Peak6 LLC Invests $228,000 in CONMED Co. (NYSE:CNMD)

Peak6 LLC purchased a new stake in CONMED Co. (NYSE:CNMD) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 3,334 shares of the company’s stock, valued at approximately $228,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Neuberger Berman Group LLC acquired a new position in CONMED in the 4th quarter worth about $21,395,000. Raymond James Financial Inc. acquired a new position in shares of CONMED during the fourth quarter valued at about $18,248,000. Fisher Asset Management LLC grew its holdings in shares of CONMED by 41.4% during the fourth quarter. Fisher Asset Management LLC now owns 417,430 shares of the company’s stock valued at $28,569,000 after buying an additional 122,140 shares during the last quarter. Wealthfront Advisers LLC bought a new position in CONMED during the 4th quarter valued at $5,790,000. Finally, Allspring Global Investments Holdings LLC increased its stake in CONMED by 44.5% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 223,142 shares of the company’s stock valued at $15,029,000 after buying an additional 68,696 shares during the last quarter.

Analyst Ratings Changes

Several brokerages have recently issued reports on CNMD. JPMorgan Chase & Co. lowered CONMED from an “overweight” rating to a “neutral” rating and decreased their target price for the company from $85.00 to $70.00 in a research report on Thursday, February 6th. Wells Fargo & Company decreased their price target on shares of CONMED from $74.00 to $70.00 and set an “equal weight” rating for the company in a research note on Thursday, February 6th. Needham & Company LLC lowered their target price on CONMED from $97.00 to $91.00 and set a “buy” rating on the stock in a research note on Thursday, February 6th. Finally, Stifel Nicolaus increased their price target on CONMED from $72.00 to $75.00 and gave the stock a “buy” rating in a research note on Thursday, February 6th. Three equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, CONMED presently has a consensus rating of “Moderate Buy” and an average target price of $77.20.

CONMED Price Performance

CONMED stock opened at $47.71 on Tuesday. The business has a 50-day simple moving average of $58.07 and a 200 day simple moving average of $65.55. The stock has a market cap of $1.48 billion, a price-to-earnings ratio of 11.25, a PEG ratio of 1.83 and a beta of 1.28. The company has a quick ratio of 1.06, a current ratio of 2.30 and a debt-to-equity ratio of 0.94. CONMED Co. has a 52 week low of $46.00 and a 52 week high of $78.58.

CONMED (NYSE:CNMD) last posted its quarterly earnings data on Wednesday, February 5th. The company reported $1.34 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.20 by $0.14. CONMED had a return on equity of 14.31% and a net margin of 10.13%. On average, research analysts forecast that CONMED Co. will post 4.35 earnings per share for the current fiscal year.

CONMED Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, April 4th. Shareholders 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 1.68%. CONMED’s payout ratio is 18.87%.

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.