Greenwood Capital Associates LLC Cuts Stock Holdings in CONMED Co. (NYSE:CNMD)

Greenwood Capital Associates LLC decreased its position in CONMED Co. (NYSE:CNMD) by 2.3% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,406 shares of the company’s stock after selling 154 shares during the quarter. Greenwood Capital Associates LLC’s holdings in CONMED were worth $702,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in CNMD. Dimensional Fund Advisors LP lifted its holdings in CONMED by 5.0% during the fourth 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 during the period. Intrinsic Edge Capital Management LLC boosted its holdings in shares of CONMED by 672.5% in the 4th quarter. Intrinsic Edge Capital Management LLC now owns 77,248 shares of the company’s stock worth $8,459,000 after buying an additional 67,248 shares during the last quarter. Capital Research Global Investors boosted its holdings in shares of CONMED by 11.8% in the 4th quarter. Capital Research Global Investors now owns 2,757,108 shares of the company’s stock worth $301,931,000 after buying an additional 289,996 shares during the last quarter. Walleye Capital LLC bought a new position in CONMED during the third quarter valued at about $5,691,000. Finally, Victory Capital Management Inc. increased its holdings in CONMED by 24.9% during the fourth quarter. Victory Capital Management Inc. now owns 9,218 shares of the company’s stock worth $1,009,000 after buying an additional 1,837 shares during the last quarter.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on CNMD shares. Needham & Company LLC restated a “buy” rating and issued a $107.00 target price on shares of CONMED in a research note on Monday, May 6th. Wells Fargo & Company decreased their price objective on CONMED from $98.00 to $77.00 and set an “equal weight” rating for the company in a report on Thursday, April 25th. Piper Sandler dropped their price objective on shares of CONMED from $100.00 to $95.00 and set an “overweight” rating on the stock in a report on Thursday, April 25th. Finally, JPMorgan Chase & Co. reduced their target price on shares of CONMED from $115.00 to $75.00 and set an “overweight” rating for the company in a research note on Thursday, April 25th. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat, CONMED presently has an average rating of “Moderate Buy” and a consensus price target of $102.50.

CONMED Price Performance

CONMED stock traded down $1.53 during mid-day trading on Friday, hitting $71.11. 317,894 shares of the company traded hands, compared to its average volume of 362,218. The company has a debt-to-equity ratio of 1.16, a quick ratio of 1.08 and a current ratio of 2.18. CONMED Co. has a one year low of $61.05 and a one year high of $138.29. The stock has a market cap of $2.19 billion, a price-to-earnings ratio of 27.25, a price-to-earnings-growth ratio of 0.68 and a beta of 1.43. The stock has a fifty day moving average price of $73.36 and a 200-day moving average price of $86.83.

CONMED (NYSE:CNMD) last released its quarterly earnings results on Wednesday, April 24th. The company reported $0.79 earnings per share for the quarter, beating analysts’ consensus estimates of $0.74 by $0.05. CONMED had a return on equity of 13.78% and a net margin of 6.53%. The business had revenue of $312.27 million for the quarter, compared to the consensus estimate of $307.06 million. On average, equities analysts predict that CONMED Co. will post 4.3 earnings per share for the current fiscal year.

CONMED Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 5th. Shareholders of record on Friday, June 14th will be given a dividend of $0.20 per share. The ex-dividend date of this dividend is Friday, June 14th. This represents a $0.80 annualized dividend and a yield of 1.13%. CONMED’s payout ratio is 30.65%.

Insider Activity

In related news, COO Pat Beyer purchased 3,000 shares of the firm’s stock in a transaction on Tuesday, April 30th. The shares were acquired at an average cost of $68.30 per share, with a total value of $204,900.00. Following the purchase, the chief operating officer now directly owns 10,807 shares of the company’s stock, valued at $738,118.10. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, COO Pat Beyer acquired 3,000 shares of the firm’s stock in a transaction on Tuesday, April 30th. The shares were purchased at an average price of $68.30 per share, for a total transaction of $204,900.00. Following the completion of the transaction, the chief operating officer now owns 10,807 shares of the company’s stock, valued at $738,118.10. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Martha Goldberg Aronson bought 2,000 shares of the company’s stock in a transaction dated Monday, May 6th. The shares were purchased at an average price of $70.98 per share, with a total value of $141,960.00. Following the completion of the acquisition, the director now owns 2,000 shares of the company’s stock, valued at approximately $141,960. The disclosure for this purchase can be found here. Over the last three months, insiders have purchased 6,442 shares of company stock valued at $446,733. 6.80% of the stock is currently owned by insiders.

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.