PNC Financial Services Group Inc. Has $659,000 Holdings in CONMED Co. (NYSE:CNMD)

PNC Financial Services Group Inc. decreased its holdings in CONMED Co. (NYSE:CNMD) by 15.4% during the fourth quarter, Holdings Channel.com reports. The firm owned 6,021 shares of the company’s stock after selling 1,094 shares during the period. PNC Financial Services Group Inc.’s holdings in CONMED were worth $659,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the stock. Olympiad Research LP grew its position in CONMED by 5.9% during the fourth quarter. Olympiad Research LP now owns 2,410 shares of the company’s stock valued at $264,000 after purchasing an additional 134 shares in the last quarter. Franklin Resources Inc. raised its holdings in shares of CONMED by 0.9% during the fourth quarter. Franklin Resources Inc. now owns 14,966 shares of the company’s stock worth $1,639,000 after acquiring an additional 140 shares in the last quarter. QRG Capital Management Inc. boosted its position in CONMED by 2.7% during the fourth quarter. QRG Capital Management Inc. now owns 5,900 shares of the company’s stock valued at $646,000 after purchasing an additional 154 shares during the last quarter. Envestnet Portfolio Solutions Inc. grew its stake in CONMED by 4.3% in the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 4,095 shares of the company’s stock valued at $448,000 after purchasing an additional 169 shares in the last quarter. Finally, Bahl & Gaynor Inc. increased its position in CONMED by 1.4% in the 4th quarter. Bahl & Gaynor Inc. now owns 15,434 shares of the company’s stock worth $1,690,000 after purchasing an additional 207 shares during the last quarter.

Insider Activity at CONMED

In other CONMED news, COO Pat Beyer purchased 3,000 shares of the business’s stock in a transaction dated Tuesday, April 30th. The stock was bought at an average cost of $68.30 per share, for a total transaction of $204,900.00. Following the completion of the acquisition, the chief operating officer now directly owns 10,807 shares in the company, valued at $738,118.10. The purchase was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, Director Barbara J. Schwarzentraub bought 1,442 shares of the firm’s stock in a transaction that occurred on Wednesday, May 8th. The shares were acquired at an average cost of $69.26 per share, with a total value of $99,872.92. Following the completion of the transaction, the director now directly owns 1,442 shares in the company, valued at $99,872.92. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Pat Beyer purchased 3,000 shares of the stock in a transaction that occurred on Tuesday, April 30th. The shares were purchased at an average price of $68.30 per share, for a total transaction of $204,900.00. Following the completion of the purchase, the chief operating officer now directly owns 10,807 shares of the company’s stock, valued at $738,118.10. The disclosure for this purchase can be found here. Insiders acquired a total of 6,442 shares of company stock worth $446,733 in the last 90 days. 6.80% of the stock is owned by company insiders.

Analysts Set New Price Targets

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

CONMED Trading Down 1.8 %

NYSE:CNMD opened at $66.92 on Wednesday. The company’s 50 day moving average is $72.02 and its 200-day moving average is $84.66. The company has a quick ratio of 1.08, a current ratio of 2.18 and a debt-to-equity ratio of 1.16. CONMED Co. has a 12 month low of $61.05 and a 12 month high of $138.29. The firm has a market cap of $2.06 billion, a price-to-earnings ratio of 25.64, a P/E/G ratio of 0.64 and a beta of 1.43.

CONMED (NYSE:CNMD) last announced its earnings results on Wednesday, April 24th. The company reported $0.79 EPS for the quarter, topping the consensus estimate of $0.74 by $0.05. CONMED had a net margin of 6.53% and a return on equity of 13.78%. The firm had revenue of $312.27 million for the quarter, compared to the consensus estimate of $307.06 million. Equities analysts anticipate that CONMED Co. will post 4.3 EPS for the current year.

CONMED Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 5th. Investors of record on Friday, June 14th will be given a dividend of $0.20 per share. The ex-dividend date is Friday, June 14th. This represents a $0.80 annualized dividend and a dividend yield of 1.20%. CONMED’s dividend payout ratio is presently 30.65%.

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.