Allianz Asset Management GmbH Makes New $320,000 Investment in CONMED Corporation (NYSE:CNMD)

Key Points

• Allianz Asset Management GmbH acquired 5,300 shares of CONMED Corporation during the 1st quarter, valued at approximately $320,000.
• Analysts have recently downgraded CONMED, with five research firms reporting a consensus rating of "Hold" and an average target price of $59.80 after lowering their price targets.
• The company announced a quarterly dividend of $0.20 per share, resulting in an annualized dividend yield of 1.5% with a payout ratio of 22.66%.

Allianz Asset Management GmbH purchased a new position in shares of CONMED Corporation (NYSE:CNMD - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 5,300 shares of the company's stock, valued at approximately $320,000.

Other hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. grew 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 acquiring an additional 44,777 shares during the period. Alliancebernstein L.P. raised its position in CONMED by 11.8% during the fourth quarter. Alliancebernstein L.P. now owns 91,716 shares of the company's stock worth $6,277,000 after acquiring an additional 9,647 shares during the period. Trexquant Investment LP purchased a new stake in shares of CONMED during the fourth quarter worth about $2,645,000. Raymond James Financial Inc. acquired a new stake in CONMED in the 4th quarter worth about $18,248,000. Finally, Neuberger Berman Group LLC acquired a new position in shares of CONMED during the fourth quarter valued at approximately $21,395,000.

Analyst Ratings Changes

CNMD has been the subject of several recent research reports. JPMorgan Chase & Co. reduced their price objective on CONMED from $70.00 to $58.00 and set a "neutral" rating for the company in a research note on Thursday, May 1st. Wells Fargo & Company decreased their target price on shares of CONMED from $70.00 to $57.00 and set an "equal weight" rating on the stock in a report on Thursday, May 1st. Needham & Company LLC cut CONMED from a "buy" rating to a "hold" rating and set a $61.00 price objective on the stock. in a report on Thursday, June 12th. Piper Sandler lowered their price target on CONMED from $80.00 to $68.00 and set an "overweight" rating for the company in a report on Thursday, July 31st. Finally, Stifel Nicolaus cut shares of CONMED from a "buy" rating to a "hold" rating and dropped their price target for the company from $75.00 to $55.00 in a research report on Monday, April 28th. Five research analysts have rated the stock with a hold rating and one has issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $59.80.

CONMED Stock Down 0.1%

Shares of CNMD traded down $0.06 during midday trading on Tuesday, reaching $53.42. The stock had a trading volume of 531,658 shares, compared to its average volume of 518,373. 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 1-year low of $46.00 and a 1-year high of $78.19. The company has a market cap of $1.65 billion, a price-to-earnings ratio of 15.13, a PEG ratio of 1.82 and a beta of 1.17. The company's fifty day simple moving average is $52.98 and its two-hundred day simple moving average is $57.30.

CONMED (NYSE:CNMD - Get Free Report) last released its quarterly earnings results on Wednesday, July 30th. The company reported $1.15 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.13 by $0.02. The firm had revenue of $342.35 million for the quarter, compared to the consensus estimate of $338.42 million. CONMED had a return on equity of 14.43% and a net margin of 8.31%. The firm's quarterly revenue was up 3.1% compared to the same quarter last year. During the same quarter last year, the business posted $0.98 EPS. Equities research analysts expect that CONMED Corporation will post 4.35 earnings per share for the current year.

CONMED Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, July 3rd. Shareholders of record on Friday, June 13th were given a dividend of $0.20 per share. The ex-dividend date was Friday, June 13th. This represents a $0.80 annualized dividend and a yield of 1.5%. CONMED's payout ratio is presently 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.