M&T Bank Corp Has $523,000 Stake in CONMED Corporation (NYSE:CNMD)

M&T Bank Corp lessened its holdings in CONMED Corporation (NYSE:CNMD) by 50.6% during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 8,668 shares of the company’s stock after selling 8,877 shares during the period. M&T Bank Corp’s holdings in CONMED were worth $523,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Envestnet Asset Management Inc. lifted its stake in CONMED by 6.7% in the first quarter. Envestnet Asset Management Inc. now owns 159,750 shares of the company’s stock valued at $9,647,000 after purchasing an additional 10,040 shares during the last quarter. Principal Financial Group Inc. increased its holdings in shares of CONMED by 1.5% in the first quarter. Principal Financial Group Inc. now owns 634,677 shares of the company’s stock worth $38,328,000 after purchasing an additional 9,619 shares during the period. Teacher Retirement System of Texas bought a new position in shares of CONMED in the first quarter worth $273,000. Peregrine Capital Management LLC increased its holdings in shares of CONMED by 1.6% in the first quarter. Peregrine Capital Management LLC now owns 101,197 shares of the company’s stock worth $6,111,000 after purchasing an additional 1,596 shares during the period. Finally, Allspring Global Investments Holdings LLC increased its stake in CONMED by 15.5% in the first quarter. Allspring Global Investments Holdings LLC now owns 257,712 shares of the company’s stock valued at $15,308,000 after acquiring an additional 34,570 shares during the last quarter.

CONMED Stock Up 2.2%

Shares of CNMD stock opened at $49.89 on Thursday. The company has a debt-to-equity ratio of 0.91, a current ratio of 2.26 and a quick ratio of 1.00. The company has a market capitalization of $1.54 billion, a price-to-earnings ratio of 13.13, a PEG ratio of 1.26 and a beta of 1.20. The company’s fifty day moving average price is $55.13 and its 200-day moving average price is $59.09. CONMED Corporation has a one year low of $46.00 and a one year high of $78.19.

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

CONMED Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, July 3rd. Investors of record on Friday, June 13th were paid a dividend of $0.20 per share. The ex-dividend date of this dividend was Friday, June 13th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.60%. CONMED’s dividend payout ratio is presently 21.05%.

Analysts Set New Price Targets

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

Insider Transactions at CONMED

In other CONMED news, Director Charles Farkas sold 4,000 shares of the business’s stock in a transaction dated 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 sale, the director directly owned 16,346 shares of the company’s stock, valued at $930,741.24. The trade was a 19.66% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 3.10% of the stock is currently owned by company insiders.

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.