Cinctive Capital Management LP Buys New Position in CONMED Corporation $CNMD

Key Points

• Cinctive Capital Management LP acquired 26,549 shares of CONMED Corporation, valued at approximately $1.6 million, representing 0.09% of the company.
• Two notable analyst revisions include Needham & Company downgrading CONMED from "buy" to "hold" with a price target of $61, and Piper Sandler lowering its price objective from $80 to $68.
• The company has announced a quarterly dividend of $0.20 per share, translating to an annualized dividend yield of 1.5%, with payment scheduled for October 3rd.

Cinctive Capital Management LP bought a new position in shares of CONMED Corporation (NYSE:CNMD - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 26,549 shares of the company's stock, valued at approximately $1,603,000. Cinctive Capital Management LP owned approximately 0.09% of CONMED at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in CNMD. Exchange Traded Concepts LLC grew its position in CONMED by 2.3% in the 1st quarter. Exchange Traded Concepts LLC now owns 9,701 shares of the company's stock worth $586,000 after purchasing an additional 217 shares in the last quarter. GAMMA Investing LLC lifted its stake in shares of CONMED by 10,855.1% during the 1st quarter. GAMMA Investing LLC now owns 79,534 shares of the company's stock valued at $4,803,000 after buying an additional 78,808 shares in the last quarter. Raymond James Financial Inc. lifted its stake in shares of CONMED by 46.5% during the 1st quarter. Raymond James Financial Inc. now owns 390,675 shares of the company's stock valued at $23,592,000 after buying an additional 124,050 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its stake in shares of CONMED by 15.5% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 257,712 shares of the company's stock valued at $15,308,000 after buying an additional 34,570 shares in the last quarter. Finally, Principal Financial Group Inc. lifted its stake in shares of CONMED by 1.5% during the 1st quarter. Principal Financial Group Inc. now owns 634,677 shares of the company's stock valued at $38,328,000 after buying an additional 9,619 shares in the last quarter.

Analyst Ratings Changes

Several analysts have issued reports on CNMD shares. Needham & Company LLC cut shares of CONMED from a "buy" rating to a "hold" rating and set a $61.00 target price on the stock. in a research note on Thursday, June 12th. Piper Sandler lowered their target price on shares of CONMED from $80.00 to $68.00 and set an "overweight" rating on the stock in a research note on Thursday, July 31st. One investment analyst has rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $59.80.

CONMED Stock Down 1.5%

NYSE CNMD traded down $0.83 during trading hours on Wednesday, reaching $53.16. 45,552 shares of the company's stock traded hands, compared to its average volume of 469,037. The firm has a market cap of $1.65 billion, a PE ratio of 15.04, a PEG ratio of 1.83 and a beta of 1.18. The company has a debt-to-equity ratio of 0.88, a current ratio of 2.23 and a quick ratio of 1.00. CONMED Corporation has a 52-week low of $46.00 and a 52-week high of $78.19. The firm has a 50-day simple moving average of $52.48 and a 200 day simple moving average of $54.90.

CONMED (NYSE:CNMD - Get Free Report) last released its quarterly earnings data on Wednesday, July 30th. The company reported $1.15 earnings per share for the quarter, beating analysts' consensus estimates of $1.13 by $0.02. The business had revenue of $342.35 million during the quarter, compared to analyst estimates of $338.42 million. CONMED had a net margin of 8.31% and a return on equity of 14.43%. CONMED's revenue was up 3.1% compared to the same quarter last year. During the same period last year, the business earned $0.98 EPS. CONMED has set its FY 2025 guidance at 4.400-4.550 EPS. Sell-side analysts anticipate that CONMED Corporation will post 4.35 EPS for the current fiscal year.

CONMED Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, October 3rd. Stockholders of record on Monday, September 15th will be paid a $0.20 dividend. The ex-dividend date is Monday, September 15th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.5%. CONMED's payout ratio is currently 22.66%.

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.