Commonwealth Equity Services LLC Lowers Holdings in CONMED Co. (NYSE:CNMD)

Commonwealth Equity Services LLC cut its stake in shares of CONMED Co. (NYSE:CNMD) by 22.7% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 3,023 shares of the company’s stock after selling 887 shares during the period. Commonwealth Equity Services LLC’s holdings in CONMED were worth $207,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in CNMD. Nordea Investment Management AB lifted its holdings in shares of CONMED by 31.5% during the 4th quarter. Nordea Investment Management AB now owns 73,587 shares of the company’s stock valued at $5,141,000 after acquiring an additional 17,633 shares in the last quarter. Avity Investment Management Inc. acquired a new position in shares of CONMED during the fourth quarter worth about $278,000. Raymond James Financial Inc. purchased a new stake in shares of CONMED in the fourth quarter worth about $18,248,000. Allspring Global Investments Holdings LLC grew its stake in shares of CONMED by 44.5% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 223,142 shares of the company’s stock valued at $15,029,000 after buying an additional 68,696 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of CONMED by 1.7% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 67,062 shares of the company’s stock valued at $4,823,000 after buying an additional 1,095 shares during the period.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the company. Wells Fargo & Company decreased their price target on CONMED from $74.00 to $70.00 and set an “equal weight” rating for the company in a report on Thursday, February 6th. Stifel Nicolaus raised their price target on shares of CONMED from $72.00 to $75.00 and gave the company a “buy” rating in a report on Thursday, February 6th. Needham & Company LLC cut their price objective on shares of CONMED from $97.00 to $91.00 and set a “buy” rating on the stock in a report on Thursday, February 6th. Finally, JPMorgan Chase & Co. cut shares of CONMED from an “overweight” rating to a “neutral” rating and decreased their price objective for the company from $85.00 to $70.00 in a research report on Thursday, February 6th. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $77.20.

CONMED Trading Up 9.5 %

NYSE CNMD opened at $56.82 on Thursday. The company has a market capitalization of $1.76 billion, a price-to-earnings ratio of 13.40, a price-to-earnings-growth ratio of 1.83 and a beta of 1.28. The company has a debt-to-equity ratio of 0.94, a current ratio of 2.30 and a quick ratio of 1.06. CONMED Co. has a 12 month low of $51.01 and a 12 month high of $80.54. The company’s fifty day moving average price is $61.08 and its two-hundred day moving average price is $66.79.

CONMED (NYSE:CNMD) last posted its quarterly earnings results on Wednesday, February 5th. The company reported $1.34 EPS for the quarter, topping analysts’ consensus estimates of $1.20 by $0.14. CONMED had a return on equity of 14.31% and a net margin of 10.13%. As a group, research analysts predict that CONMED Co. will post 4.35 earnings per share for the current fiscal year.

CONMED Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, April 4th. Investors of record on Friday, March 14th were given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 1.41%. The ex-dividend date of this dividend was Friday, March 14th. CONMED’s dividend payout ratio is currently 18.87%.

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.