D. E. Shaw & Co. Inc. Lowers Position in CONMED Co. (NYSE:CNMD)

D. E. Shaw & Co. Inc. lowered its holdings in CONMED Co. (NYSE:CNMD) by 16.4% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 59,037 shares of the company’s stock after selling 11,591 shares during the period. D. E. Shaw & Co. Inc. owned approximately 0.19% of CONMED worth $4,040,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of CNMD. AMI Asset Management Corp raised its holdings in shares of CONMED by 41.5% in the 4th quarter. AMI Asset Management Corp now owns 20,470 shares of the company’s stock valued at $1,401,000 after acquiring an additional 6,008 shares in the last quarter. Blue Trust Inc. increased its position in shares of CONMED by 4.6% during the 4th quarter. Blue Trust Inc. now owns 3,266 shares of the company’s stock valued at $235,000 after purchasing an additional 145 shares during the last quarter. Pacer Advisors Inc. increased its position in shares of CONMED by 41.4% during the 4th quarter. Pacer Advisors Inc. now owns 1,656 shares of the company’s stock valued at $113,000 after purchasing an additional 485 shares during the last quarter. Epiq Partners LLC increased its position in shares of CONMED by 2.2% during the 4th quarter. Epiq Partners LLC now owns 13,912 shares of the company’s stock valued at $952,000 after purchasing an additional 302 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC increased its position in shares of CONMED by 44.5% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 223,142 shares of the company’s stock valued at $15,029,000 after purchasing an additional 68,696 shares during the last quarter.

Wall Street Analyst Weigh In

CNMD has been the topic of several recent research reports. StockNews.com lowered CONMED from a “buy” rating to a “hold” rating in a research report on Tuesday, May 6th. Stifel Nicolaus lowered CONMED from a “buy” rating to a “hold” rating and reduced their price objective for the company from $75.00 to $55.00 in a research report on Monday, April 28th. JPMorgan Chase & Co. reduced their price objective on CONMED from $70.00 to $58.00 and set a “neutral” rating on the stock in a research report on Thursday, May 1st. Wells Fargo & Company reduced their price objective on CONMED from $70.00 to $57.00 and set an “equal weight” rating on the stock in a research report on Thursday, May 1st. Finally, Needham & Company LLC reduced their price objective on CONMED from $91.00 to $61.00 and set a “buy” rating on the stock in a research report on Thursday, May 1st. Four analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, CONMED currently has a consensus rating of “Hold” and a consensus price target of $62.20.

Insider Transactions at CONMED

In other news, Director Charles Farkas sold 4,000 shares of CONMED stock in a transaction that occurred on Monday, May 5th. The stock was sold at an average price of $56.94, for a total value of $227,760.00. Following the sale, the director now directly owns 16,346 shares in the company, valued at approximately $930,741.24. This trade represents a 19.66% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 3.10% of the company’s stock.

CONMED Price Performance

CNMD opened at $60.22 on Friday. The stock’s 50 day simple moving average is $55.76 and its 200 day simple moving average is $64.39. The company has a debt-to-equity ratio of 0.94, a current ratio of 2.30 and a quick ratio of 1.06. CONMED Co. has a 1 year low of $46.00 and a 1 year high of $78.58. The firm has a market cap of $1.86 billion, a price-to-earnings ratio of 14.20, a PEG ratio of 1.83 and a beta of 1.19.

CONMED (NYSE:CNMD) last posted its quarterly earnings results on Wednesday, April 30th. The company reported $0.95 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.81 by $0.14. CONMED had a return on equity of 14.31% and a net margin of 10.13%. The business had revenue of $321.26 million for the quarter, compared to analyst estimates of $313.38 million. During the same period last year, the company earned $0.79 EPS. CONMED’s revenue for the quarter was up 2.9% compared to the same quarter last year. As a group, analysts predict that CONMED Co. will post 4.35 earnings per share for the current year.

CONMED Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, April 4th. Investors of record on Friday, March 14th were given a dividend of $0.20 per share. The ex-dividend date was Friday, March 14th. This represents a $0.80 annualized dividend and a yield of 1.33%. CONMED’s payout ratio is 21.05%.

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.