Moran Wealth Management LLC Invests $5.03 Million in CONMED Corporation (NYSE:CNMD)

Moran Wealth Management LLC acquired a new stake in shares of CONMED Corporation (NYSE:CNMD - Free Report) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 83,276 shares of the company's stock, valued at approximately $5,029,000. Moran Wealth Management LLC owned about 0.27% of CONMED as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently bought and sold shares of the company. Vanguard Group Inc. boosted its position in CONMED by 1.3% in the fourth quarter. Vanguard Group Inc. now owns 3,574,420 shares of the company's stock worth $244,633,000 after purchasing an additional 44,777 shares during the last quarter. Earnest Partners LLC lifted its stake in shares of CONMED by 0.9% in the 4th quarter. Earnest Partners LLC now owns 2,810,176 shares of the company's stock worth $192,328,000 after purchasing an additional 25,876 shares during the period. Capital Research Global Investors boosted its holdings in shares of CONMED by 2.1% in the fourth quarter. Capital Research Global Investors now owns 1,577,172 shares of the company's stock worth $107,942,000 after buying an additional 32,630 shares during the last quarter. Silvercrest Asset Management Group LLC purchased a new position in shares of CONMED in the fourth quarter worth approximately $68,489,000. Finally, Fuller & Thaler Asset Management Inc. bought a new stake in CONMED during the fourth quarter valued at approximately $59,046,000.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the stock. Wall Street Zen downgraded shares of CONMED from a "buy" rating to a "hold" rating in a research report on Tuesday, May 6th. Needham & Company LLC lowered CONMED from a "buy" rating to a "hold" rating and set a $61.00 price objective for the company. in a research note on Thursday, June 12th. Wells Fargo & Company decreased their target price on CONMED from $70.00 to $57.00 and set an "equal weight" rating on the stock in a report on Thursday, May 1st. JPMorgan Chase & Co. lowered their target price on CONMED from $70.00 to $58.00 and set a "neutral" rating on the stock in a research report on Thursday, May 1st. Finally, Stifel Nicolaus lowered CONMED from a "buy" rating to a "hold" rating and cut their price target for the company from $75.00 to $55.00 in a report on Monday, April 28th. Five investment analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to data from MarketBeat, CONMED presently has an average rating of "Hold" and an average price target of $62.20.

Insider Activity at CONMED

In related news, Director Charles Farkas sold 4,000 shares of the company's stock in a transaction 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 transaction, the director now owns 16,346 shares in the company, valued at approximately $930,741.24. This represents a 19.66% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 3.10% of the stock is owned by corporate insiders.

CONMED Stock Performance

CNMD opened at $52.37 on Thursday. The company has a 50 day simple moving average of $55.03 and a two-hundred day simple moving average of $61.06. The company has a debt-to-equity ratio of 0.91, a current ratio of 2.26 and a quick ratio of 1.00. The firm has a market cap of $1.62 billion, a P/E ratio of 13.78, a PEG ratio of 1.36 and a beta of 1.24. CONMED Corporation has a 1-year low of $46.00 and a 1-year high of $78.19.

CONMED (NYSE:CNMD - Get Free Report) last issued its earnings results on Wednesday, April 30th. The company reported $0.95 earnings per share for the quarter, topping the consensus estimate of $0.81 by $0.14. CONMED had a net margin of 9.02% and a return on equity of 14.36%. The company had revenue of $321.26 million during the quarter, compared to the consensus estimate of $313.38 million. During the same quarter in the prior year, the firm posted $0.79 EPS. CONMED's quarterly revenue was up 2.9% compared to the same quarter last year. Equities analysts forecast that CONMED Corporation will post 4.35 earnings per share for the current fiscal year.

CONMED Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, July 3rd. Investors of record on Friday, June 13th will be given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 1.53%. The ex-dividend date is Friday, June 13th. CONMED's dividend payout ratio is currently 21.05%.

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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