AMI Asset Management Corp Has $1.04 Million Holdings in CONMED Co. (NYSE:CNMD)

AMI Asset Management Corp cut its stake in shares of CONMED Co. (NYSE:CNMD) by 31.6% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 14,462 shares of the company’s stock after selling 6,673 shares during the period. AMI Asset Management Corp’s holdings in CONMED were worth $1,040,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Diversified Trust Co raised its position in shares of CONMED by 69.3% in the first quarter. Diversified Trust Co now owns 10,991 shares of the company’s stock valued at $880,000 after buying an additional 4,500 shares in the last quarter. Capstone Investment Advisors LLC acquired a new stake in shares of CONMED in the first quarter valued at approximately $462,000. FORA Capital LLC increased its stake in CONMED by 353.1% in the first quarter. FORA Capital LLC now owns 10,567 shares of the company’s stock valued at $846,000 after acquiring an additional 8,235 shares during the last quarter. Jennison Associates LLC increased its stake in CONMED by 1.3% in the first quarter. Jennison Associates LLC now owns 349,436 shares of the company’s stock valued at $27,983,000 after acquiring an additional 4,321 shares during the last quarter. Finally, GSA Capital Partners LLP increased its stake in CONMED by 12.0% in the first quarter. GSA Capital Partners LLP now owns 9,540 shares of the company’s stock valued at $764,000 after acquiring an additional 1,021 shares during the last quarter.

Analyst Ratings Changes

A number of brokerages recently issued reports on CNMD. Needham & Company LLC reissued a “buy” rating and issued a $97.00 price objective on shares of CONMED in a research note on Friday, October 4th. Stifel Nicolaus decreased their price objective on shares of CONMED from $88.00 to $76.00 and set a “buy” rating on the stock in a research note on Thursday, August 1st. Piper Sandler decreased their price objective on shares of CONMED from $95.00 to $80.00 and set an “overweight” rating on the stock in a research note on Thursday, August 1st. Wells Fargo & Company decreased their price objective on shares of CONMED from $77.00 to $71.00 and set an “equal weight” rating on the stock in a research note on Thursday, August 1st. Finally, StockNews.com raised shares of 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 MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $79.80.

CONMED Price Performance

Shares of NYSE:CNMD opened at $64.76 on Wednesday. The firm has a market cap of $2.00 billion, a PE ratio of 24.81, a price-to-earnings-growth ratio of 0.82 and a beta of 1.46. 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 Co. has a 52 week low of $61.05 and a 52 week high of $117.27. The firm’s fifty day moving average is $69.61 and its 200-day moving average is $70.20.

CONMED (NYSE:CNMD) last released its earnings results on Wednesday, July 31st. The company reported $0.98 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.92 by $0.06. The business had revenue of $332.10 million for the quarter, compared to analyst estimates of $334.39 million. CONMED had a net margin of 7.73% and a return on equity of 13.89%. CONMED’s revenue for the quarter was up 4.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.83 earnings per share. Sell-side analysts predict that CONMED Co. will post 3.99 earnings per share for the current year.

CONMED Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, October 4th. Investors of record on Monday, September 16th were issued a $0.20 dividend. The ex-dividend date of this dividend was Monday, September 16th. This represents a $0.80 annualized dividend and a yield of 1.24%. CONMED’s payout ratio is 30.65%.

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.