Raymond James & Associates Has $5.77 Million Stock Position in CONMED Co. (NYSE:CNMD)

Raymond James & Associates reduced its position in shares of CONMED Co. (NYSE:CNMD) by 1.6% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 83,244 shares of the company’s stock after selling 1,391 shares during the period. Raymond James & Associates owned approximately 0.27% of CONMED worth $5,770,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of CNMD. Blue Trust Inc. increased its holdings in CONMED by 17.6% in the 2nd quarter. Blue Trust Inc. now owns 2,468 shares of the company’s stock worth $171,000 after purchasing an additional 370 shares in the last quarter. Assenagon Asset Management S.A. bought a new stake in shares of CONMED during the 2nd quarter valued at about $721,000. Diversified Trust Co grew its position in shares of CONMED by 2.4% during the 2nd quarter. Diversified Trust Co now owns 11,250 shares of the company’s stock worth $780,000 after buying an additional 259 shares during the period. M&G Plc acquired a new stake in CONMED in the second quarter worth $9,117,000. Finally, SG Americas Securities LLC increased its position in CONMED by 107.5% in the 2nd quarter. SG Americas Securities LLC now owns 5,021 shares of the company’s stock valued at $348,000 after buying an additional 2,601 shares in the last quarter.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the company. Wells Fargo & Company cut their target price on CONMED from $77.00 to $71.00 and set an “equal weight” rating on the stock in a report on Thursday, August 1st. Stifel Nicolaus reduced their price objective on shares of CONMED from $88.00 to $76.00 and set a “buy” rating for the company in a report on Thursday, August 1st. Piper Sandler lowered their target price on shares of CONMED from $95.00 to $80.00 and set an “overweight” rating on the stock in a report on Thursday, August 1st. Finally, Needham & Company LLC lowered their price objective on CONMED from $106.00 to $97.00 and set a “buy” rating for the company in a research note on Thursday, August 1st. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $79.80.

CONMED Price Performance

CNMD stock opened at $70.72 on Thursday. The company has a debt-to-equity ratio of 1.16, a quick ratio of 1.08 and a current ratio of 2.18. The firm has a 50 day moving average price of $68.56 and a 200-day moving average price of $73.60. CONMED Co. has a 52-week low of $61.05 and a 52-week high of $117.27. The firm has a market capitalization of $2.18 billion, a price-to-earnings ratio of 27.10, a PEG ratio of 0.67 and a beta of 1.42.

CONMED (NYSE:CNMD) last posted its earnings results on Wednesday, July 31st. The company reported $0.98 EPS for the quarter, topping analysts’ consensus estimates of $0.92 by $0.06. CONMED had a net margin of 7.73% and a return on equity of 14.12%. The business had revenue of $332.10 million during the quarter, compared to the consensus estimate of $334.39 million. During the same quarter in the previous year, the firm posted $0.83 EPS. The firm’s revenue was up 4.5% on a year-over-year basis. Equities research analysts forecast that CONMED Co. will post 3.99 EPS for the current fiscal year.

CONMED Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 4th. Investors of record on Monday, September 16th will be paid a dividend of $0.20 per share. The ex-dividend date is Monday, September 16th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.13%. CONMED’s dividend payout ratio (DPR) is presently 30.65%.

Insider Buying and Selling

In related news, insider Stanley W. Peters III sold 4,000 shares of CONMED stock in a transaction on Friday, June 14th. The shares were sold at an average price of $71.82, for a total transaction of $287,280.00. Following the transaction, the insider now owns 63 shares in the company, valued at approximately $4,524.66. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 6.80% of the stock is currently owned by insiders.

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.