Short Interest in CONMED Co. (NYSE:CNMD) Rises By 5.7%

CONMED Co. (NYSE:CNMD) was the target of a significant increase in short interest in the month of May. As of May 31st, there was short interest totalling 3,870,000 shares, an increase of 5.7% from the May 15th total of 3,660,000 shares. Based on an average daily trading volume, of 521,600 shares, the short-interest ratio is presently 7.4 days.

Insider Transactions at CONMED

In other CONMED news, COO Pat Beyer acquired 3,000 shares of CONMED stock in a transaction that occurred on Tuesday, April 30th. The stock was purchased at an average cost of $68.30 per share, with a total value of $204,900.00. Following the purchase, the chief operating officer now owns 10,807 shares in the company, valued at $738,118.10. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, COO Pat Beyer acquired 3,000 shares of the stock in a transaction that occurred on Tuesday, April 30th. The shares were purchased at an average cost of $68.30 per share, with a total value of $204,900.00. Following the completion of the transaction, the chief operating officer now owns 10,807 shares of the company’s stock, valued at approximately $738,118.10. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Martha Goldberg Aronson acquired 2,000 shares of the company’s stock in a transaction on Monday, May 6th. The stock was bought at an average price of $70.98 per share, for a total transaction of $141,960.00. Following the purchase, the director now owns 2,000 shares in the company, valued at approximately $141,960. The disclosure for this purchase can be found here. Insiders acquired a total of 6,442 shares of company stock valued at $446,733 over the last quarter. Company insiders own 6.80% of the company’s stock.

Institutional Investors Weigh In On CONMED

Institutional investors have recently added to or reduced their stakes in the company. GAMMA Investing LLC bought a new stake in shares of CONMED in the 4th quarter worth approximately $40,000. Principal Securities Inc. bought a new stake in shares of CONMED during the fourth quarter valued at approximately $46,000. AdvisorNet Financial Inc raised its stake in shares of CONMED by 70.6% in the first quarter. AdvisorNet Financial Inc now owns 1,800 shares of the company’s stock valued at $144,000 after purchasing an additional 745 shares in the last quarter. Quadrant Capital Group LLC lifted its position in CONMED by 44.2% in the fourth quarter. Quadrant Capital Group LLC now owns 1,631 shares of the company’s stock worth $179,000 after purchasing an additional 500 shares during the period. Finally, Xponance Inc. acquired a new stake in CONMED during the fourth quarter worth $204,000.

CONMED Price Performance

NYSE CNMD opened at $67.48 on Thursday. CONMED has a 1 year low of $61.05 and a 1 year high of $138.29. The company has a fifty day simple moving average of $72.94 and a 200 day simple moving average of $86.14. The company has a current ratio of 2.18, a quick ratio of 1.08 and a debt-to-equity ratio of 1.16. The company has a market cap of $2.08 billion, a P/E ratio of 25.85, a P/E/G ratio of 0.67 and a beta of 1.43.

CONMED (NYSE:CNMD) last released its earnings results on Wednesday, April 24th. The company reported $0.79 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.74 by $0.05. The firm had revenue of $312.27 million for the quarter, compared to analyst estimates of $307.06 million. CONMED had a return on equity of 13.78% and a net margin of 6.53%. On average, sell-side analysts predict that CONMED will post 4.3 EPS for the current year.

CONMED Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, July 5th. Investors of record on Friday, June 14th will be paid a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 1.19%. The ex-dividend date is Friday, June 14th. CONMED’s payout ratio is presently 30.65%.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on CNMD shares. Piper Sandler lowered their target price on CONMED from $100.00 to $95.00 and set an “overweight” rating on the stock in a research note on Thursday, April 25th. Needham & Company LLC reiterated a “buy” rating and set a $107.00 price target on shares of CONMED in a report on Monday, May 6th. Wells Fargo & Company dropped their price objective on CONMED from $98.00 to $77.00 and set an “equal weight” rating on the stock in a report on Thursday, April 25th. Finally, JPMorgan Chase & Co. reduced their target price on shares of CONMED from $115.00 to $75.00 and set an “overweight” rating for the company in a research note on Thursday, April 25th. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $102.50.

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.