Envestnet Asset Management Inc. Boosts Stock Holdings in CONMED Corporation (NYSE:CNMD)

Envestnet Asset Management Inc. grew its position in shares of CONMED Corporation (NYSE:CNMD) by 6.7% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 159,750 shares of the company’s stock after buying an additional 10,040 shares during the quarter. Envestnet Asset Management Inc. owned 0.52% of CONMED worth $9,647,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently made changes to their positions in CNMD. Silvercrest Asset Management Group LLC purchased a new stake in CONMED in the fourth quarter worth approximately $68,489,000. Fuller & Thaler Asset Management Inc. purchased a new stake in CONMED in the fourth quarter worth approximately $59,046,000. Neuberger Berman Group LLC purchased a new stake in CONMED in the fourth quarter worth approximately $21,395,000. Raymond James Financial Inc. purchased a new stake in CONMED in the fourth quarter worth approximately $18,248,000. Finally, Natixis boosted its holdings in CONMED by 1,069.2% in the fourth quarter. Natixis now owns 114,000 shares of the company’s stock worth $7,802,000 after purchasing an additional 104,250 shares during the last quarter.

CONMED Stock Down 3.3%

CNMD opened at $47.62 on Monday. 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 1-year low of $46.00 and a 1-year high of $78.19. The company has a market capitalization of $1.47 billion, a PE ratio of 12.53, a PEG ratio of 1.23 and a beta of 1.20. The firm’s 50 day simple moving average is $54.77 and its two-hundred day simple moving average is $58.68.

CONMED (NYSE:CNMD) last released its quarterly earnings results on Wednesday, April 30th. The company reported $0.95 earnings per share for the quarter, topping the consensus estimate 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 9.02% and a return on equity of 14.36%. The company’s quarterly revenue was up 2.9% on a year-over-year basis. During the same period last year, the firm earned $0.79 earnings per share. As a group, equities analysts forecast that CONMED Corporation will post 4.35 EPS for the current year.

CONMED Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, July 3rd. Shareholders of record on Friday, June 13th were issued a $0.20 dividend. The ex-dividend date was Friday, June 13th. This represents a $0.80 dividend on an annualized basis and a yield of 1.68%. CONMED’s dividend payout ratio is currently 21.05%.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the stock. Needham & Company LLC cut shares of CONMED from a “buy” rating to a “hold” rating and set a $61.00 target price on the stock. in a report on Thursday, June 12th. JPMorgan Chase & Co. dropped their target price on shares of CONMED from $70.00 to $58.00 and set a “neutral” rating on the stock in a report on Thursday, May 1st. Wells Fargo & Company dropped their target price 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. Wall Street Zen cut shares of CONMED from a “buy” rating to a “hold” rating in a report on Tuesday, May 6th. Finally, Stifel Nicolaus downgraded shares of CONMED from a “buy” rating to a “hold” rating and decreased their price target for the stock from $75.00 to $55.00 in a research report on Monday, April 28th. Five equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $62.20.

Insider Transactions at CONMED

In other CONMED news, Director Charles Farkas sold 4,000 shares of CONMED stock in a transaction 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 sale, the director directly owned 16,346 shares in the company, valued at approximately $930,741.24. The trade was a 19.66% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 3.10% of the company’s stock.

CONMED 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.