Choreo LLC Acquires Shares of 5,949 CONMED Co. (NYSE:CNMD)

Choreo LLC acquired a new stake in CONMED Co. (NYSE:CNMD) in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 5,949 shares of the company’s stock, valued at approximately $399,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Olympiad Research LP grew its stake in shares of CONMED by 5.9% during the 4th quarter. Olympiad Research LP now owns 2,410 shares of the company’s stock worth $264,000 after acquiring an additional 134 shares during the period. Franklin Resources Inc. grew its stake in shares of CONMED by 0.9% during the 4th quarter. Franklin Resources Inc. now owns 14,966 shares of the company’s stock worth $1,639,000 after acquiring an additional 140 shares during the period. Arizona State Retirement System grew its stake in shares of CONMED by 2.0% during the 2nd quarter. Arizona State Retirement System now owns 8,619 shares of the company’s stock worth $597,000 after acquiring an additional 168 shares during the period. Envestnet Portfolio Solutions Inc. grew its stake in shares of CONMED by 4.3% during the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 4,095 shares of the company’s stock worth $448,000 after acquiring an additional 169 shares during the period. Finally, Hilltop National Bank grew 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 acquiring an additional 195 shares during the period.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on CNMD. Wells Fargo & Company cut their price target on CONMED from $77.00 to $71.00 and set an “equal weight” rating for the company in a research note on Thursday, August 1st. Needham & Company LLC dropped 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. Piper Sandler dropped their price objective on CONMED from $95.00 to $80.00 and set an “overweight” rating on the stock in a report on Thursday, August 1st. Stifel Nicolaus dropped their price objective on CONMED from $88.00 to $76.00 and set a “buy” rating on the stock in a report on Thursday, August 1st. Finally, StockNews.com raised CONMED from a “hold” rating to a “buy” rating in a report on Thursday, September 5th. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $79.80.

CONMED Stock Performance

NYSE:CNMD opened at $74.90 on Tuesday. The business’s 50-day moving average price is $70.12 and its two-hundred day moving average price is $72.77. CONMED Co. has a twelve month low of $61.05 and a twelve month high of $117.27. The stock has a market cap of $2.31 billion, a P/E ratio of 28.70, a PEG ratio of 0.95 and a beta of 1.46. The company has a quick ratio of 1.13, a current ratio of 2.34 and a debt-to-equity ratio of 1.09.

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

CONMED Announces Dividend

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

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.