Rhumbline Advisers Sells 334 Shares of CONMED Co. (NYSE:CNMD)

Rhumbline Advisers reduced its position in shares of CONMED Co. (NYSE:CNMD) by 0.4% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 93,990 shares of the company’s stock after selling 334 shares during the quarter. Rhumbline Advisers owned about 0.30% of CONMED worth $5,676,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of the company. Aquatic Capital Management LLC purchased a new stake in shares of CONMED in the fourth quarter worth about $82,000. Smartleaf Asset Management LLC lifted its stake in shares of CONMED by 19.6% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,962 shares of the company’s stock valued at $136,000 after purchasing an additional 322 shares during the last quarter. CIBC Asset Management Inc acquired a new position in CONMED during the fourth quarter worth $210,000. Summit Investment Advisors Inc. lifted its stake in CONMED by 6.8% during the fourth quarter. Summit Investment Advisors Inc. now owns 3,228 shares of the company’s stock worth $221,000 after purchasing an additional 205 shares in the last quarter. Finally, Quantinno Capital Management LP purchased a new stake in shares of CONMED during the fourth quarter worth $222,000.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the stock. Wall Street Zen downgraded shares of CONMED from a “buy” rating to a “hold” rating in a research note on Tuesday, May 6th. Stifel Nicolaus cut shares of CONMED from a “buy” rating to a “hold” rating and lowered their target price for the stock from $75.00 to $55.00 in a research note on Monday, April 28th. JPMorgan Chase & Co. lowered their price objective on shares of CONMED from $70.00 to $58.00 and set a “neutral” rating for the company in a research note on Thursday, May 1st. Needham & Company LLC cut shares of CONMED from a “buy” rating to a “hold” rating and set a $61.00 price target for the company. in a research report on Thursday. Finally, Wells Fargo & Company cut their price objective on shares of CONMED from $70.00 to $57.00 and set an “equal weight” rating on the stock in a report on Thursday, May 1st. Five investment analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $62.20.

Insider Activity at CONMED

In other news, Director Charles Farkas sold 4,000 shares of the company’s stock in a transaction that occurred on Monday, May 5th. The shares were 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 in the company, valued at $930,741.24. This represents a 19.66% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 3.10% of the stock is currently owned by insiders.

CONMED Stock Down 3.7%

CNMD stock opened at $54.83 on Friday. CONMED Co. has a 12-month low of $46.00 and a 12-month high of $78.19. The company has a quick ratio of 1.06, a current ratio of 2.30 and a debt-to-equity ratio of 0.94. The company has a market cap of $1.70 billion, a price-to-earnings ratio of 12.93, a PEG ratio of 1.83 and a beta of 1.24. The company has a 50 day moving average of $54.96 and a two-hundred day moving average of $62.38.

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

CONMED Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, July 3rd. Investors of record on Friday, June 13th will be issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 1.46%. The ex-dividend date is Friday, June 13th. CONMED’s dividend payout ratio is currently 21.05%.

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.