Neuberger Berman Group LLC Sells 9,994 Shares of CONMED Corporation $CNMD

Key Points

• Neuberger Berman Group LLC reduced its holdings in CONMED Corporation by 3.2%, now owning approximately 302,479 shares valued at $18.25 million.
• The company reported $1.15 earnings per share for the latest quarter, exceeding analysts' expectations and reflecting a 3.1% year-over-year revenue growth.
• CONMED announced a $0.20 quarterly dividend with a yield of 1.4%, to be paid on October 3rd, following a payout ratio of 22.66%.

Neuberger Berman Group LLC reduced its stake in CONMED Corporation (NYSE:CNMD - Free Report) by 3.2% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 302,479 shares of the company's stock after selling 9,994 shares during the period. Neuberger Berman Group LLC owned 0.98% of CONMED worth $18,248,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Earnest Partners LLC grew its holdings in CONMED by 0.9% in the fourth quarter. Earnest Partners LLC now owns 2,810,176 shares of the company's stock worth $192,328,000 after purchasing an additional 25,876 shares during the period. Capital Research Global Investors grew its holdings in CONMED by 2.1% in the fourth quarter. Capital Research Global Investors now owns 1,577,172 shares of the company's stock worth $107,942,000 after purchasing an additional 32,630 shares during the period. Westwood Holdings Group Inc. grew its holdings in shares of CONMED by 41.1% during the first quarter. Westwood Holdings Group Inc. now owns 1,237,735 shares of the company's stock valued at $74,747,000 after buying an additional 360,336 shares during the last quarter. Silvercrest Asset Management Group LLC purchased a new stake in shares of CONMED during the fourth quarter valued at approximately $68,489,000. Finally, Fuller & Thaler Asset Management Inc. purchased a new stake in shares of CONMED during the fourth quarter valued at approximately $59,046,000.

CONMED Trading Up 0.4%

Shares of CNMD stock traded up $0.23 during trading hours on Monday, reaching $53.35. 394,210 shares of the stock were exchanged, compared to its average volume of 485,969. CONMED Corporation has a 12-month low of $46.00 and a 12-month high of $78.19. 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 company's 50-day moving average price is $52.35 and its 200-day moving average price is $56.25. The firm has a market capitalization of $1.65 billion, a price-to-earnings ratio of 15.11, a price-to-earnings-growth ratio of 1.81 and a beta of 1.17.

CONMED (NYSE:CNMD - Get Free Report) last released its quarterly earnings results on Wednesday, July 30th. The company reported $1.15 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 firm 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 company earned $0.98 EPS. The firm's revenue for the quarter was up 3.1% compared to the same quarter last year. As a group, equities analysts anticipate that CONMED Corporation will post 4.35 earnings per share for the current year.

CONMED Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, October 3rd. Investors of record on Monday, September 15th will be paid a dividend of $0.20 per share. 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 currently 22.66%.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the stock. Wells Fargo & Company cut their price target on shares of CONMED from $70.00 to $57.00 and set an "equal weight" rating on the stock in a report on Thursday, May 1st. Needham & Company LLC cut shares of 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. JPMorgan Chase & Co. cut their target price on shares of CONMED from $70.00 to $58.00 and set a "neutral" rating for the company in a research note on Thursday, May 1st. Wall Street Zen cut shares of CONMED from a "buy" rating to a "hold" rating in a research note on Tuesday, May 6th. Finally, Stifel Nicolaus cut shares of CONMED from a "buy" rating to a "hold" rating and dropped their price objective for the stock from $75.00 to $55.00 in a research note on Monday, April 28th. Five equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat.com, CONMED has an average rating of "Hold" and an average target price of $59.80.

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.