Ameriprise Financial Inc. Sells 4,101 Shares of CONMED Co. (NYSE:CNMD)

Ameriprise Financial Inc. decreased its stake in shares of CONMED Co. (NYSE:CNMD) by 2.1% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 189,383 shares of the company’s stock after selling 4,101 shares during the quarter. Ameriprise Financial Inc. owned about 0.61% of CONMED worth $12,963,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Aquatic Capital Management LLC acquired a new position in CONMED during the fourth quarter worth $82,000. Pacer Advisors Inc. grew its position in shares of CONMED by 41.4% in the 4th quarter. Pacer Advisors Inc. now owns 1,656 shares of the company’s stock valued at $113,000 after acquiring an additional 485 shares during the period. Smartleaf Asset Management LLC increased its stake in shares of CONMED by 19.6% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,962 shares of the company’s stock worth $136,000 after purchasing an additional 322 shares during the last quarter. CIBC Asset Management Inc bought a new stake in shares of CONMED in the 4th quarter valued at about $210,000. Finally, Summit Investment Advisors Inc. lifted its stake in CONMED by 6.8% in the 4th quarter. Summit Investment Advisors Inc. now owns 3,228 shares of the company’s stock valued at $221,000 after purchasing an additional 205 shares during the last quarter.

Analyst Ratings Changes

Several analysts have issued reports on CNMD shares. StockNews.com lowered CONMED from a “buy” rating to a “hold” rating in a research note on Tuesday, May 6th. Stifel Nicolaus lowered CONMED from a “buy” rating to a “hold” rating and decreased their target price for the stock from $75.00 to $55.00 in a report on Monday, April 28th. Wells Fargo & Company cut their price target on CONMED from $70.00 to $57.00 and set an “equal weight” rating for the company in a report on Thursday, May 1st. JPMorgan Chase & Co. reduced their price objective on shares of CONMED from $70.00 to $58.00 and set a “neutral” rating for the company in a research report on Thursday, May 1st. Finally, Needham & Company LLC decreased their price objective on shares of CONMED from $91.00 to $61.00 and set a “buy” rating on the stock in a report on Thursday, May 1st. Four equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $62.20.

CONMED Stock Performance

CNMD opened at $60.22 on Monday. The company has a debt-to-equity ratio of 0.94, a current ratio of 2.30 and a quick ratio of 1.06. The business has a fifty day simple moving average of $55.76 and a 200 day simple moving average of $64.37. CONMED Co. has a 1 year low of $46.00 and a 1 year high of $78.58. The company has a market capitalization of $1.86 billion, a PE ratio of 14.20, a price-to-earnings-growth ratio of 1.83 and a beta of 1.19.

CONMED (NYSE:CNMD) last announced its earnings results on Wednesday, April 30th. The company reported $0.95 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.81 by $0.14. CONMED had a net margin of 10.13% and a return on equity of 14.31%. The company had revenue of $321.26 million during the quarter, compared to analysts’ expectations of $313.38 million. During the same quarter in the previous year, the business posted $0.79 earnings per share. CONMED’s quarterly revenue was up 2.9% on a year-over-year basis. Research analysts expect that CONMED Co. will post 4.35 EPS for the current year.

CONMED Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, April 4th. Stockholders of record on Friday, March 14th were issued a dividend of $0.20 per share. The ex-dividend date was Friday, March 14th. This represents a $0.80 annualized dividend and a dividend yield of 1.33%. CONMED’s dividend payout ratio is presently 21.05%.

Insider Activity

In related news, Director Charles Farkas sold 4,000 shares of the business’s stock in a transaction dated Monday, May 5th. The stock was sold at an average price of $56.94, for a total value of $227,760.00. Following the completion of the transaction, the director now owns 16,346 shares of the company’s stock, valued at $930,741.24. The trade was a 19.66% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 3.10% of the stock is owned by company insiders.

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.