State of Alaska Department of Revenue Has $1.03 Million Stake in CONMED Corporation (NYSE:CNMD)

State of Alaska Department of Revenue decreased its stake in CONMED Corporation (NYSE:CNMD) by 2.5% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 17,117 shares of the company’s stock after selling 439 shares during the quarter. State of Alaska Department of Revenue owned approximately 0.06% of CONMED worth $1,033,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of the stock. Aquatic Capital Management LLC acquired a new position in CONMED in the fourth quarter worth $82,000. GAMMA Investing LLC boosted its stake in CONMED by 81.4% in the first quarter. GAMMA Investing LLC now owns 1,317 shares of the company’s stock worth $80,000 after purchasing an additional 591 shares in the last quarter. Smartleaf Asset Management LLC boosted its stake in CONMED by 19.6% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,962 shares of the company’s stock worth $136,000 after purchasing an additional 322 shares in the last quarter. CIBC Asset Management Inc acquired a new position in CONMED in the fourth quarter worth $210,000. Finally, Summit Investment Advisors Inc. boosted its stake in CONMED by 6.8% in 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.

Insider Activity at CONMED

In related news, Director Charles Farkas sold 4,000 shares of the company’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 sale, the director now owns 16,346 shares in the company, valued at approximately $930,741.24. This represents a 19.66% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 3.10% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

CNMD has been the topic of a number of recent analyst reports. Wells Fargo & Company reduced their price objective on CONMED from $70.00 to $57.00 and set an “equal weight” rating on the stock in a research note on Thursday, May 1st. Wall Street Zen downgraded CONMED from a “buy” rating to a “hold” rating in a research report on Tuesday, May 6th. JPMorgan Chase & Co. dropped their target price on CONMED from $70.00 to $58.00 and set a “neutral” rating for the company in a research report on Thursday, May 1st. Needham & Company LLC downgraded CONMED from a “buy” rating to a “hold” rating and set a $61.00 target price for the company. in a research report on Thursday, June 12th. Finally, Stifel Nicolaus downgraded CONMED from a “buy” rating to a “hold” rating and dropped their target price for the stock from $75.00 to $55.00 in a research report on Monday, April 28th. Five investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $62.20.

CONMED Trading Down 0.1%

NYSE CNMD opened at $52.36 on Friday. The stock has a 50-day simple moving average of $55.11 and a 200 day simple moving average of $60.91. The company has a market capitalization of $1.62 billion, a PE ratio of 13.78, a P/E/G ratio of 1.35 and a beta of 1.24. The company has a current ratio of 2.26, a quick ratio of 1.00 and a debt-to-equity ratio of 0.91. CONMED Corporation has a 12 month low of $46.00 and a 12 month high of $78.19.

CONMED (NYSE:CNMD) last released its quarterly earnings data on Wednesday, April 30th. The company reported $0.95 EPS for the quarter, beating analysts’ consensus estimates of $0.81 by $0.14. The business had revenue of $321.26 million during the quarter, compared to the consensus estimate of $313.38 million. CONMED had a return on equity of 14.36% and a net margin of 9.02%. The firm’s revenue was up 2.9% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.79 earnings per share. Research analysts forecast that CONMED Corporation will post 4.35 EPS for the current year.

CONMED Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, July 3rd. Investors of record on Friday, June 13th will be issued a $0.20 dividend. The ex-dividend date is Friday, June 13th. This represents a $0.80 dividend on an annualized basis and a yield of 1.53%. CONMED’s dividend payout ratio is presently 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.