Alliancebernstein L.P. Has $6.28 Million Stock Position in CONMED Co. (NYSE:CNMD)

Alliancebernstein L.P. lifted its position in CONMED Co. (NYSE:CNMD - Free Report) by 11.8% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 91,716 shares of the company's stock after buying an additional 9,647 shares during the period. Alliancebernstein L.P. owned about 0.30% of CONMED worth $6,277,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the business. Raymond James Financial Inc. acquired a new stake in shares of CONMED during the fourth quarter worth about $18,248,000. Fisher Asset Management LLC boosted its holdings in shares of CONMED by 41.4% in the fourth quarter. Fisher Asset Management LLC now owns 417,430 shares of the company's stock valued at $28,569,000 after buying an additional 122,140 shares during the period. Wealthfront Advisers LLC bought a new stake in shares of CONMED during the fourth quarter worth $5,790,000. Allspring Global Investments Holdings LLC raised its holdings in shares of CONMED by 44.5% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 223,142 shares of the company's stock worth $15,029,000 after acquiring an additional 68,696 shares during the period. Finally, Clearbridge Investments LLC lifted its position in CONMED by 9.4% in the 4th quarter. Clearbridge Investments LLC now owns 542,966 shares of the company's stock valued at $37,161,000 after acquiring an additional 46,582 shares in the last quarter.

CONMED Stock Up 1.0 %

CNMD traded up $0.50 during trading on Friday, reaching $48.53. 390,904 shares of the stock were exchanged, compared to its average volume of 463,009. The company has a debt-to-equity ratio of 0.94, a quick ratio of 1.06 and a current ratio of 2.30. The stock's 50 day moving average price is $58.36 and its two-hundred day moving average price is $65.70. CONMED Co. has a twelve month low of $47.25 and a twelve month high of $78.58. The stock has a market cap of $1.50 billion, a P/E ratio of 11.45, a price-to-earnings-growth ratio of 1.83 and a beta of 1.28.

CONMED (NYSE:CNMD - Get Free Report) last issued its earnings results on Wednesday, February 5th. The company reported $1.34 earnings per share (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%. Equities analysts expect that CONMED Co. will post 4.35 EPS for the current year.

CONMED Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, April 4th. Investors of record on Friday, March 14th were paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 1.65%. The ex-dividend date was Friday, March 14th. CONMED's dividend payout ratio (DPR) is presently 18.87%.

Analyst Ratings Changes

Several analysts have issued reports on the company. JPMorgan Chase & Co. downgraded CONMED from an "overweight" rating to a "neutral" rating and dropped their price target for the company from $85.00 to $70.00 in a research note on Thursday, February 6th. Stifel Nicolaus raised their price target on shares of CONMED from $72.00 to $75.00 and gave the stock a "buy" rating in a research note on Thursday, February 6th. Wells Fargo & Company cut their price objective on shares of CONMED from $74.00 to $70.00 and set an "equal weight" rating on the stock in a research report on Thursday, February 6th. Finally, Needham & Company LLC decreased their target price on shares of CONMED from $97.00 to $91.00 and set a "buy" rating for the company 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 stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $77.20.

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.