CONMED Co. (NYSE:CNMD) Shares Sold by Hsbc Holdings PLC

Hsbc Holdings PLC trimmed its position in CONMED Co. (NYSE:CNMD) by 24.6% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 6,424 shares of the company’s stock after selling 2,091 shares during the period. Hsbc Holdings PLC’s holdings in CONMED were worth $442,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in CNMD. 1620 Investment Advisors Inc. acquired a new stake in shares of CONMED during the second quarter worth $39,000. Innealta Capital LLC acquired a new stake in shares of CONMED during the second quarter worth $41,000. Hilltop National Bank lifted its stake in shares of CONMED by 31.0% during the second quarter. Hilltop National Bank now owns 825 shares of the company’s stock worth $57,000 after buying an additional 195 shares during the period. CWM LLC lifted its stake in shares of CONMED by 224.7% during the second quarter. CWM LLC now owns 919 shares of the company’s stock worth $64,000 after buying an additional 636 shares during the period. Finally, AdvisorNet Financial Inc lifted its stake in shares of CONMED by 70.6% during the first quarter. AdvisorNet Financial Inc now owns 1,800 shares of the company’s stock worth $144,000 after buying an additional 745 shares during the period.

Analysts Set New Price Targets

CNMD has been the subject of several research reports. Stifel Nicolaus lowered their price objective on shares of CONMED from $88.00 to $76.00 and set a “buy” rating for the company in a research note on Thursday, August 1st. Needham & Company LLC decreased their target price on shares of CONMED from $106.00 to $97.00 and set a “buy” rating for the company in a research report on Thursday, August 1st. Piper Sandler decreased their target price on shares of 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 decreased their target price on shares of CONMED from $77.00 to $71.00 and set an “equal weight” rating for the company in a research report on Thursday, August 1st. Finally, StockNews.com cut shares of CONMED from a “buy” rating to a “hold” rating in a report on Tuesday. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $79.80.

CONMED Stock Down 5.0 %

CNMD stock opened at $68.30 on Wednesday. The stock has a market capitalization of $2.10 billion, a P/E ratio of 26.17, a P/E/G ratio of 0.98 and a beta of 1.46. The firm has a 50-day simple moving average of $71.08 and a 200-day simple moving average of $72.09. The company has a quick ratio of 1.13, a current ratio of 2.34 and a debt-to-equity ratio of 1.09. CONMED Co. has a 52 week low of $61.05 and a 52 week high of $117.27.

CONMED (NYSE:CNMD) last released its earnings results on Wednesday, July 31st. The company reported $0.98 EPS for the quarter, topping analysts’ consensus estimates of $0.92 by $0.06. The business had revenue of $332.10 million during the quarter, compared to analysts’ expectations of $334.39 million. CONMED had a net margin of 7.73% and a return on equity of 13.89%. The company’s quarterly revenue was up 4.5% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.83 earnings per share. Equities analysts forecast that CONMED Co. will post 3.99 earnings per share for the current fiscal year.

CONMED Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 4th. Investors of record on Monday, September 16th will be paid a dividend of $0.20 per share. The ex-dividend date of this dividend is Monday, September 16th. This represents a $0.80 annualized dividend and a yield of 1.17%. CONMED’s dividend payout ratio is presently 30.65%.

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.