Exchange Traded Concepts LLC Raises Stock Holdings in CONMED Co. (NYSE:CNMD)

Exchange Traded Concepts LLC grew its stake in CONMED Co. (NYSE:CNMD) by 3.7% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 9,345 shares of the company’s stock after acquiring an additional 333 shares during the quarter. Exchange Traded Concepts LLC’s holdings in CONMED were worth $672,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Public Employees Retirement System of Ohio lifted its position in shares of CONMED by 29.1% in the first quarter. Public Employees Retirement System of Ohio now owns 47,595 shares of the company’s stock valued at $3,811,000 after acquiring an additional 10,736 shares in the last quarter. UniSuper Management Pty Ltd purchased a new stake in shares of CONMED in the first quarter valued at $673,000. Mountain Pacific Investment Advisers Inc. ID lifted its position in shares of CONMED by 29.0% in the first quarter. Mountain Pacific Investment Advisers Inc. ID now owns 248,304 shares of the company’s stock valued at $19,884,000 after acquiring an additional 55,878 shares in the last quarter. Duality Advisers LP increased its stake in CONMED by 149.5% in the first quarter. Duality Advisers LP now owns 18,541 shares of the company’s stock valued at $1,485,000 after purchasing an additional 11,110 shares during the last quarter. Finally, Kempner Capital Management Inc. acquired a new position in CONMED in the second quarter valued at $6,480,000.

CONMED Price Performance

Shares of NYSE CNMD opened at $66.39 on Friday. CONMED Co. has a 1-year low of $61.05 and a 1-year high of $117.27. The business has a 50-day moving average of $70.17 and a 200-day moving average of $71.02. The company has a debt-to-equity ratio of 1.09, a current ratio of 2.34 and a quick ratio of 1.13. The company has a market capitalization of $2.04 billion, a price-to-earnings ratio of 25.44, a PEG ratio of 0.82 and a beta of 1.46.

CONMED (NYSE:CNMD) last issued its earnings results 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. 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 the consensus estimate of $334.39 million. During the same quarter in the prior year, the business earned $0.83 earnings per share. The company’s revenue was up 4.5% compared to the same quarter last year. On average, equities analysts anticipate that CONMED Co. will post 3.99 EPS for the current fiscal year.

CONMED Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, October 4th. Stockholders of record on Monday, September 16th were given a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 1.21%. The ex-dividend date of this dividend was Monday, September 16th. CONMED’s payout ratio is 30.65%.

Wall Street Analyst Weigh In

Several research firms recently commented on CNMD. Stifel Nicolaus dropped their target price on CONMED from $88.00 to $76.00 and set a “buy” rating for the company in a research note on Thursday, August 1st. Piper Sandler dropped their target price on CONMED from $95.00 to $80.00 and set an “overweight” rating for the company in a research note on Thursday, August 1st. Needham & Company LLC reiterated a “buy” rating and issued a $97.00 target price on shares of CONMED in a research note on Friday, October 4th. Wells Fargo & Company dropped their target price 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. Finally, StockNews.com upgraded CONMED from a “hold” rating to a “buy” rating in a research note on Wednesday, October 9th. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $79.80.

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.