Victory Capital Management Inc. Has $764,000 Position in CONMED Co. (NYSE:CNMD)

Victory Capital Management Inc. raised its stake in CONMED Co. (NYSE:CNMD) by 6.4% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 11,022 shares of the company’s stock after purchasing an additional 666 shares during the period. Victory Capital Management Inc.’s holdings in CONMED were worth $764,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of CNMD. 1620 Investment Advisors Inc. acquired a new position in shares of CONMED in the second quarter valued at $39,000. Innealta Capital LLC acquired a new position in shares of CONMED in the second quarter valued at $41,000. Principal Securities Inc. acquired a new position in shares of CONMED in the fourth quarter valued at $46,000. Hilltop National Bank boosted its position in shares of CONMED by 31.0% in the second quarter. Hilltop National Bank now owns 825 shares of the company’s stock valued at $57,000 after acquiring an additional 195 shares during the period. Finally, CWM LLC boosted its position in shares of CONMED by 224.7% in the second quarter. CWM LLC now owns 919 shares of the company’s stock valued at $64,000 after acquiring an additional 636 shares during the period.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on CNMD shares. Piper Sandler reduced their target price on shares of CONMED from $95.00 to $80.00 and set an “overweight” rating for the company in a research report on Thursday, August 1st. StockNews.com raised shares of CONMED from a “hold” rating to a “buy” rating in a research report on Thursday, September 5th. 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 report on Thursday, August 1st. Needham & Company LLC reduced their target price on shares of CONMED from $106.00 to $97.00 and set a “buy” rating for the company in a research report on Thursday, August 1st. Finally, Wells Fargo & Company reduced their target price on shares of CONMED from $77.00 to $71.00 and set an “equal weight” rating for the company in a research report on Thursday, August 1st. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $79.80.

CONMED Trading Down 0.1 %

CNMD opened at $75.24 on Friday. CONMED Co. has a twelve month low of $61.05 and a twelve month high of $117.27. The company has a 50-day simple moving average of $70.84 and a 200 day simple moving average of $72.73. The company has a quick ratio of 1.13, a current ratio of 2.34 and a debt-to-equity ratio of 1.09. The stock has a market capitalization of $2.32 billion, a price-to-earnings ratio of 28.83, a P/E/G ratio of 0.95 and a beta of 1.46.

CONMED (NYSE:CNMD) last posted its quarterly earnings data on Wednesday, July 31st. The company reported $0.98 earnings per share for the quarter, topping the consensus estimate of $0.92 by $0.06. The business had revenue of $332.10 million during the quarter, compared to analysts’ expectations of $334.39 million. CONMED had a net margin of 7.73% and a return on equity of 13.89%. CONMED’s revenue was up 4.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.83 earnings per share. Analysts predict that CONMED Co. will post 3.99 EPS for the current fiscal year.

CONMED Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, October 4th. Stockholders of record on Monday, September 16th will be issued a $0.20 dividend. The ex-dividend date is Monday, September 16th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.06%. CONMED’s dividend payout ratio (DPR) is currently 30.65%.

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.