Franklin Resources Inc. Reduces Position in CONMED Co. (NYSE:CNMD)

Franklin Resources Inc. trimmed its holdings in CONMED Co. (NYSE:CNMD) by 99.6% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 16,789 shares of the company’s stock after selling 3,983,156 shares during the period. Franklin Resources Inc.’s holdings in CONMED were worth $1,207,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. CWM LLC grew its position in shares of CONMED by 36.1% during the 3rd 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 lifted 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 acquiring an additional 1,700 shares during the period. Federated Hermes Inc. bought a new position in CONMED during the 2nd quarter worth about $167,000. ZWJ Investment Counsel Inc. purchased a new position in CONMED during the 3rd quarter valued at about $206,000. Finally, Blue Trust Inc. raised its holdings in shares of CONMED by 26.5% in the 3rd quarter. Blue Trust Inc. now owns 3,121 shares of the company’s stock valued at $216,000 after purchasing an additional 653 shares in the last quarter.

CONMED Stock Down 0.9 %

CNMD opened at $70.62 on Friday. The company has a fifty day moving average of $71.09 and a two-hundred day moving average of $70.07. The company has a debt-to-equity ratio of 1.01, a quick ratio of 1.06 and a current ratio of 2.27. CONMED Co. has a fifty-two week low of $61.05 and a fifty-two week high of $113.68. The stock has a market capitalization of $2.18 billion, a price-to-earnings ratio of 16.77, a PEG ratio of 0.94 and a beta of 1.46.

CONMED (NYSE:CNMD) last announced its earnings results on Wednesday, October 30th. The company reported $1.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.99 by $0.06. The firm had revenue of $316.70 million for the quarter, compared to analyst estimates of $318.46 million. CONMED had a return on equity of 13.84% and a net margin of 10.23%. On average, research analysts expect that CONMED Co. will post 4.03 earnings per share for the current year.

CONMED Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 3rd. Shareholders of record on Friday, December 20th will be paid a dividend of $0.20 per share. The ex-dividend date of this dividend is Friday, December 20th. This represents a $0.80 annualized dividend and a yield of 1.13%. CONMED’s dividend payout ratio (DPR) is presently 19.00%.

Analyst Ratings Changes

A number of analysts have weighed in on CNMD shares. StockNews.com lowered CONMED from a “buy” rating to a “hold” rating in a report on Friday, November 8th. Needham & Company LLC restated a “buy” rating and set a $97.00 price objective on shares of CONMED in a research note on Thursday, October 31st. Two research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, CONMED has an average rating of “Moderate Buy” and an average price target of $79.80.

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.