CONMED Corporation $CNMD Shares Bought by Raymond James Financial Inc.

Key Points

• Raymond James Financial Inc. increased its stake in CONMED Corporation by 46.5%, owning approximately 1.26% of the company worth $23.6 million after acquiring additional shares in Q1.
• Multiple analysts have downgraded CONMED's stock ratings, with price targets ranging from $57.00 to $68.00 and a consensus rating of "Hold" and average target of $59.80.
• CONMED announced a quarterly dividend of $0.20 per share, which is set to be paid on October 3rd, providing an annualized yield of 1.5%.

Raymond James Financial Inc. raised its holdings in CONMED Corporation (NYSE:CNMD - Free Report) by 46.5% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 390,675 shares of the company's stock after purchasing an additional 124,050 shares during the period. Raymond James Financial Inc. owned about 1.26% of CONMED worth $23,592,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Beverly Hills Private Wealth LLC boosted its stake in shares of CONMED by 4.7% in the fourth quarter. Beverly Hills Private Wealth LLC now owns 3,762 shares of the company's stock worth $257,000 after acquiring an additional 168 shares during the last quarter. Exchange Traded Concepts LLC boosted its stake in shares of CONMED by 2.3% in the first quarter. Exchange Traded Concepts LLC now owns 9,701 shares of the company's stock worth $586,000 after acquiring an additional 217 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in shares of CONMED by 4.6% in the first 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 during the last quarter. Connable Office Inc. boosted its stake in shares of CONMED by 5.7% in the first quarter. Connable Office Inc. now owns 6,092 shares of the company's stock worth $368,000 after acquiring an additional 326 shares during the last quarter. Finally, QRG Capital Management Inc. boosted its stake in shares of CONMED by 7.0% in the first quarter. QRG Capital Management Inc. now owns 5,326 shares of the company's stock worth $322,000 after acquiring an additional 350 shares during the last quarter.

Analysts Set New Price Targets

A number of equities analysts recently commented on CNMD shares. Piper Sandler reduced their price objective on CONMED from $80.00 to $68.00 and set an "overweight" rating on the stock in a research report on Thursday, July 31st. Wall Street Zen downgraded CONMED from a "buy" rating to a "hold" rating in a research report on Tuesday, May 6th. Wells Fargo & Company reduced 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. JPMorgan Chase & Co. reduced their price objective on CONMED from $70.00 to $58.00 and set a "neutral" rating on the stock in a research report on Thursday, May 1st. Finally, Needham & Company LLC downgraded 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. One research analyst has rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $59.80.

CONMED Price Performance

NYSE:CNMD opened at $54.3470 on Tuesday. CONMED Corporation has a 52 week low of $46.00 and a 52 week high of $78.19. The company has a quick ratio of 1.00, a current ratio of 2.23 and a debt-to-equity ratio of 0.88. The stock's fifty day moving average is $52.10 and its two-hundred day moving average is $55.56. The company has a market capitalization of $1.68 billion, a P/E ratio of 15.40, a P/E/G ratio of 1.90 and a beta of 1.17.

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

CONMED Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 3rd. Stockholders of record on Monday, September 15th will be paid a $0.20 dividend. The ex-dividend date of this dividend is Monday, September 15th. This represents a $0.80 dividend on an annualized basis and a dividend 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.