Invesco Ltd. Decreases Stock Position in CONMED Corporation $CNMD

Key Points

• Invesco Ltd. drastically reduced its stake in CONMED Corporation by 93.3% during the first quarter, now holding only 124,156 shares valued at approximately $7.5 million.
• Several hedge funds, including First Trust Advisors LP and Dimensional Fund Advisors LP, increased their investments in CONMED during the 4th quarter, indicating mixed sentiment among institutional investors.
• Research analysts have downgraded CONMED's stock ratings, with target prices being lowered and a consensus rating now at "Hold," reflecting concerns about the company's near-term performance.

Invesco Ltd. reduced its position in CONMED Corporation (NYSE:CNMD - Free Report) by 93.3% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 124,156 shares of the company's stock after selling 1,740,296 shares during the period. Invesco Ltd. owned about 0.40% of CONMED worth $7,498,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in the company. First Trust Advisors LP raised its stake in CONMED by 33.3% during the 4th quarter. First Trust Advisors LP now owns 21,255 shares of the company's stock valued at $1,455,000 after buying an additional 5,309 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in CONMED by 8.0% during the 4th quarter. Dimensional Fund Advisors LP now owns 775,440 shares of the company's stock valued at $53,073,000 after buying an additional 57,149 shares during the last quarter. MetLife Investment Management LLC raised its stake in CONMED by 7.1% during the 4th quarter. MetLife Investment Management LLC now owns 18,886 shares of the company's stock valued at $1,293,000 after buying an additional 1,250 shares during the last quarter. Tower Research Capital LLC TRC raised its stake in CONMED by 67.7% during the 4th quarter. Tower Research Capital LLC TRC now owns 6,273 shares of the company's stock valued at $429,000 after buying an additional 2,532 shares during the last quarter. Finally, Stifel Financial Corp raised its stake in CONMED by 8.0% during the 4th quarter. Stifel Financial Corp now owns 33,143 shares of the company's stock valued at $2,268,000 after buying an additional 2,468 shares during the last quarter.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the stock. Wall Street Zen lowered shares of CONMED from a "buy" rating to a "hold" rating in a research note on Tuesday, May 6th. Wells Fargo & Company decreased 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 note on Thursday, May 1st. Needham & Company LLC lowered shares of CONMED from a "buy" rating to a "hold" rating and set a $61.00 target price for the company. in a research note on Thursday, June 12th. Stifel Nicolaus downgraded shares of CONMED from a "buy" rating to a "hold" rating and cut their price objective for the company from $75.00 to $55.00 in a research report on Monday, April 28th. Finally, Piper Sandler cut their price objective 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. One equities research analyst has rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $59.80.

CONMED Trading Down 2.6%

Shares of CONMED stock opened at $54.3470 on Tuesday. The company has a market capitalization of $1.68 billion, a P/E ratio of 15.40, a P/E/G ratio of 1.90 and a beta of 1.17. The company has a debt-to-equity ratio of 0.88, a quick ratio of 1.00 and a current ratio of 2.23. The company has a fifty day moving average of $52.10 and a 200 day moving average of $55.56. CONMED Corporation has a fifty-two week low of $46.00 and a fifty-two week high of $78.19.

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 the consensus estimate of $1.13 by $0.02. CONMED had a net margin of 8.31% and a return on equity of 14.43%. The company had revenue of $342.35 million during the quarter, compared to the consensus estimate of $338.42 million. During the same quarter in the prior year, the firm posted $0.98 EPS. CONMED's quarterly revenue was up 3.1% compared to the same quarter last year. CONMED has set its FY 2025 guidance at 4.400-4.550 EPS. On average, sell-side analysts anticipate that CONMED Corporation will post 4.35 earnings per share for the current fiscal year.

CONMED Announces Dividend

The company also recently disclosed 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. The ex-dividend date is Monday, September 15th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.5%. CONMED's dividend payout ratio (DPR) is presently 22.66%.

About CONMED

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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