Invesco Ltd. Has $7.50 Million 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 stake in CONMED Corporation (NYSE:CNMD - Free Report) by 93.3% during the 1st quarter, according to its most recent 13F 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 0.40% of CONMED worth $7,498,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in CNMD. Silvercrest Asset Management Group LLC acquired a new stake in CONMED during the 4th quarter worth $68,489,000. Westwood Holdings Group Inc. raised its stake in CONMED by 41.1% during the 1st quarter. Westwood Holdings Group Inc. now owns 1,237,735 shares of the company's stock worth $74,747,000 after buying an additional 360,336 shares during the period. Pacific Capital Partners Ltd acquired a new stake in CONMED during the 1st quarter worth $5,504,000. Moran Wealth Management LLC acquired a new stake in CONMED during the 1st quarter worth $5,029,000. Finally, GAMMA Investing LLC raised its stake in CONMED by 10,855.1% during the 1st quarter. GAMMA Investing LLC now owns 79,534 shares of the company's stock worth $4,803,000 after buying an additional 78,808 shares during the period.

Wall Street Analyst Weigh In

Several analysts recently commented on the company. Piper Sandler dropped their price objective on CONMED from $80.00 to $68.00 and set an "overweight" rating on the stock in a research note on Thursday, July 31st. Needham & Company LLC downgraded CONMED from a "buy" rating to a "hold" rating and set a $61.00 price objective on the stock. in a research note on Thursday, June 12th. Finally, Wall Street Zen downgraded CONMED from a "buy" rating to a "hold" rating in a research note on Tuesday, May 6th. One equities research analyst has rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $59.80.

CONMED Stock Up 1.1%

Shares of CNMD traded up $0.61 during midday trading on Friday, hitting $54.34. The stock had a trading volume of 228,637 shares, compared to its average volume of 457,504. The company has a 50 day simple moving average of $52.27 and a two-hundred day simple moving average of $55.26. CONMED Corporation has a twelve month low of $46.00 and a twelve month high of $78.19. The firm has a market cap of $1.68 billion, a price-to-earnings ratio of 15.39, a price-to-earnings-growth ratio of 1.85 and a beta of 1.18. 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. CONMED had a return on equity of 14.43% and a net margin of 8.31%.The firm had revenue of $342.35 million for the quarter, compared to the consensus estimate of $338.42 million. During the same quarter last year, the business posted $0.98 EPS. The company's revenue for the quarter was up 3.1% on a year-over-year basis. CONMED has set its FY 2025 guidance at 4.400-4.550 EPS. On average, analysts anticipate that CONMED Corporation will post 4.35 EPS for the current year.

CONMED Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, October 3rd. Shareholders of record on Monday, September 15th will be paid a $0.20 dividend. The ex-dividend date of this dividend is Monday, September 15th. This represents a $0.80 annualized dividend and a dividend yield of 1.5%. CONMED's dividend payout ratio (DPR) is currently 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.