Credit Suisse AG Buys 2,682 Shares of CONMED Co. (NYSE:CNMD)

Posted by Defense World Staff on Aug 26th, 2023

Credit Suisse AG raised its stake in shares of CONMED Co. (NYSE:CNMD – Free Report) by 2.2% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 126,651 shares of the company’s stock after acquiring an additional 2,682 shares during the period. Credit Suisse AG owned about 0.41% of CONMED worth $13,154,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of CNMD. State Board of Administration of Florida Retirement System raised its stake in shares of CONMED by 1.5% during the 4th quarter. State Board of Administration of Florida Retirement System now owns 8,115 shares of the company’s stock worth $719,000 after purchasing an additional 120 shares during the period. Arizona State Retirement System raised its stake in shares of CONMED by 2.7% during the 1st quarter. Arizona State Retirement System now owns 8,832 shares of the company’s stock worth $917,000 after purchasing an additional 236 shares during the period. Quadrant Capital Group LLC raised its stake in shares of CONMED by 38.9% during the 4th quarter. Quadrant Capital Group LLC now owns 1,024 shares of the company’s stock worth $91,000 after purchasing an additional 287 shares during the period. Baird Financial Group Inc. raised its stake in shares of CONMED by 1.0% during the 3rd quarter. Baird Financial Group Inc. now owns 32,343 shares of the company’s stock worth $2,593,000 after purchasing an additional 310 shares during the period. Finally, NorthCrest Asset Manangement LLC raised its stake in shares of CONMED by 5.8% during the 1st quarter. NorthCrest Asset Manangement LLC now owns 7,280 shares of the company’s stock worth $756,000 after purchasing an additional 400 shares during the period.

CONMED Stock Up 1.6 %

Shares of NYSE CNMD opened at $107.96 on Friday. CONMED Co. has a 12 month low of $71.09 and a 12 month high of $138.47. The company has a current ratio of 1.74, a quick ratio of 0.82 and a debt-to-equity ratio of 1.25. The firm has a market capitalization of $3.32 billion, a price-to-earnings ratio of 38.15, a PEG ratio of 1.10 and a beta of 1.38. The business has a 50-day moving average of $123.29 and a 200-day moving average of $119.21.

CONMED (NYSE:CNMD – Get Free Report) last issued its quarterly earnings data on Wednesday, July 26th. The company reported $0.83 EPS for the quarter, topping the consensus estimate of $0.79 by $0.04. CONMED had a return on equity of 11.14% and a net margin of 7.75%. The company had revenue of $317.70 million during the quarter, compared to analyst estimates of $306.15 million. During the same quarter in the previous year, the firm earned $0.76 earnings per share. CONMED’s revenue was up 14.6% on a year-over-year basis. Sell-side analysts expect that CONMED Co. will post 3.48 earnings per share for the current fiscal year.

CONMED Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 5th. Stockholders of record on Friday, September 15th will be issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 0.74%. The ex-dividend date of this dividend is Thursday, September 14th. CONMED’s payout ratio is 28.27%.

Insider Buying and Selling

In related news, CFO Todd W. Garner sold 1,355 shares of the business’s stock in a transaction that occurred on Wednesday, August 16th. The stock was sold at an average price of $112.00, for a total value of $151,760.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, VP Stanley W. Peters III sold 5,000 shares of the business’s stock in a transaction that occurred on Thursday, June 8th. The stock was sold at an average price of $131.14, for a total value of $655,700.00. Following the completion of the sale, the vice president now owns 63 shares in the company, valued at approximately $8,261.82. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Todd W. Garner sold 1,355 shares of the business’s stock in a transaction that occurred on Wednesday, August 16th. The stock was sold at an average price of $112.00, for a total value of $151,760.00. The disclosure for this sale can be found here. Insiders sold 9,867 shares of company stock worth $1,272,293 in the last quarter. 7.60% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the company. KeyCorp lifted their target price on CONMED from $131.00 to $141.00 and gave the stock an “overweight” rating in a research note on Thursday, July 27th. Needham & Company LLC reissued a “buy” rating and issued a $139.00 price objective on shares of CONMED in a report on Monday, July 24th. CL King began coverage on CONMED in a report on Monday, May 22nd. They issued a “buy” rating and a $140.00 price objective for the company. StockNews.com began coverage on CONMED in a report on Wednesday. They issued a “hold” rating for the company. Finally, Piper Sandler lifted their price objective on CONMED from $128.00 to $145.00 in a report on Thursday, July 27th. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $135.67.

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CONMED Profile

(Free Report)

CONMED Corporation, a medical technology company, develops, manufactures, and sells surgical devices and related equipment for surgical procedures worldwide. It offers orthopedic surgery products, including TruShot with Y-Knot All-In-One Soft Tissue Fixation System, Y-knot All-Suture Anchors, and Agro Knotless Suture Anchors, which provide unique clinical solutions to orthopedic surgeons for the repair of soft tissue injuries, as well as supporting products that enable surgeons to perform minimally invasive sports medicine surgeries.