CONMED Co. (NYSE:CNMD) Stake Lessened by Zions Bancorporation N.A.

Zions Bancorporation N.A. cut its holdings in CONMED Co. (NYSE:CNMD) by 2.4% during the 2nd quarter, Holdings Channel.com reports. The fund owned 10,317 shares of the company’s stock after selling 254 shares during the quarter. Zions Bancorporation N.A.’s holdings in CONMED were worth $715,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its position in shares of CONMED by 1.1% in the first quarter. Vanguard Group Inc. now owns 3,456,834 shares of the company’s stock worth $276,823,000 after acquiring an additional 36,823 shares in the last quarter. Capital Research Global Investors grew its holdings in shares of CONMED by 11.8% during the fourth quarter. Capital Research Global Investors now owns 2,757,108 shares of the company’s stock valued at $301,931,000 after buying an additional 289,996 shares in the last quarter. Earnest Partners LLC raised its position in CONMED by 1.1% during the first quarter. Earnest Partners LLC now owns 2,371,108 shares of the company’s stock valued at $189,878,000 after buying an additional 25,411 shares during the period. Champlain Investment Partners LLC lifted its stake in CONMED by 36.1% in the 1st quarter. Champlain Investment Partners LLC now owns 1,303,060 shares of the company’s stock worth $104,349,000 after acquiring an additional 345,735 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in CONMED by 5.0% in the 4th quarter. Dimensional Fund Advisors LP now owns 712,332 shares of the company’s stock worth $78,010,000 after acquiring an additional 33,794 shares in the last quarter.

CONMED Price Performance

Shares of CNMD stock opened at $75.40 on Friday. The firm’s 50 day moving average price is $69.95 and its two-hundred day moving average price is $72.91. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.13 and a current ratio of 2.34. The stock has a market cap of $2.32 billion, a PE ratio of 28.89, a PEG ratio of 0.95 and a beta of 1.46. CONMED Co. has a 52-week low of $61.05 and a 52-week high of $117.27.

CONMED (NYSE:CNMD) last released its quarterly earnings data on Wednesday, July 31st. The company reported $0.98 EPS for the quarter, beating analysts’ consensus estimates of $0.92 by $0.06. CONMED had a return on equity of 13.89% and a net margin of 7.73%. The business 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 company posted $0.83 earnings per share. The firm’s revenue was up 4.5% on a year-over-year basis. As a group, analysts forecast that CONMED Co. will post 3.99 EPS for the current year.

CONMED Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 4th. Investors of record on Monday, September 16th will be paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 1.06%. The ex-dividend date of this dividend is Monday, September 16th. CONMED’s payout ratio is 30.65%.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on CNMD. StockNews.com upgraded CONMED from a “hold” rating to a “buy” rating in a report on Thursday, September 5th. Needham & Company LLC lowered their price target on CONMED from $106.00 to $97.00 and set a “buy” rating on the stock in a research report on Thursday, August 1st. Stifel Nicolaus cut their price objective on CONMED from $88.00 to $76.00 and set a “buy” rating for the company in a research report on Thursday, August 1st. Piper Sandler reduced their price target on shares of CONMED from $95.00 to $80.00 and set an “overweight” rating for the company in a report on Thursday, August 1st. Finally, 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 report on Thursday, August 1st. One research 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, CONMED has an average rating of “Moderate Buy” and a consensus 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.