First Trust Direct Indexing L.P. acquired a new stake in CONMED Co. (NYSE:CNMD – Free Report) during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 1,498 shares of the company’s stock, valued at approximately $204,000.
Several other institutional investors have also added to or reduced their stakes in CNMD. Vanguard Group Inc. lifted its holdings in shares of CONMED by 4.0% during the third quarter. Vanguard Group Inc. now owns 3,338,586 shares of the company’s stock valued at $267,654,000 after purchasing an additional 127,857 shares in the last quarter. Earnest Partners LLC boosted its holdings in shares of CONMED by 16.3% during the 4th quarter. Earnest Partners LLC now owns 2,402,352 shares of the company’s stock valued at $212,944,000 after acquiring an additional 335,974 shares during the last quarter. Ameriprise Financial Inc. grew its stake in shares of CONMED by 8.0% in the first quarter. Ameriprise Financial Inc. now owns 1,350,863 shares of the company’s stock worth $140,302,000 after acquiring an additional 99,568 shares during the period. State Street Corp raised its holdings in shares of CONMED by 3.0% during the first quarter. State Street Corp now owns 1,165,135 shares of the company’s stock valued at $121,247,000 after purchasing an additional 33,781 shares during the last quarter. Finally, Principal Financial Group Inc. lifted its position in CONMED by 11.7% during the first quarter. Principal Financial Group Inc. now owns 797,151 shares of the company’s stock valued at $82,791,000 after purchasing an additional 83,224 shares during the period.
CONMED Price Performance
NYSE CNMD opened at $97.60 on Thursday. The stock has a market cap of $3.00 billion, a price-to-earnings ratio of 34.49, a PEG ratio of 1.05 and a beta of 1.38. CONMED Co. has a 12 month low of $71.09 and a 12 month high of $138.47. The company’s 50 day moving average is $110.92 and its two-hundred day moving average is $119.56. The company has a current ratio of 1.74, a quick ratio of 0.82 and a debt-to-equity ratio of 1.25.
CONMED Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 5th. Investors of record on Friday, September 15th will be paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 0.82%. The ex-dividend date of this dividend is Thursday, September 14th. CONMED’s dividend payout ratio (DPR) is presently 28.27%.
Wall Street Analysts Forecast Growth
CNMD has been the topic of several research analyst reports. KeyCorp increased their price target on CONMED from $131.00 to $141.00 and gave the company an “overweight” rating in a report on Thursday, July 27th. Piper Sandler increased their price objective on shares of CONMED from $128.00 to $145.00 in a research note on Thursday, July 27th. Needham & Company LLC restated a “buy” rating and set a $139.00 target price on shares of CONMED in a research report on Monday, July 24th. Finally, StockNews.com raised shares of CONMED from a “sell” rating to a “hold” rating in a report on Sunday. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, CONMED has a consensus rating of “Moderate Buy” and a consensus target price of $135.67.
View Our Latest Report on CONMED
Insider Buying and Selling
In other CONMED news, insider Stanley W. Peters III sold 2,000 shares of the stock in a transaction that occurred on Wednesday, September 13th. The shares were sold at an average price of $107.31, for a total transaction of $214,620.00. Following the completion of the sale, the insider now directly owns 63 shares of the company’s stock, valued at approximately $6,760.53. The sale was disclosed in a legal filing with the SEC, which is available at this link. In related news, CFO Todd W. Garner sold 1,355 shares of the business’s stock in a transaction dated 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 SEC, which is available through this link. Also, insider Stanley W. Peters III sold 2,000 shares of the stock in a transaction that occurred on Wednesday, September 13th. The shares were sold at an average price of $107.31, for a total value of $214,620.00. Following the transaction, the insider now directly owns 63 shares of the company’s stock, valued at $6,760.53. The disclosure for this sale can be found here. 7.60% of the stock is owned by insiders.
CONMED Company Profile
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.
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