New York State Common Retirement Fund Lowers Position in CONMED Corporation (NYSE:CNMD)

New York State Common Retirement Fund decreased its position in shares of CONMED Corporation (NYSE:CNMD) by 0.8% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 190,789 shares of the company’s stock after selling 1,603 shares during the quarter. New York State Common Retirement Fund owned 0.62% of CONMED worth $11,522,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in CNMD. Vanguard Group Inc. boosted its holdings in CONMED by 1.3% during the fourth quarter. Vanguard Group Inc. now owns 3,574,420 shares of the company’s stock worth $244,633,000 after buying an additional 44,777 shares in the last quarter. Earnest Partners LLC boosted its stake in shares of CONMED by 0.9% during the 4th quarter. Earnest Partners LLC now owns 2,810,176 shares of the company’s stock worth $192,328,000 after acquiring an additional 25,876 shares in the last quarter. Capital Research Global Investors grew its position in shares of CONMED by 2.1% during the 4th quarter. Capital Research Global Investors now owns 1,577,172 shares of the company’s stock valued at $107,942,000 after acquiring an additional 32,630 shares during the period. Silvercrest Asset Management Group LLC purchased a new position in shares of CONMED in the 4th quarter valued at about $68,489,000. Finally, Fuller & Thaler Asset Management Inc. purchased a new position in shares of CONMED in the 4th quarter valued at about $59,046,000.

Insiders Place Their Bets

In other CONMED news, Director Charles Farkas sold 4,000 shares of the firm’s stock in a transaction that occurred on Monday, May 5th. The shares were sold at an average price of $56.94, for a total value of $227,760.00. Following the transaction, the director directly owned 16,346 shares of the company’s stock, valued at $930,741.24. This trade represents a 19.66% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 3.10% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have issued reports on the company. Wells Fargo & Company lowered their price target on CONMED from $70.00 to $57.00 and set an “equal weight” rating on the stock in a research report on Thursday, May 1st. Wall Street Zen lowered CONMED from a “buy” rating to a “hold” rating in a research report on Tuesday, May 6th. Needham & Company LLC cut shares of CONMED from a “buy” rating to a “hold” rating and set a $61.00 price target on the stock. in a research note on Thursday, June 12th. Stifel Nicolaus cut shares of CONMED from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $75.00 to $55.00 in a research report on Monday, April 28th. Finally, JPMorgan Chase & Co. decreased their price objective on shares of CONMED from $70.00 to $58.00 and set a “neutral” rating on the stock in a report on Thursday, May 1st. Five equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $62.20.

CONMED Stock Performance

NYSE CNMD opened at $47.62 on Friday. The company has a debt-to-equity ratio of 0.91, a current ratio of 2.26 and a quick ratio of 1.00. The stock’s 50 day simple moving average is $54.77 and its 200-day simple moving average is $58.81. The company has a market cap of $1.47 billion, a PE ratio of 12.53, a price-to-earnings-growth ratio of 1.27 and a beta of 1.20. CONMED Corporation has a 1-year low of $46.00 and a 1-year high of $78.19.

CONMED (NYSE:CNMD) last announced its quarterly earnings data on Wednesday, April 30th. The company reported $0.95 earnings per share for the quarter, beating analysts’ consensus estimates of $0.81 by $0.14. CONMED had a return on equity of 14.36% and a net margin of 9.02%. The company had revenue of $321.26 million for the quarter, compared to analyst estimates of $313.38 million. During the same quarter last year, the firm posted $0.79 EPS. The firm’s revenue for the quarter was up 2.9% on a year-over-year basis. As a group, equities research analysts anticipate that CONMED Corporation will post 4.35 EPS for the current fiscal year.

CONMED Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, July 3rd. Investors of record on Friday, June 13th were given a dividend of $0.20 per share. The ex-dividend date of this dividend was Friday, June 13th. This represents a $0.80 dividend on an annualized basis and a yield of 1.68%. CONMED’s payout ratio is presently 21.05%.

CONMED Company 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.