HighTower Advisors LLC Acquires 275 Shares of CONMED Co. (NYSE:CNMD)

HighTower Advisors LLC lifted its holdings in shares of CONMED Co. (NYSE:CNMD) by 4.1% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 7,056 shares of the company’s stock after acquiring an additional 275 shares during the quarter. HighTower Advisors LLC’s holdings in CONMED were worth $512,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Innealta Capital LLC bought a new position in CONMED in the 2nd quarter worth $41,000. CWM LLC raised its stake in CONMED by 36.1% in the third quarter. CWM LLC now owns 1,251 shares of the company’s stock worth $90,000 after buying an additional 332 shares in the last quarter. nVerses Capital LLC raised its stake in CONMED by 566.7% in the third quarter. nVerses Capital LLC now owns 2,000 shares of the company’s stock worth $144,000 after buying an additional 1,700 shares in the last quarter. Federated Hermes Inc. purchased a new stake in CONMED in the second quarter worth about $167,000. Finally, ZWJ Investment Counsel Inc. bought a new stake in CONMED during the 3rd quarter valued at approximately $206,000.

CONMED Stock Performance

Shares of CNMD stock opened at $68.63 on Friday. The firm has a market capitalization of $2.12 billion, a PE ratio of 16.30, a P/E/G ratio of 0.94 and a beta of 1.46. The company has a quick ratio of 1.06, a current ratio of 2.27 and a debt-to-equity ratio of 1.01. CONMED Co. has a 52 week low of $61.05 and a 52 week high of $114.80. The company has a 50 day moving average price of $70.57 and a 200-day moving average price of $70.32.

CONMED (NYSE:CNMD) last issued its quarterly earnings results on Wednesday, October 30th. The company reported $1.05 earnings per share for the quarter, beating the consensus estimate of $0.99 by $0.06. CONMED had a net margin of 10.23% and a return on equity of 13.84%. The business had revenue of $316.70 million for the quarter, compared to the consensus estimate of $318.46 million. As a group, equities research analysts expect that CONMED Co. will post 4.03 earnings per share for the current year.

CONMED Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, January 3rd. Investors of record on Friday, December 20th will be given a dividend of $0.20 per share. The ex-dividend date is Friday, December 20th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.17%. CONMED’s dividend payout ratio is 19.00%.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on CNMD. StockNews.com lowered CONMED from a “buy” rating to a “hold” rating in a research report on Friday, November 8th. Needham & Company LLC reiterated a “buy” rating and issued a $97.00 price objective on shares of CONMED in a report on Thursday, October 31st. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $79.80.

CONMED Company 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.