Short Interest in CONMED Co. (NYSE:CNMD) Rises By 5.7%

CONMED Co. (NYSE:CNMD) saw a significant growth in short interest in May. As of May 31st, there was short interest totalling 3,870,000 shares, a growth of 5.7% from the May 15th total of 3,660,000 shares. Based on an average daily volume of 521,600 shares, the short-interest ratio is currently 7.4 days.

Insider Transactions at CONMED

In other news, COO Pat Beyer acquired 3,000 shares of the firm’s stock in a transaction on Tuesday, April 30th. The shares were purchased at an average cost of $68.30 per share, for a total transaction of $204,900.00. Following the transaction, the chief operating officer now owns 10,807 shares of the company’s stock, valued at $738,118.10. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. In related news, COO Pat Beyer acquired 3,000 shares of the company’s stock in a transaction that occurred on Tuesday, April 30th. The stock was acquired at an average price of $68.30 per share, for a total transaction of $204,900.00. Following the completion of the acquisition, the chief operating officer now owns 10,807 shares of the company’s stock, valued at approximately $738,118.10. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Stanley W. Peters III sold 4,000 shares of the stock in a transaction that occurred 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 completion of the sale, the insider now owns 63 shares in the company, valued at $4,524.66. The disclosure for this sale can be found here. Over the last three months, insiders have purchased 6,442 shares of company stock worth $446,733. Corporate insiders own 6.80% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. GAMMA Investing LLC bought a new stake in shares of CONMED during the 4th quarter worth approximately $40,000. Principal Securities Inc. acquired a new position in CONMED during the fourth quarter worth $46,000. AdvisorNet Financial Inc raised its position in CONMED by 70.6% during the first quarter. AdvisorNet Financial Inc now owns 1,800 shares of the company’s stock worth $144,000 after acquiring an additional 745 shares in the last quarter. Quadrant Capital Group LLC lifted its stake in CONMED by 44.2% in the fourth quarter. Quadrant Capital Group LLC now owns 1,631 shares of the company’s stock valued at $179,000 after acquiring an additional 500 shares during the last quarter. Finally, Xponance Inc. bought a new position in shares of CONMED in the 4th quarter valued at about $204,000.

Analysts Set New Price Targets

CNMD has been the topic of a number of research analyst reports. Wells Fargo & Company dropped their price target on CONMED from $98.00 to $77.00 and set an “equal weight” rating on the stock in a research report on Thursday, April 25th. Piper Sandler dropped their target price on shares of CONMED from $100.00 to $95.00 and set an “overweight” rating on the stock in a report on Thursday, April 25th. JPMorgan Chase & Co. reduced their price target on shares of CONMED from $115.00 to $75.00 and set an “overweight” rating for the company in a report on Thursday, April 25th. Finally, Needham & Company LLC restated a “buy” rating and set a $107.00 price objective on shares of CONMED in a report on Monday, May 6th. Two analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $102.50.

CONMED Trading Down 4.1 %

NYSE CNMD opened at $67.48 on Thursday. CONMED has a 52 week low of $61.05 and a 52 week high of $138.29. 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 stock’s 50 day moving average price is $72.94 and its two-hundred day moving average price is $86.14. The stock has a market capitalization of $2.08 billion, a price-to-earnings ratio of 25.85, a PEG ratio of 0.67 and a beta of 1.43.

CONMED (NYSE:CNMD) last announced its quarterly earnings data on Wednesday, April 24th. The company reported $0.79 EPS for the quarter, topping analysts’ consensus estimates of $0.74 by $0.05. CONMED had a net margin of 6.53% and a return on equity of 13.78%. The business had revenue of $312.27 million for the quarter, compared to analyst estimates of $307.06 million. As a group, analysts anticipate that CONMED will post 4.3 earnings per share for the current fiscal year.

CONMED Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, July 5th. Investors of record on Friday, June 14th will be given a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.19%. The ex-dividend date is Friday, June 14th. CONMED’s dividend payout ratio is currently 30.65%.

CONMED Company 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.