Jump Financial LLC Sells 5,006,725 Shares of CONMED Corporation $CNMD

Key Points

• Jump Financial LLC has significantly reduced its stake in CONMED Corporation, cutting its holdings by 99.8% during the first quarter, resulting in ownership of only 8,775 shares valued at approximately $530,000.
• Despite the drastic cut by Jump Financial, other institutional investors such as GAMMA Investing LLC and Raymond James Financial Inc. have notably increased their stakes in CONMED, indicating varied investor sentiment regarding the company's prospects.
• Several brokerages have recently adjusted their price targets for CONMED stock, with Piper Sandler lowering its target from $80.00 to $68.00, reflecting a cautious outlook on the company's performance.

Jump Financial LLC lowered its holdings in CONMED Corporation (NYSE:CNMD - Free Report) by 99.8% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 8,775 shares of the company's stock after selling 5,006,725 shares during the quarter. Jump Financial LLC's holdings in CONMED were worth $530,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in CNMD. Picton Mahoney Asset Management bought a new stake in CONMED in the first quarter valued at about $33,000. GAMMA Investing LLC grew its stake in CONMED by 81.4% during the first quarter. GAMMA Investing LLC now owns 1,317 shares of the company's stock worth $80,000 after buying an additional 591 shares during the last quarter. Aquatic Capital Management LLC bought a new stake in CONMED during the fourth quarter worth about $82,000. Smartleaf Asset Management LLC grew its stake in CONMED by 15.2% during the first quarter. Smartleaf Asset Management LLC now owns 2,260 shares of the company's stock worth $133,000 after buying an additional 298 shares during the last quarter. Finally, Cetera Investment Advisers bought a new stake in CONMED during the first quarter worth about $202,000.

Analyst Ratings Changes

A number of analysts have recently weighed in on CNMD shares. Needham & Company LLC lowered 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. Piper Sandler lowered their target price on CONMED from $80.00 to $68.00 and set an "overweight" rating for the company in a research note on Thursday, July 31st. One equities research analyst has rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $59.80.

CONMED Price Performance

Shares of CNMD traded up $1.17 during mid-day trading on Friday, hitting $55.86. 110,343 shares of the company traded hands, compared to its average volume of 470,777. CONMED Corporation has a one year low of $46.00 and a one year high of $78.19. The company has a current ratio of 2.23, a quick ratio of 1.00 and a debt-to-equity ratio of 0.88. The business has a 50-day moving average of $52.39 and a 200 day moving average of $55.11. The stock has a market capitalization of $1.73 billion, a price-to-earnings ratio of 15.81, a PEG ratio of 1.80 and a beta of 1.18.

CONMED (NYSE:CNMD - Get Free Report) last announced its quarterly earnings data on Wednesday, July 30th. The company reported $1.15 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.13 by $0.02. CONMED had a net margin of 8.31% and a return on equity of 14.43%. The firm had revenue of $342.35 million for the quarter, compared to analysts' expectations of $338.42 million. During the same period last year, the firm earned $0.98 earnings per share. The business'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. As a group, equities analysts expect that CONMED Corporation will post 4.35 earnings per share for the current fiscal year.

CONMED Announces Dividend

The firm also recently disclosed 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 dividend on an annualized basis and a yield of 1.4%. 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.