Commonwealth Equity Services LLC Boosts Holdings in CONMED Co. (NYSE:CNMD)

Commonwealth Equity Services LLC increased its holdings in CONMED Co. (NYSE:CNMD) by 50.9% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,934 shares of the company’s stock after purchasing an additional 1,327 shares during the period. Commonwealth Equity Services LLC’s holdings in CONMED were worth $273,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in CNMD. 1620 Investment Advisors Inc. purchased a new position in CONMED in the 2nd quarter worth approximately $39,000. Innealta Capital LLC purchased a new position in CONMED in the 2nd quarter worth approximately $41,000. Hilltop National Bank lifted its holdings in CONMED by 31.0% in the 2nd quarter. Hilltop National Bank now owns 825 shares of the company’s stock worth $57,000 after purchasing an additional 195 shares in the last quarter. CWM LLC lifted its holdings in CONMED by 224.7% in the 2nd quarter. CWM LLC now owns 919 shares of the company’s stock worth $64,000 after purchasing an additional 636 shares in the last quarter. Finally, AdvisorNet Financial Inc lifted its holdings in CONMED by 70.6% in the 1st quarter. AdvisorNet Financial Inc now owns 1,800 shares of the company’s stock worth $144,000 after purchasing an additional 745 shares in the last quarter.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on CNMD shares. StockNews.com raised CONMED from a “hold” rating to a “buy” rating in a research note on Thursday, September 5th. Needham & Company LLC reduced their price objective on CONMED from $106.00 to $97.00 and set a “buy” rating on the stock in a research note on Thursday, August 1st. Stifel Nicolaus reduced their price objective on CONMED from $88.00 to $76.00 and set a “buy” rating on the stock in a research note on Thursday, August 1st. Wells Fargo & Company reduced their price objective on CONMED from $77.00 to $71.00 and set an “equal weight” rating on the stock in a research note on Thursday, August 1st. Finally, Piper Sandler reduced their price objective on CONMED from $95.00 to $80.00 and set an “overweight” rating on the stock in a research note on Thursday, August 1st. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $79.80.

CONMED Stock Performance

NYSE CNMD opened at $76.24 on Wednesday. The company has a market cap of $2.35 billion, a P/E ratio of 29.21, a P/E/G ratio of 0.95 and a beta of 1.46. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.13 and a current ratio of 2.34. The business’s 50 day moving average price is $71.04 and its 200-day moving average price is $72.44. CONMED Co. has a fifty-two week low of $61.05 and a fifty-two week high of $117.27.

CONMED (NYSE:CNMD) last released its earnings results on Wednesday, July 31st. The company reported $0.98 earnings per share for the quarter, beating the consensus estimate of $0.92 by $0.06. The firm had revenue of $332.10 million for the quarter, compared to the consensus estimate of $334.39 million. CONMED had a return on equity of 13.89% and a net margin of 7.73%. The company’s revenue for the quarter was up 4.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.83 EPS. Sell-side analysts predict that CONMED Co. will post 3.99 earnings per share for the current year.

CONMED Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 4th. Shareholders of record on Monday, September 16th will be given a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 1.05%. The ex-dividend date is Monday, September 16th. CONMED’s dividend payout ratio (DPR) is presently 30.65%.

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.