CONMED Co. (NYSE:CNMD) Shares Acquired by Creative Planning

Posted by Defense World Staff on Oct 20th, 2023

Creative Planning raised its holdings in shares of CONMED Co. (NYSE:CNMD – Free Report) by 36.9% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 3,724 shares of the company’s stock after purchasing an additional 1,004 shares during the period. Creative Planning’s holdings in CONMED were worth $506,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Allspring Global Investments Holdings LLC increased its position in shares of CONMED by 31.6% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 337 shares of the company’s stock valued at $46,000 after acquiring an additional 81 shares during the period. Financial Gravity Asset Management Inc. acquired a new position in shares of CONMED in the 1st quarter valued at $189,000. Snowden Capital Advisors LLC increased its position in shares of CONMED by 5.5% in the 1st quarter. Snowden Capital Advisors LLC now owns 2,534 shares of the company’s stock valued at $263,000 after acquiring an additional 133 shares during the period. Arizona State Retirement System increased its position in shares of CONMED by 2.7% in the 1st quarter. Arizona State Retirement System now owns 8,832 shares of the company’s stock valued at $917,000 after acquiring an additional 236 shares during the period. Finally, HighTower Advisors LLC increased its position in shares of CONMED by 3.7% in the 1st quarter. HighTower Advisors LLC now owns 6,716 shares of the company’s stock valued at $694,000 after acquiring an additional 237 shares during the period.

CONMED Trading Down 1.9 %

CNMD stock opened at $93.04 on Friday. The company’s 50-day simple moving average is $104.60 and its 200-day simple moving average is $117.94. The company has a quick ratio of 0.82, a current ratio of 1.74 and a debt-to-equity ratio of 1.25. CONMED Co. has a 52-week low of $71.09 and a 52-week high of $138.47. The firm has a market cap of $2.86 billion, a P/E ratio of 32.90, a PEG ratio of 1.00 and a beta of 1.39.

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

CONMED Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, October 5th. Investors of record on Friday, September 15th were paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 0.86%. The ex-dividend date of this dividend was Thursday, September 14th. CONMED’s dividend payout ratio is presently 28.27%.

Insider Activity at CONMED

In related news, CFO Todd W. Garner sold 1,355 shares of the firm’s stock in a transaction dated Wednesday, August 16th. The shares were sold at an average price of $112.00, for a total value of $151,760.00. The sale was disclosed in a document filed with the SEC, which is available through this link. In related news, insider Stanley W. Peters III sold 2,000 shares of the firm’s stock in a transaction dated 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 approximately $6,760.53. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Todd W. Garner sold 1,355 shares of the firm’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 transaction of $151,760.00. The disclosure for this sale can be found here. 7.60% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

CNMD has been the topic of several research reports. StockNews.com raised CONMED from a “sell” rating to a “hold” rating in a research report on Wednesday. KeyCorp increased their price target on CONMED from $131.00 to $141.00 and gave the stock an “overweight” rating in a research report on Thursday, July 27th. Needham & Company LLC reaffirmed a “buy” rating and set a $139.00 price target on shares of CONMED in a research report on Monday, July 24th. Finally, Piper Sandler increased their price target on CONMED from $128.00 to $145.00 in a research report on Thursday, July 27th. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $135.67.

View Our Latest Stock Analysis on CNMD

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.