Charles Schwab Investment Management Inc. Purchases 15,300 Shares of CONMED Corporation $CNMD

Key Points

• Charles Schwab Investment Management Inc. increased its holdings in CONMED Corporation by acquiring an additional 15,300 shares, raising its total ownership to 398,250 shares, valued at approximately $24 million.
• CONMED reported quarterly earnings of $1.15 per share, exceeding analysts' expectations, with revenue of $342.35 million, reflecting a year-over-year increase of 3.1%.
• The company declared a quarterly dividend of $0.20 per share, resulting in an annualized dividend yield of 1.5%, with a payout ratio of 22.66%.

Charles Schwab Investment Management Inc. increased its stake in shares of CONMED Corporation (NYSE:CNMD - Free Report) by 4.0% during the 1st quarter, according to its most recent filing with the SEC. The institutional investor owned 398,250 shares of the company's stock after acquiring an additional 15,300 shares during the period. Charles Schwab Investment Management Inc. owned approximately 1.29% of CONMED worth $24,050,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of CNMD. Picton Mahoney Asset Management acquired a new position in shares of CONMED in the 1st quarter valued at approximately $33,000. Aquatic Capital Management LLC bought a new stake in shares of CONMED in the 4th quarter valued at approximately $82,000. GAMMA Investing LLC grew its stake in CONMED by 81.4% during 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 last quarter. Quantinno Capital Management LP bought a new position in CONMED during the 4th quarter worth $222,000. Finally, Cetera Investment Advisers acquired a new stake in CONMED in the first quarter worth about $202,000.

Analyst Ratings Changes

Several research analysts recently weighed in on the company. Needham & Company LLC cut CONMED from a "buy" rating to a "hold" rating and set a $61.00 target price for the company. in a research note on Thursday, June 12th. Wall Street Zen downgraded CONMED from a "buy" rating to a "hold" rating in a research note on Tuesday, May 6th. Stifel Nicolaus downgraded CONMED from a "buy" rating to a "hold" rating and cut their price target for the stock from $75.00 to $55.00 in a research note on Monday, April 28th. Piper Sandler cut their price target on CONMED from $80.00 to $68.00 and set an "overweight" rating for the company in a research note on Thursday, July 31st. Finally, JPMorgan Chase & Co. lowered their price objective on CONMED from $70.00 to $58.00 and set a "neutral" rating on the stock in a report on Thursday, May 1st. One research analyst has rated the stock with a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, CONMED presently has a consensus rating of "Hold" and a consensus price target of $59.80.

CONMED Price Performance

Shares of CONMED stock traded up $0.36 during mid-day trading on Tuesday, reaching $54.64. 254,877 shares of the stock were exchanged, compared to its average volume of 556,630. The company has a market cap of $1.69 billion, a price-to-earnings ratio of 15.48, a price-to-earnings-growth ratio of 1.85 and a beta of 1.17. The company has a current ratio of 2.23, a quick ratio of 1.00 and a debt-to-equity ratio of 0.88. The firm has a 50-day simple moving average of $52.15 and a 200 day simple moving average of $55.55. CONMED Corporation has a fifty-two week low of $46.00 and a fifty-two week high of $78.19.

CONMED (NYSE:CNMD - Get Free Report) last announced its 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. CONMED had a net margin of 8.31% and a return on equity of 14.43%. The business had revenue of $342.35 million during the quarter, compared to analysts' expectations of $338.42 million. During the same quarter last year, the company posted $0.98 EPS. The firm's revenue for the quarter was up 3.1% on a year-over-year basis. CONMED has set its FY 2025 guidance at 4.400-4.550 EPS. On average, sell-side analysts predict that CONMED Corporation will post 4.35 EPS for the current fiscal year.

CONMED Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 3rd. Shareholders of record on Monday, September 15th will be given a $0.20 dividend. The ex-dividend date is Monday, September 15th. 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.