Franklin Resources Inc. Sells 3,983,156 Shares of CONMED Co. (NYSE:CNMD)

Franklin Resources Inc. cut its position in shares of CONMED Co. (NYSE:CNMD) by 99.6% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 16,789 shares of the company’s stock after selling 3,983,156 shares during the quarter. Franklin Resources Inc. owned approximately 0.05% of CONMED worth $1,207,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the company. CWM LLC raised its holdings in CONMED by 36.1% during the 3rd quarter. CWM LLC now owns 1,251 shares of the company’s stock valued at $90,000 after buying an additional 332 shares during the last quarter. nVerses Capital LLC raised its stake in shares of CONMED by 566.7% during the third quarter. nVerses Capital LLC now owns 2,000 shares of the company’s stock valued at $144,000 after acquiring an additional 1,700 shares during the last quarter. Federated Hermes Inc. purchased a new stake in shares of CONMED during the second quarter worth about $167,000. ZWJ Investment Counsel Inc. bought a new stake in shares of CONMED in the third quarter worth about $206,000. Finally, Blue Trust Inc. increased its holdings in CONMED by 26.5% during the 3rd quarter. Blue Trust Inc. now owns 3,121 shares of the company’s stock valued at $216,000 after purchasing an additional 653 shares during the period.

CONMED Trading Down 0.9 %

Shares of NYSE:CNMD opened at $70.62 on Friday. CONMED Co. has a 12-month low of $61.05 and a 12-month high of $113.68. The company has a market cap of $2.18 billion, a PE ratio of 16.77, a price-to-earnings-growth ratio of 0.94 and a beta of 1.46. The stock has a 50 day moving average of $71.09 and a 200 day moving average of $70.07. The company has a current ratio of 2.27, a quick ratio of 1.06 and a debt-to-equity ratio of 1.01.

CONMED (NYSE:CNMD) last announced its quarterly earnings data on Wednesday, October 30th. The company reported $1.05 EPS for the quarter, beating the consensus estimate of $0.99 by $0.06. The business had revenue of $316.70 million for the quarter, compared to the consensus estimate of $318.46 million. CONMED had a return on equity of 13.84% and a net margin of 10.23%. As a group, equities research analysts expect that CONMED Co. will post 4.03 EPS for the current year.

CONMED Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, January 3rd. Investors of record on Friday, December 20th will be paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 1.13%. The ex-dividend date of this dividend is Friday, December 20th. CONMED’s payout ratio is presently 19.00%.

Wall Street Analysts Forecast Growth

CNMD has been the topic of several research analyst reports. Needham & Company LLC reissued a “buy” rating and set a $97.00 target price on shares of CONMED in a research note on Thursday, October 31st. StockNews.com lowered shares of CONMED from a “buy” rating to a “hold” rating in a report on Friday, November 8th. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the company presently 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.