LPL Financial LLC Trims Stake in CONMED Co. (NYSE:CNMD)

LPL Financial LLC lessened its holdings in shares of CONMED Co. (NYSE:CNMD) by 40.8% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 12,929 shares of the company’s stock after selling 8,917 shares during the quarter. LPL Financial LLC’s holdings in CONMED were worth $885,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. GAMMA Investing LLC increased its holdings in shares of CONMED by 93.6% in the 4th quarter. GAMMA Investing LLC now owns 726 shares of the company’s stock worth $50,000 after buying an additional 351 shares during the last quarter. Pacer Advisors Inc. lifted its stake in CONMED by 41.4% during the fourth quarter. Pacer Advisors Inc. now owns 1,656 shares of the company’s stock worth $113,000 after purchasing an additional 485 shares during the last quarter. Smartleaf Asset Management LLC boosted its holdings in shares of CONMED by 19.6% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,962 shares of the company’s stock worth $136,000 after purchasing an additional 322 shares in the last quarter. CIBC Asset Management Inc purchased a new position in shares of CONMED during the 4th quarter valued at about $210,000. Finally, Blue Trust Inc. boosted its position in CONMED by 4.6% during the fourth quarter. Blue Trust Inc. now owns 3,266 shares of the company’s stock valued at $235,000 after buying an additional 145 shares during the period.

CONMED Stock Down 1.8 %

Shares of NYSE:CNMD opened at $47.71 on Tuesday. CONMED Co. has a 12-month low of $46.00 and a 12-month high of $78.58. The stock has a market capitalization of $1.48 billion, a price-to-earnings ratio of 11.25, a PEG ratio of 1.83 and a beta of 1.28. The stock has a fifty day simple moving average of $58.07 and a two-hundred day simple moving average of $65.55. The company has a current ratio of 2.30, a quick ratio of 1.06 and a debt-to-equity ratio of 0.94.

CONMED (NYSE:CNMD) last announced its quarterly earnings data on Wednesday, February 5th. The company reported $1.34 EPS for the quarter, beating the consensus estimate of $1.20 by $0.14. CONMED had a net margin of 10.13% and a return on equity of 14.31%. On average, research analysts anticipate that CONMED Co. will post 4.35 earnings per share for the current fiscal year.

CONMED Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 4th. Investors of record on Friday, March 14th were issued a $0.20 dividend. The ex-dividend date was Friday, March 14th. This represents a $0.80 dividend on an annualized basis and a yield of 1.68%. CONMED’s payout ratio is currently 18.87%.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. JPMorgan Chase & Co. downgraded CONMED from an “overweight” rating to a “neutral” rating and decreased their target price for the company from $85.00 to $70.00 in a report on Thursday, February 6th. Needham & Company LLC reduced their price target on shares of CONMED from $97.00 to $91.00 and set a “buy” rating on the stock in a research report on Thursday, February 6th. Wells Fargo & Company lowered their price objective on shares of CONMED from $74.00 to $70.00 and set an “equal weight” rating for the company in a report on Thursday, February 6th. Finally, Stifel Nicolaus increased their target price on CONMED from $72.00 to $75.00 and gave the stock a “buy” rating in a research report on Thursday, February 6th. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $77.20.

About CONMED

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.