Earnest Partners LLC Trims Position in CONMED Corporation $CNMD

Key Points

• Earnest Partners LLC reduced its stake in CONMED Corporation by 0.4%, selling 10,477 shares, leaving it with 2,799,699 shares valued at approximately $169 million.
• Multiple analysts have recently dropped ratings on CONMED, with Piper Sandler and Wells Fargo reducing their price targets significantly, reflecting changing market sentiments.
• CONMED plans to pay a quarterly dividend of $0.20 per share on October 3rd, offering a 1.5% dividend yield based on previous stock prices.

Earnest Partners LLC cut its position in shares of CONMED Corporation (NYSE:CNMD - Free Report) by 0.4% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,799,699 shares of the company's stock after selling 10,477 shares during the quarter. Earnest Partners LLC owned about 9.05% of CONMED worth $169,074,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in CNMD. First Trust Advisors LP boosted its position in shares of CONMED by 33.3% during the fourth quarter. First Trust Advisors LP now owns 21,255 shares of the company's stock valued at $1,455,000 after purchasing an additional 5,309 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of CONMED by 8.0% during the fourth quarter. Dimensional Fund Advisors LP now owns 775,440 shares of the company's stock valued at $53,073,000 after purchasing an additional 57,149 shares in the last quarter. MetLife Investment Management LLC boosted its position in shares of CONMED by 7.1% during the fourth quarter. MetLife Investment Management LLC now owns 18,886 shares of the company's stock valued at $1,293,000 after purchasing an additional 1,250 shares in the last quarter. Tower Research Capital LLC TRC boosted its position in shares of CONMED by 67.7% during the fourth quarter. Tower Research Capital LLC TRC now owns 6,273 shares of the company's stock valued at $429,000 after purchasing an additional 2,532 shares in the last quarter. Finally, Stifel Financial Corp boosted its holdings in CONMED by 8.0% in the fourth quarter. Stifel Financial Corp now owns 33,143 shares of the company's stock worth $2,268,000 after acquiring an additional 2,468 shares in the last quarter.

CONMED Stock Performance

NYSE CNMD traded up $0.61 during trading hours on Friday, hitting $54.34. The company's stock had a trading volume of 228,637 shares, compared to its average volume of 477,376. CONMED Corporation has a 12 month low of $46.00 and a 12 month high of $78.19. The company's 50 day simple moving average is $52.27 and its two-hundred day simple moving average is $55.32. The company has a debt-to-equity ratio of 0.88, a current ratio of 2.23 and a quick ratio of 1.00. The company has a market cap of $1.68 billion, a P/E ratio of 15.39, a price-to-earnings-growth ratio of 1.85 and a beta of 1.17.

CONMED (NYSE:CNMD - Get Free Report) last issued its earnings results on Wednesday, July 30th. The company reported $1.15 earnings per share for the quarter, topping 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 analyst estimates of $338.42 million. During the same quarter in the previous year, the firm earned $0.98 EPS. CONMED'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. As a group, sell-side analysts expect that CONMED Corporation will post 4.35 EPS for the current fiscal year.

CONMED Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 3rd. Shareholders of record on Monday, September 15th will be given 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 yield of 1.5%. CONMED's payout ratio is 22.66%.

Wall Street Analyst Weigh In

Several research firms have commented on CNMD. Wall Street Zen downgraded CONMED from a "buy" rating to a "hold" rating in a report on Tuesday, May 6th. Piper Sandler dropped their target price on CONMED from $80.00 to $68.00 and set an "overweight" rating on the stock in a report on Thursday, July 31st. Finally, Needham & Company LLC downgraded CONMED from a "buy" rating to a "hold" rating and set a $61.00 target price on the stock. in a report on Thursday, June 12th. One analyst has rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price 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.