Intech Investment Management LLC Acquires New Position in CONMED Co. (NYSE:CNMD)

Intech Investment Management LLC bought a new stake in shares of CONMED Co. (NYSE:CNMD) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 5,735 shares of the company’s stock, valued at approximately $398,000.

Other institutional investors and hedge funds have also modified their holdings of the company. 1620 Investment Advisors Inc. purchased a new stake in shares of CONMED during the second quarter worth $39,000. Innealta Capital LLC acquired a new position in CONMED in the 2nd quarter worth about $41,000. Hilltop National Bank raised its stake in shares of CONMED by 31.0% during the 2nd quarter. Hilltop National Bank now owns 825 shares of the company’s stock worth $57,000 after purchasing an additional 195 shares in the last quarter. CWM LLC grew its stake in shares of CONMED by 224.7% in the 2nd quarter. CWM LLC now owns 919 shares of the company’s stock valued at $64,000 after buying an additional 636 shares in the last quarter. Finally, AdvisorNet Financial Inc grew its stake in shares of CONMED by 70.6% in the 1st quarter. AdvisorNet Financial Inc now owns 1,800 shares of the company’s stock valued at $144,000 after buying an additional 745 shares in the last quarter.

CONMED Trading Up 1.2 %

Shares of NYSE:CNMD opened at $74.76 on Friday. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.13 and a current ratio of 2.34. The stock’s 50-day moving average is $71.15 and its 200-day moving average is $72.39. The company has a market cap of $2.30 billion, a P/E ratio of 28.64, a P/E/G ratio of 0.98 and a beta of 1.46. CONMED Co. has a 52-week low of $61.05 and a 52-week high of $117.27.

CONMED (NYSE:CNMD) last issued its quarterly 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. The company had revenue of $332.10 million during the quarter, compared to analyst estimates of $334.39 million. CONMED had a return on equity of 13.89% and a net margin of 7.73%. The company’s quarterly revenue was up 4.5% compared to the same quarter last year. During the same period in the previous year, the company earned $0.83 earnings per share. Equities research analysts predict that CONMED Co. will post 3.99 earnings per share for the current year.

CONMED Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 4th. Shareholders of record on Monday, September 16th will be given a $0.20 dividend. The ex-dividend date of this dividend is Monday, September 16th. This represents a $0.80 annualized dividend and a yield of 1.07%. CONMED’s dividend payout ratio is 30.65%.

Wall Street Analyst Weigh In

A number of analysts have issued reports on CNMD shares. Stifel Nicolaus reduced their target price on shares of CONMED from $88.00 to $76.00 and set a “buy” rating for the company in a research note on Thursday, August 1st. Wells Fargo & Company reduced their price objective on shares of CONMED from $77.00 to $71.00 and set an “equal weight” rating for the company in a research note 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 research report on Thursday, August 1st. StockNews.com raised CONMED from a “hold” rating to a “buy” rating in a research report on Thursday, September 5th. Finally, Needham & Company LLC lowered their price objective on CONMED from $106.00 to $97.00 and set a “buy” rating on the stock in a report on Thursday, August 1st. One analyst has rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, CONMED has a consensus rating of “Moderate Buy” and a consensus target price of $79.80.

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.