Federated Hermes Inc. Makes New $167,000 Investment in CONMED Co. (NYSE:CNMD)

Federated Hermes Inc. acquired a new stake in CONMED Co. (NYSE:CNMD) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 2,402 shares of the company’s stock, valued at approximately $167,000.

Other hedge funds also recently added to or reduced their stakes in the company. 1620 Investment Advisors Inc. acquired a new position in CONMED in the second quarter valued at approximately $39,000. Innealta Capital LLC acquired a new stake in CONMED during the second quarter valued at $41,000. Hilltop National Bank increased its holdings in 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 buying an additional 195 shares in the last quarter. CWM LLC raised its position in shares of CONMED by 224.7% in the second quarter. CWM LLC now owns 919 shares of the company’s stock worth $64,000 after acquiring an additional 636 shares during the period. Finally, AdvisorNet Financial Inc boosted its stake in shares of CONMED by 70.6% during the 1st 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.

CONMED Stock Performance

NYSE CNMD opened at $76.24 on Wednesday. CONMED Co. has a fifty-two week low of $61.05 and a fifty-two week high of $117.27. The firm has a market capitalization of $2.35 billion, a P/E ratio of 29.21, a price-to-earnings-growth ratio of 0.95 and a beta of 1.46. The stock’s fifty day moving average is $71.04 and its two-hundred day moving average is $72.44. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.13 and a current ratio of 2.34.

CONMED (NYSE:CNMD) last posted its earnings results on Wednesday, July 31st. The company reported $0.98 earnings per share (EPS) for the quarter, topping 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 company had revenue of $332.10 million during the quarter, compared to analysts’ expectations of $334.39 million. During the same quarter last year, the firm earned $0.83 earnings per share. The firm’s quarterly revenue was up 4.5% compared to the same quarter last year. On average, research analysts anticipate 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 dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.05%. The ex-dividend date of this dividend is Monday, September 16th. CONMED’s dividend payout ratio is presently 30.65%.

Analysts Set New Price Targets

CNMD has been the subject of several recent analyst reports. 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. StockNews.com upgraded shares of CONMED from a “hold” rating to a “buy” rating in a research report on Thursday, September 5th. Piper Sandler decreased their target price on CONMED from $95.00 to $80.00 and set an “overweight” rating on the stock in a research report on Thursday, August 1st. Stifel Nicolaus dropped their price target on CONMED from $88.00 to $76.00 and set a “buy” rating for the company in a research report on Thursday, August 1st. Finally, Needham & Company LLC lowered their target price on shares of CONMED from $106.00 to $97.00 and set a “buy” rating on the stock in a research note on Thursday, August 1st. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average 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.