Fifth Third Bancorp Sells 534 Shares of CONMED Corporation $CNMD

Fifth Third Bancorp decreased its position in shares of CONMED Corporation (NYSE:CNMD) by 3.6% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 14,281 shares of the company’s stock after selling 534 shares during the quarter. Fifth Third Bancorp’s holdings in CONMED were worth $744,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of CNMD. Squarepoint Ops LLC bought a new position in CONMED during the 4th quarter worth approximately $849,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in CONMED by 16.5% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 78,121 shares of the company’s stock valued at $5,347,000 after buying an additional 11,059 shares in the last quarter. GAMMA Investing LLC lifted its stake in CONMED by 10,855.1% in the first quarter. GAMMA Investing LLC now owns 79,534 shares of the company’s stock valued at $4,803,000 after buying an additional 78,808 shares in the last quarter. Avity Investment Management Inc. lifted its stake in CONMED by 36.9% in the first quarter. Avity Investment Management Inc. now owns 5,565 shares of the company’s stock valued at $336,000 after buying an additional 1,500 shares in the last quarter. Finally, Harbor Capital Advisors Inc. bought a new position in CONMED in the first quarter valued at approximately $1,289,000.

Analysts Set New Price Targets

CNMD has been the topic of a number of recent research reports. Piper Sandler lowered their price objective on shares of CONMED from $80.00 to $68.00 and set an “overweight” rating on the stock in a report on Thursday, July 31st. Needham & Company LLC downgraded 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. One equities research analyst has rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $59.80.

CONMED Trading Down 0.2%

CNMD stock opened at $45.89 on Monday. The company has a debt-to-equity ratio of 0.88, a quick ratio of 1.00 and a current ratio of 2.23. The company’s 50-day simple moving average is $52.18 and its 200 day simple moving average is $53.98. CONMED Corporation has a 52 week low of $45.06 and a 52 week high of $78.00. The company has a market capitalization of $1.42 billion, a PE ratio of 13.00, a price-to-earnings-growth ratio of 1.57 and a beta of 1.18.

CONMED (NYSE:CNMD) last posted its quarterly earnings data on Wednesday, July 30th. The company reported $1.15 earnings per share for the quarter, topping the consensus estimate of $1.13 by $0.02. CONMED had a net margin of 8.31% and a return on equity of 14.43%. The business had revenue of $342.35 million during the quarter, compared to analysts’ expectations of $338.42 million. During the same quarter in the prior year, the business posted $0.98 earnings per share. CONMED’s revenue was up 3.1% compared to the same quarter last year. CONMED has set its FY 2025 guidance at 4.400-4.550 EPS. As a group, sell-side analysts anticipate that CONMED Corporation will post 4.35 earnings per share for the current year.

CONMED Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 3rd. Investors of record on Monday, September 15th will be given a dividend of $0.20 per share. The ex-dividend date of this dividend is Monday, September 15th. This represents a $0.80 annualized dividend and a yield of 1.7%. CONMED’s dividend payout ratio is currently 22.66%.

Insiders Place Their Bets

In other news, Director Charles Farkas sold 2,000 shares of the stock in a transaction dated Friday, September 12th. The shares were sold at an average price of $53.52, for a total value of $107,040.00. Following the completion of the transaction, the director owned 14,859 shares of the company’s stock, valued at approximately $795,253.68. This represents a 11.86% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 3.10% of the stock is owned by corporate insiders.

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.