CONMED Corporation (NYSE:CNMD) Shares Sold by Neuberger Berman Group LLC

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 decreased its holdings in shares of CONMED Corporation (NYSE:CNMD - Free Report) by 3.2% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 302,479 shares of the company's stock after selling 9,994 shares during the quarter. Neuberger Berman Group LLC owned about 0.98% of CONMED worth $18,248,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Earnest Partners LLC increased its stake in CONMED by 0.9% during the 4th quarter. Earnest Partners LLC now owns 2,810,176 shares of the company's stock worth $192,328,000 after buying an additional 25,876 shares during the period. Capital Research Global Investors increased its stake in CONMED by 2.1% during the 4th quarter. Capital Research Global Investors now owns 1,577,172 shares of the company's stock worth $107,942,000 after buying an additional 32,630 shares during the period. Westwood Holdings Group Inc. increased its stake in CONMED by 41.1% during the 1st quarter. Westwood Holdings Group Inc. now owns 1,237,735 shares of the company's stock worth $74,747,000 after buying an additional 360,336 shares during the period. Silvercrest Asset Management Group LLC purchased a new stake in CONMED during the 4th quarter worth $68,489,000. Finally, Fuller & Thaler Asset Management Inc. purchased a new stake in CONMED during the 4th quarter worth $59,046,000.

CONMED Trading Up 2.2%

Shares of NYSE:CNMD opened at $55.18 on Thursday. The company has a 50 day moving average of $52.51 and a 200-day moving average of $56.70. The firm has a market cap of $1.71 billion, a P/E ratio of 15.63, a P/E/G ratio of 1.84 and a beta of 1.17. CONMED Corporation has a twelve month low of $46.00 and a twelve 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.

CONMED (NYSE:CNMD - Get Free Report) last released 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. The firm 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%. CONMED's revenue was up 3.1% compared to the same quarter last year. During the same period in the previous year, the company earned $0.98 earnings per share. As a group, analysts anticipate that CONMED Corporation will post 4.35 earnings per share for the current fiscal year.

CONMED Dividend Announcement

The firm also recently announced 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 dividend on an annualized basis and a dividend yield of 1.4%. The ex-dividend date is Monday, September 15th. CONMED's payout ratio is presently 22.66%.

Analyst Ratings Changes

CNMD has been the subject of several research analyst reports. Stifel Nicolaus downgraded shares of CONMED from a "buy" rating to a "hold" rating and dropped their target price for the stock from $75.00 to $55.00 in a research report on Monday, April 28th. Wall Street Zen downgraded shares of CONMED from a "buy" rating to a "hold" rating in a research report on Tuesday, May 6th. Needham & Company LLC downgraded shares of CONMED from a "buy" rating to a "hold" rating and set a $61.00 target price for the company. in a research report on Thursday, June 12th. Wells Fargo & Company dropped their target price on shares of CONMED from $70.00 to $57.00 and set an "equal weight" rating for the company in a research report on Thursday, May 1st. Finally, Piper Sandler dropped their target price on shares of CONMED from $80.00 to $68.00 and set an "overweight" rating for the company in a research report on Thursday, July 31st. Five equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Hold" and an average price target of $59.80.

CONMED Company 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.

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