Proficio Capital Partners LLC Makes New Investment in CONMED Co. (NYSE:CNMD)

Proficio Capital Partners LLC bought a new position in shares of CONMED Co. (NYSE:CNMD) during the 4th quarter, Holdings Channel reports. The institutional investor bought 13,277 shares of the company’s stock, valued at approximately $909,000.

Several other hedge funds have also recently bought and sold shares of CNMD. GAMMA Investing LLC raised its holdings in CONMED by 93.6% during the 4th quarter. GAMMA Investing LLC now owns 726 shares of the company’s stock worth $50,000 after buying an additional 351 shares during the period. Pacer Advisors Inc. raised its holdings in CONMED by 41.4% during the 4th quarter. Pacer Advisors Inc. now owns 1,656 shares of the company’s stock worth $113,000 after buying an additional 485 shares during the period. Smartleaf Asset Management LLC raised its holdings in CONMED by 19.6% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,962 shares of the company’s stock worth $136,000 after buying an additional 322 shares during the period. CIBC Asset Management Inc acquired a new stake in CONMED during the 4th quarter worth approximately $210,000. Finally, bLong Financial LLC acquired a new stake in CONMED during the 4th quarter worth approximately $226,000.

Analysts Set New Price Targets

Several brokerages have commented on CNMD. JPMorgan Chase & Co. downgraded shares of CONMED from an “overweight” rating to a “neutral” rating and dropped their target price for the stock from $85.00 to $70.00 in a report on Thursday, February 6th. Needham & Company LLC reduced their price objective on shares of CONMED from $97.00 to $91.00 and set a “buy” rating for the company in a research report on Thursday, February 6th. Stifel Nicolaus lifted their price objective on shares of CONMED from $72.00 to $75.00 and gave the stock a “buy” rating in a research report on Thursday, February 6th. Finally, Wells Fargo & Company reduced their price objective on shares of CONMED from $74.00 to $70.00 and set an “equal weight” rating for the company in a research report on Thursday, February 6th. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $77.20.

CONMED Trading Up 1.1 %

CNMD stock opened at $59.63 on Friday. The company has a debt-to-equity ratio of 0.94, a current ratio of 2.30 and a quick ratio of 1.06. The company has a fifty day moving average price of $64.58 and a two-hundred day moving average price of $68.49. CONMED Co. has a one year low of $55.22 and a one year high of $81.22. The stock has a market cap of $1.84 billion, a price-to-earnings ratio of 14.06, a price-to-earnings-growth ratio of 1.83 and a beta of 1.53.

CONMED (NYSE:CNMD) last announced its earnings results on Wednesday, February 5th. The company reported $1.34 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.20 by $0.14. CONMED had a net margin of 10.13% and a return on equity of 14.31%. Equities analysts anticipate that CONMED Co. will post 4.35 EPS for the current year.

CONMED Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, April 4th. Stockholders of record on Friday, March 14th will be given a $0.20 dividend. The ex-dividend date of this dividend is Friday, March 14th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.34%. CONMED’s payout ratio is presently 18.87%.

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.