Gotham Asset Management LLC Buys New Shares in CONMED Co. (NYSE:CNMD)

Gotham Asset Management LLC purchased a new stake in shares of CONMED Co. (NYSE:CNMD - Free Report) in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 4,570 shares of the company's stock, valued at approximately $313,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Aquatic Capital Management LLC acquired a new stake in CONMED in the 4th quarter valued at approximately $82,000. Pacer Advisors Inc. boosted its position in shares of CONMED by 41.4% during the fourth quarter. Pacer Advisors Inc. now owns 1,656 shares of the company's stock worth $113,000 after buying an additional 485 shares during the period. Smartleaf Asset Management LLC grew its stake in shares of CONMED by 19.6% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,962 shares of the company's stock valued at $136,000 after buying an additional 322 shares in the last quarter. CIBC Asset Management Inc purchased a new stake in shares of CONMED in the 4th quarter valued at $210,000. Finally, Summit Investment Advisors Inc. lifted its stake in CONMED by 6.8% during the 4th quarter. Summit Investment Advisors Inc. now owns 3,228 shares of the company's stock worth $221,000 after acquiring an additional 205 shares in the last quarter.

CONMED Stock Performance

Shares of CNMD stock traded down $0.68 during mid-day trading on Monday, hitting $55.38. 332,606 shares of the stock were exchanged, compared to its average volume of 448,468. The stock's fifty day simple moving average is $55.49 and its two-hundred day simple moving average is $63.71. The company has a debt-to-equity ratio of 0.94, a quick ratio of 1.06 and a current ratio of 2.30. CONMED Co. has a 12-month low of $46.00 and a 12-month high of $78.58. The stock has a market capitalization of $1.71 billion, a price-to-earnings ratio of 13.06, a P/E/G ratio of 1.83 and a beta of 1.19.

CONMED (NYSE:CNMD - Get Free Report) last released its quarterly earnings results on Wednesday, April 30th. The company reported $0.95 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.81 by $0.14. CONMED had a return on equity of 14.31% and a net margin of 10.13%. The firm had revenue of $321.26 million for the quarter, compared to the consensus estimate of $313.38 million. During the same quarter last year, the business posted $0.79 EPS. The firm's quarterly revenue was up 2.9% compared to the same quarter last year. On average, analysts forecast that CONMED Co. will post 4.35 EPS for the current year.

CONMED Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, July 3rd. Investors of record on Friday, June 13th will be given a $0.20 dividend. The ex-dividend date of this dividend is Friday, June 13th. This represents a $0.80 annualized dividend and a yield of 1.44%. CONMED's dividend payout ratio (DPR) is 21.05%.

Insider Activity at CONMED

In other CONMED news, Director Charles Farkas sold 4,000 shares of the company's stock in a transaction that occurred on Monday, May 5th. The stock was sold at an average price of $56.94, for a total transaction of $227,760.00. Following the completion of the sale, the director now directly owns 16,346 shares of the company's stock, valued at $930,741.24. This represents a 19.66% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 3.10% of the stock is owned by insiders.

Analyst Ratings Changes

Several equities analysts have weighed in on the company. Stifel Nicolaus downgraded CONMED from a "buy" rating to a "hold" rating and dropped their target price for the company from $75.00 to $55.00 in a research report on Monday, April 28th. Needham & Company LLC reduced their target price on shares of CONMED from $91.00 to $61.00 and set a "buy" rating on the stock in a report on Thursday, May 1st. Wall Street Zen cut shares of CONMED from a "buy" rating to a "hold" rating in a research report on Tuesday, May 6th. JPMorgan Chase & Co. cut 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, Wells Fargo & Company decreased their target price on CONMED from $70.00 to $57.00 and set an "equal weight" rating for the company in a report on Thursday, May 1st. Four investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $62.20.

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.