Wealthfront Advisers LLC Makes New Investment in CONMED Co. (NYSE:CNMD)

Wealthfront Advisers LLC acquired a new position in shares of CONMED Co. (NYSE:CNMD) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 84,593 shares of the company’s stock, valued at approximately $5,790,000. Wealthfront Advisers LLC owned about 0.27% of CONMED as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in CNMD. Raymond James Financial Inc. acquired a new stake in shares of CONMED in the fourth quarter valued at approximately $18,248,000. Fisher Asset Management LLC raised its position in shares of CONMED by 41.4% in 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 in the last quarter. Champlain Investment Partners LLC raised its position in shares of CONMED by 6.4% in the third quarter. Champlain Investment Partners LLC now owns 1,367,650 shares of the company’s stock valued at $98,361,000 after buying an additional 81,970 shares in the last quarter. Allspring Global Investments Holdings LLC raised its position in shares of CONMED by 44.5% in the fourth 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 in the last quarter. Finally, Natixis Advisors LLC raised its position in shares of CONMED by 36.6% in the third quarter. Natixis Advisors LLC now owns 110,909 shares of the company’s stock valued at $7,977,000 after buying an additional 29,720 shares in the last quarter.

Wall Street Analysts Forecast Growth

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

CONMED Stock Performance

Shares of NYSE:CNMD opened at $59.12 on Thursday. The company’s 50 day simple moving average is $65.82 and its 200 day simple moving average is $69.10. The stock has a market capitalization of $1.83 billion, a price-to-earnings ratio of 13.94, a price-to-earnings-growth ratio of 1.83 and a beta of 1.53. 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 $55.22 and a 1 year high of $86.96.

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

CONMED Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, April 4th. Shareholders of record on Friday, March 14th will be paid a dividend of $0.20 per share. The ex-dividend date of this dividend is Friday, March 14th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.35%. CONMED’s payout ratio is presently 18.87%.

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.