purchasing an additional 2,226 shares during the period. Finally, Choreo LLC acquired a new stake in CONMED in the 2nd quarter worth $399,000.

CONMED Price Performance

NYSE:CNMD opened at $73.33 on Thursday. The company has a quick ratio of 1.13, a current ratio of 2.34 and a debt-to-equity ratio of 1.09. The firm has a market cap of $2.26 billion, a PE ratio of 28.10, a price-to-earnings-growth ratio of 0.98 and a beta of 1.46. CONMED Co. has a 12 month low of $61.05 and a 12 month high of $117.27. The company’s 50-day moving average price is $71.03 and its two-hundred day moving average price is $72.45.

CONMED (NYSE:CNMD) last announced its earnings results on Wednesday, July 31st. The company reported $0.98 EPS for the quarter, topping the consensus estimate of $0.92 by $0.06. CONMED had a return on equity of 13.89% and a net margin of 7.73%. The business had revenue of $332.10 million for the quarter, compared to the consensus estimate of $334.39 million. During the same period in the previous year, the business earned $0.83 EPS. CONMED’s revenue was up 4.5% compared to the same quarter last year. On average, equities analysts anticipate that CONMED Co. will post 3.99 EPS for the current fiscal year.

CONMED Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 4th. Investors of record on Monday, September 16th will be given a dividend of $0.20 per share. The ex-dividend date is Monday, September 16th. This represents a $0.80 annualized dividend and a yield of 1.09%. CONMED’s dividend payout ratio (DPR) is 30.65%.

Wall Street Analyst Weigh In

CNMD has been the subject of a number of research analyst reports. Stifel Nicolaus cut their price objective on shares of CONMED from $88.00 to $76.00 and set a “buy” rating for the company in a research report on Thursday, August 1st. Piper Sandler reduced their price objective on CONMED from $95.00 to $80.00 and set an “overweight” rating for the company in a research report on Thursday, August 1st. Wells Fargo & Company lowered their price objective on CONMED from $77.00 to $71.00 and set an “equal weight” rating on the stock in a research report on Thursday, August 1st. Needham & Company LLC lowered their price target on shares of CONMED from $106.00 to $97.00 and set a “buy” rating on the stock in a report on Thursday, August 1st. Finally, StockNews.com upgraded shares of CONMED from a “hold” rating to a “buy” rating in a research report on Thursday, September 5th. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price 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.