Cerity Partners LLC Buys Shares of 10,489 CONMED Corporation (NYSE:CNMD)

Cerity Partners LLC purchased a new position in shares of CONMED Corporation (NYSE:CNMD - Free Report) in the first quarter, according to its most recent disclosure with the SEC. The firm purchased 10,489 shares of the company's stock, valued at approximately $633,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in CNMD. GAMMA Investing LLC increased its position in CONMED by 81.4% in the 1st quarter. GAMMA Investing LLC now owns 1,317 shares of the company's stock worth $80,000 after buying an additional 591 shares during the period. Aquatic Capital Management LLC bought a new stake in shares of CONMED during the fourth quarter valued at approximately $82,000. Summit Investment Advisors Inc. increased its position in shares of CONMED by 6.8% during the fourth quarter. Summit Investment Advisors Inc. now owns 3,228 shares of the company's stock valued at $221,000 after purchasing an additional 205 shares during the period. Quantinno Capital Management LP bought a new stake in shares of CONMED during the fourth quarter valued at approximately $222,000. Finally, PEAK6 LLC bought a new stake in shares of CONMED during the fourth quarter valued at approximately $228,000.

Insider Activity

In other news, Director Charles Farkas sold 4,000 shares of the company's stock in a transaction on Monday, May 5th. The stock was sold at an average price of $56.94, for a total transaction of $227,760.00. Following the transaction, the director owned 16,346 shares of the company's stock, valued at $930,741.24. This represents a 19.66% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 3.10% of the stock is owned by company insiders.

CONMED Price Performance

Shares of CNMD stock traded up $1.37 during trading hours on Friday, hitting $50.93. 322,750 shares of the company's stock were exchanged, compared to its average volume of 466,648. The stock's 50-day moving average is $53.72 and its 200-day moving average is $58.16. 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 has a market cap of $1.58 billion, a price-to-earnings ratio of 13.40, a price-to-earnings-growth ratio of 1.27 and a beta of 1.20. CONMED Corporation has a 52 week low of $46.00 and a 52 week high of $78.19.

CONMED (NYSE:CNMD - Get Free Report) last issued its quarterly earnings results on Wednesday, April 30th. The company reported $0.95 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.81 by $0.14. CONMED had a return on equity of 14.36% and a net margin of 9.02%. The business had revenue of $321.26 million for the quarter, compared to analyst estimates of $313.38 million. During the same quarter in the prior year, the firm posted $0.79 earnings per share. The firm's revenue for the quarter was up 2.9% compared to the same quarter last year. As a group, research analysts forecast that CONMED Corporation will post 4.35 EPS for the current year.

CONMED Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, July 3rd. Stockholders of record on Friday, June 13th were paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 1.57%. The ex-dividend date of this dividend was Friday, June 13th. CONMED's dividend payout ratio (DPR) is presently 21.05%.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the company. Wall Street Zen cut CONMED from a "buy" rating to a "hold" rating in a research report on Tuesday, May 6th. 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 research report on Thursday, June 12th. Wells Fargo & Company lowered their price objective 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. Stifel Nicolaus cut CONMED from a "buy" rating to a "hold" rating and lowered their price objective for the company from $75.00 to $55.00 in a research report on Monday, April 28th. Finally, JPMorgan Chase & Co. decreased their price target on CONMED from $70.00 to $58.00 and set a "neutral" rating on the stock in a research note on Thursday, May 1st. Five investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $62.20.

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.