Harbor Capital Advisors Inc. Invests $1.29 Million in CONMED Co. (NYSE:CNMD)

Harbor Capital Advisors Inc. purchased a new position in CONMED Co. (NYSE:CNMD - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 21,343 shares of the company's stock, valued at approximately $1,289,000. Harbor Capital Advisors Inc. owned approximately 0.07% of CONMED at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Beverly Hills Private Wealth LLC increased its position in shares of CONMED by 4.7% during the fourth quarter. Beverly Hills Private Wealth LLC now owns 3,762 shares of the company's stock valued at $257,000 after acquiring an additional 168 shares during the last quarter. Summit Investment Advisors Inc. increased its position in shares of CONMED by 6.8% during the fourth quarter. Summit Investment Advisors Inc. now owns 3,228 shares of the company's stock valued at $221,000 after acquiring an additional 205 shares during the last quarter. Blue Trust Inc. increased its position in shares of CONMED by 10.2% during the fourth quarter. Blue Trust Inc. now owns 3,438 shares of the company's stock valued at $235,000 after acquiring an additional 317 shares during the last quarter. Smartleaf Asset Management LLC increased its position in shares of CONMED by 19.6% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,962 shares of the company's stock valued at $136,000 after acquiring an additional 322 shares during the last quarter. Finally, Swiss National Bank increased its position in shares of CONMED by 0.8% during the fourth quarter. Swiss National Bank now owns 60,600 shares of the company's stock valued at $4,147,000 after acquiring an additional 500 shares during the last quarter.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on CNMD. JPMorgan Chase & Co. dropped their price objective on shares of CONMED from $70.00 to $58.00 and set a "neutral" rating for the company in a report on Thursday, May 1st. Wall Street Zen cut shares of CONMED from a "buy" rating to a "hold" rating in a report on Tuesday, May 6th. Wells Fargo & Company dropped their price objective on shares of CONMED from $70.00 to $57.00 and set an "equal weight" rating for the company 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 price objective for the company. in a report on Thursday. Finally, Stifel Nicolaus cut shares of CONMED from a "buy" rating to a "hold" rating and dropped their price objective for the company from $75.00 to $55.00 in a report on Monday, April 28th. Five analysts have rated the stock with a hold rating and one has issued a buy rating to the company. According to data from MarketBeat.com, CONMED presently has an average rating of "Hold" and a consensus price target of $62.20.

CONMED Stock Down 0.4%

NYSE CNMD traded down $0.21 on Monday, hitting $53.34. 434,827 shares of the stock were exchanged, compared to its average volume of 444,319. The company has a quick ratio of 1.06, a current ratio of 2.30 and a debt-to-equity ratio of 0.94. CONMED Co. has a fifty-two week low of $46.00 and a fifty-two week high of $78.19. The company has a market cap of $1.65 billion, a PE ratio of 12.58, a PEG ratio of 1.83 and a beta of 1.24. The company has a 50-day moving average price of $55.03 and a 200-day moving average price of $61.95.

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

CONMED Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, July 3rd. Shareholders of record on Friday, June 13th will be issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 1.50%. The ex-dividend date of this dividend is Friday, June 13th. CONMED's dividend payout ratio (DPR) is presently 21.05%.

Insiders Place Their Bets

In other news, Director Charles Farkas sold 4,000 shares of the business's stock in a transaction that occurred on Monday, May 5th. The shares were 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 owns 16,346 shares in the company, valued at approximately $930,741.24. The trade was a 19.66% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 3.10% of the stock is currently owned by company insiders.

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.