Moran Wealth Management LLC Purchases New Position in CONMED Corporation (NYSE:CNMD)

Moran Wealth Management LLC acquired a new position in CONMED Corporation (NYSE:CNMD) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 83,276 shares of the company’s stock, valued at approximately $5,029,000.

Several other hedge funds have also modified their holdings of the company. Vanguard Group Inc. grew its holdings in shares of CONMED by 1.3% in the fourth quarter. Vanguard Group Inc. now owns 3,574,420 shares of the company’s stock valued at $244,633,000 after purchasing an additional 44,777 shares in the last quarter. Earnest Partners LLC lifted its position in CONMED by 0.9% during the fourth quarter. Earnest Partners LLC now owns 2,810,176 shares of the company’s stock valued at $192,328,000 after purchasing an additional 25,876 shares during the last quarter. Capital Research Global Investors grew its stake in shares of CONMED by 2.1% in the 4th quarter. Capital Research Global Investors now owns 1,577,172 shares of the company’s stock worth $107,942,000 after buying an additional 32,630 shares in the last quarter. Silvercrest Asset Management Group LLC bought a new stake in shares of CONMED in the 4th quarter worth about $68,489,000. Finally, Fuller & Thaler Asset Management Inc. bought a new stake in shares of CONMED in the 4th quarter worth about $59,046,000.

CONMED Stock Down 0.9%

Shares of NYSE CNMD opened at $52.37 on Thursday. CONMED Corporation has a 1 year low of $46.00 and a 1 year high of $78.19. The firm has a 50-day simple moving average of $55.03 and a two-hundred day simple moving average of $61.06. The company has a market cap of $1.62 billion, a P/E ratio of 13.78, a PEG ratio of 1.36 and a beta of 1.24. The company has a debt-to-equity ratio of 0.91, a current ratio of 2.26 and a quick ratio of 1.00.

CONMED (NYSE:CNMD) last issued its quarterly earnings results on Wednesday, April 30th. The company reported $0.95 earnings per share for the quarter, topping the consensus estimate of $0.81 by $0.14. CONMED had a return on equity of 14.36% and a net margin of 9.02%. The firm had revenue of $321.26 million for the quarter, compared to the consensus estimate of $313.38 million. During the same period in the prior year, the business posted $0.79 earnings per share. The company’s revenue for the quarter was up 2.9% on a year-over-year basis. Research analysts anticipate that CONMED Corporation will post 4.35 earnings per share for the current year.

CONMED Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, July 3rd. Stockholders of record on Friday, June 13th will be given a dividend of $0.20 per share. The ex-dividend date of this dividend is Friday, June 13th. This represents a $0.80 annualized dividend and a dividend yield of 1.53%. CONMED’s dividend payout ratio (DPR) is 21.05%.

Insider Activity

In other CONMED news, Director Charles Farkas sold 4,000 shares of the company’s stock in a transaction dated Monday, May 5th. The shares were sold at an average price of $56.94, for a total value of $227,760.00. Following the transaction, the director now directly owns 16,346 shares in the company, valued at $930,741.24. This represents a 19.66% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 3.10% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on CNMD. Wells Fargo & Company lowered their price target on shares of CONMED from $70.00 to $57.00 and set an “equal weight” rating for the company in a report on Thursday, May 1st. JPMorgan Chase & Co. lowered their price objective on CONMED from $70.00 to $58.00 and set a “neutral” rating for the company in a research note on Thursday, May 1st. Stifel Nicolaus downgraded CONMED from a “buy” rating to a “hold” rating and cut their target price for the company from $75.00 to $55.00 in a research report on Monday, April 28th. Wall Street Zen lowered CONMED from a “buy” rating to a “hold” rating in a report on Tuesday, May 6th. Finally, Needham & Company LLC lowered shares of CONMED from a “buy” rating to a “hold” rating and set a $61.00 price objective for the company. in a research note on Thursday, June 12th. Five equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $62.20.

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.