Osterweis Capital Management Inc. Acquires 40,835 Shares of CONMED Corporation $CNMD

Key Points

• Osterweis Capital Management Inc. increased its stake in CONMED Corporation by 21.8% during Q1, holding a total of 227,805 shares valued at approximately $13.76 million.
• Multiple analysts have downgraded CONMED's stock rating from "buy" to "hold," with price targets that range from $55.00 to $68.00.
• CONMED announced a quarterly dividend of $0.20 per share, representing an annual yield of 1.5%, with payments scheduled for October 3rd.

Osterweis Capital Management Inc. increased its holdings in CONMED Corporation (NYSE:CNMD - Free Report) by 21.8% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 227,805 shares of the company's stock after acquiring an additional 40,835 shares during the quarter. Osterweis Capital Management Inc. owned about 0.74% of CONMED worth $13,757,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Picton Mahoney Asset Management purchased a new stake in CONMED in the first quarter worth $33,000. Aquatic Capital Management LLC purchased a new stake in CONMED in the fourth quarter worth $82,000. GAMMA Investing LLC lifted its stake in CONMED by 81.4% in the first quarter. GAMMA Investing LLC now owns 1,317 shares of the company's stock worth $80,000 after acquiring an additional 591 shares during the period. Summit Investment Advisors Inc. lifted its position in 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 buying an additional 205 shares during the period. Finally, Quantinno Capital Management LP purchased a new position in CONMED during the fourth quarter valued at $222,000.

Analyst Upgrades and Downgrades

Several brokerages have commented on CNMD. JPMorgan Chase & Co. lowered their price objective on CONMED from $70.00 to $58.00 and set a "neutral" rating for the company in a research report on Thursday, May 1st. Piper Sandler lowered their price objective on CONMED from $80.00 to $68.00 and set an "overweight" rating for the company in a research report on Thursday, July 31st. Wells Fargo & Company lowered their price objective on CONMED from $70.00 to $57.00 and set an "equal weight" rating for the company in a research report on Thursday, May 1st. Wall Street Zen lowered CONMED from a "buy" rating to a "hold" rating in a research report on Tuesday, May 6th. Finally, Stifel Nicolaus lowered 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. One investment analyst has rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. According to data from MarketBeat.com, CONMED presently has a consensus rating of "Hold" and a consensus price target of $59.80.

CONMED Stock Down 1.3%

Shares of CNMD traded down $0.7450 during trading hours on Monday, hitting $55.0650. The company had a trading volume of 60,292 shares, compared to its average volume of 480,565. The firm has a fifty day moving average price of $52.08 and a 200-day moving average price of $55.64. 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 stock has a market capitalization of $1.70 billion, a price-to-earnings ratio of 15.60, a P/E/G ratio of 1.90 and a beta of 1.17. 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 posted its quarterly earnings results on Wednesday, July 30th. The company reported $1.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.13 by $0.02. CONMED had a return on equity of 14.43% and a net margin of 8.31%.The firm had revenue of $342.35 million during the quarter, compared to analyst estimates of $338.42 million. During the same quarter in the previous year, the firm earned $0.98 EPS. CONMED's quarterly revenue was up 3.1% compared to the same quarter last year. CONMED has set its FY 2025 guidance at 4.400-4.550 EPS. On average, equities research analysts forecast 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. Investors of record on Monday, September 15th will be issued a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 1.5%. The ex-dividend date is Monday, September 15th. CONMED's dividend payout ratio (DPR) 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.