Great Lakes Advisors LLC Buys 30,643 Shares of CONMED Corporation $CNMD

Key Points

• Great Lakes Advisors LLC increased its stake in CONMED Corporation by 29.1% in the first quarter, acquiring an additional 30,643 shares to own 136,042 shares by the end of the period.
• Several analysts have revised their price targets for CONMED, with Piper Sandler lowering their target from $80.00 to $68.00, indicating a consensus "Hold" rating among analysts.
• CONMED announced a quarterly dividend of $0.20 per share, with an upcoming payment to shareholders recorded on September 15th, reflecting a 1.5% yield.

Great Lakes Advisors LLC grew its stake in shares of CONMED Corporation (NYSE:CNMD - Free Report) by 29.1% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 136,042 shares of the company's stock after purchasing an additional 30,643 shares during the quarter. Great Lakes Advisors LLC owned about 0.44% of CONMED worth $8,216,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of CONMED by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 18,354 shares of the company's stock worth $1,108,000 after purchasing an additional 800 shares during the last quarter. Cinctive Capital Management LP acquired a new position in shares of CONMED during the 1st quarter worth approximately $1,603,000. AQR Capital Management LLC increased its holdings in shares of CONMED by 19.9% during the 1st quarter. AQR Capital Management LLC now owns 14,199 shares of the company's stock worth $857,000 after acquiring an additional 2,357 shares during the last quarter. Graham Capital Management L.P. increased its holdings in shares of CONMED by 31.0% during the 1st quarter. Graham Capital Management L.P. now owns 9,447 shares of the company's stock worth $571,000 after acquiring an additional 2,233 shares during the last quarter. Finally, PEAK6 LLC increased its holdings in shares of CONMED by 124.1% during the 1st quarter. PEAK6 LLC now owns 7,471 shares of the company's stock worth $451,000 after acquiring an additional 4,137 shares during the last quarter.

Analysts Set New Price Targets

A number of research firms recently weighed in on CNMD. Piper Sandler decreased 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. Needham & Company LLC lowered 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 research analyst has rated the stock with a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $59.80.

CONMED Stock Performance

CNMD traded down $1.11 during trading on Friday, hitting $52.94. The stock had a trading volume of 192,700 shares, compared to its average volume of 307,222. The company has a 50 day moving average price of $52.42 and a 200-day moving average price of $54.69. The firm has a market cap of $1.64 billion, a price-to-earnings ratio of 15.00, a P/E/G ratio of 1.80 and a beta of 1.18. CONMED Corporation has a one year low of $46.00 and a one year high of $78.19. The company has a debt-to-equity ratio of 0.88, a current ratio of 2.23 and a quick ratio of 1.00.

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

CONMED Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 3rd. Stockholders of record on Monday, September 15th will be given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.5%. The ex-dividend date is Monday, September 15th. CONMED's dividend payout ratio is presently 22.66%.

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.