HighTower Advisors LLC Reduces Position in CONMED Co. (NYSE:CNMD)

HighTower Advisors LLC lowered its stake in shares of CONMED Co. (NYSE:CNMD) by 3.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 6,806 shares of the company’s stock after selling 250 shares during the period. HighTower Advisors LLC’s holdings in CONMED were worth $466,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Wealthfront Advisers LLC purchased a new stake in shares of CONMED during the fourth quarter worth about $5,790,000. Raymond James Financial Inc. acquired a new stake in CONMED during the fourth quarter worth approximately $18,248,000. Proficio Capital Partners LLC purchased a new stake in CONMED in the 4th quarter worth approximately $909,000. Victory Capital Management Inc. raised its holdings in CONMED by 36.6% in the 4th quarter. Victory Capital Management Inc. now owns 14,984 shares of the company’s stock valued at $1,026,000 after acquiring an additional 4,013 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its stake in shares of CONMED by 0.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 382,950 shares of the company’s stock worth $26,209,000 after purchasing an additional 1,537 shares during the period.

CONMED Stock Performance

Shares of CNMD stock opened at $58.86 on Monday. The company has a current ratio of 2.30, a quick ratio of 1.06 and a debt-to-equity ratio of 0.94. The company has a market cap of $1.82 billion, a PE ratio of 13.88, a P/E/G ratio of 1.83 and a beta of 1.53. The company’s fifty day simple moving average is $63.78 and its 200-day simple moving average is $67.99. CONMED Co. has a 52 week low of $55.22 and a 52 week high of $80.65.

CONMED (NYSE:CNMD) last issued its quarterly earnings data on Wednesday, February 5th. The company reported $1.34 EPS for the quarter, topping analysts’ consensus estimates of $1.20 by $0.14. CONMED had a return on equity of 14.31% and a net margin of 10.13%. As a group, equities research analysts anticipate that CONMED Co. will post 4.35 EPS for the current year.

CONMED Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 4th. Shareholders of record on Friday, March 14th will be given a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 1.36%. The ex-dividend date of this dividend is Friday, March 14th. CONMED’s dividend payout ratio (DPR) is 18.87%.

Analyst Ratings Changes

A number of equities research analysts have recently commented on CNMD shares. Needham & Company LLC lowered their price objective on CONMED from $97.00 to $91.00 and set a “buy” rating for the company in a research report on Thursday, February 6th. Wells Fargo & Company dropped 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 note on Thursday, February 6th. Stifel Nicolaus upped their price target 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, JPMorgan Chase & Co. cut shares of CONMED from an “overweight” rating to a “neutral” rating and lowered their price objective for the company from $85.00 to $70.00 in a research note on Thursday, February 6th. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, CONMED currently has a consensus rating of “Moderate Buy” and a consensus price target of $77.20.

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.