CONMED Corporation $CNMD Holdings Lowered by Moran Wealth Management LLC

Key Points

• Moran Wealth Management LLC reduced its stake in CONMED Corporation by 7.3%, holding 77,201 shares worth $4,021,000, as reported in their recent SEC filing.
• CONMED's Director Charles Farkas sold 2,000 shares of the company at $53.52 each, decreasing his holdings by 11.86% and retaining approximately $795,253 in stock.
• Brokerage firm Piper Sandler lowered its price target for CONMED from $80.00 to $68.00 while maintaining an "overweight" rating, indicating mixed sentiment among analysts with an average rating of "Hold."

Moran Wealth Management LLC trimmed its stake in shares of CONMED Corporation (NYSE:CNMD - Free Report) by 7.3% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 77,201 shares of the company's stock after selling 6,075 shares during the period. Moran Wealth Management LLC owned about 0.25% of CONMED worth $4,021,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the stock. Exchange Traded Concepts LLC lifted its holdings in shares of CONMED by 2.3% during the first quarter. Exchange Traded Concepts LLC now owns 9,701 shares of the company's stock valued at $586,000 after purchasing an additional 217 shares during the last quarter. GAMMA Investing LLC lifted its stake in CONMED by 17.1% in the 2nd quarter. GAMMA Investing LLC now owns 1,542 shares of the company's stock worth $80,000 after acquiring an additional 225 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in CONMED by 4.6% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 5,462 shares of the company's stock worth $330,000 after acquiring an additional 239 shares in the last quarter. Smartleaf Asset Management LLC lifted its stake in CONMED by 15.2% in the 1st quarter. Smartleaf Asset Management LLC now owns 2,260 shares of the company's stock worth $133,000 after acquiring an additional 298 shares in the last quarter. Finally, Connable Office Inc. lifted its stake in CONMED by 5.7% in the 1st quarter. Connable Office Inc. now owns 6,092 shares of the company's stock worth $368,000 after acquiring an additional 326 shares in the last quarter.

Insider Activity at CONMED

In other news, Director Charles Farkas sold 2,000 shares of the stock in a transaction dated Friday, September 12th. The stock was sold at an average price of $53.52, for a total transaction of $107,040.00. Following the transaction, the director owned 14,859 shares of the company's stock, valued at approximately $795,253.68. This represents a 11.86% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 3.10% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on CNMD. Weiss Ratings reissued a "sell (d+)" rating on shares of CONMED in a research note on Wednesday, October 8th. 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. One research analyst has rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, CONMED currently has an average rating of "Hold" and an average price target of $59.80.

CONMED Stock Performance

Shares of NYSE CNMD opened at $44.66 on Wednesday. The company has a debt-to-equity ratio of 0.88, a quick ratio of 1.00 and a current ratio of 2.23. The firm has a market cap of $1.38 billion, a price-to-earnings ratio of 12.65, a P/E/G ratio of 1.47 and a beta of 1.14. The business's 50-day simple moving average is $51.02 and its 200-day simple moving average is $52.85. CONMED Corporation has a 52 week low of $42.50 and a 52 week high of $78.00.

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

CONMED Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 3rd. Stockholders of record on Monday, September 15th were issued a dividend of $0.20 per share. The ex-dividend date of this dividend was Monday, September 15th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.8%. CONMED's dividend payout ratio is currently 22.66%.

About CONMED

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.

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