M&T Bank Corp Lowers Position in CONMED Corporation (NYSE:CNMD)

M&T Bank Corp decreased its position in shares of CONMED Corporation (NYSE:CNMD - Free Report) by 50.6% during the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 8,668 shares of the company's stock after selling 8,877 shares during the period. M&T Bank Corp's holdings in CONMED were worth $523,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the company. Victory Capital Management Inc. raised its stake in CONMED by 36.6% during the fourth quarter. Victory Capital Management Inc. now owns 14,984 shares of the company's stock worth $1,026,000 after purchasing an additional 4,013 shares during the period. Proficio Capital Partners LLC purchased a new position in CONMED during the fourth quarter worth approximately $909,000. Swiss National Bank raised its stake in CONMED by 0.8% during the fourth quarter. Swiss National Bank now owns 60,600 shares of the company's stock worth $4,147,000 after purchasing an additional 500 shares during the period. Natixis Advisors LLC raised its stake in CONMED by 10.5% during the fourth quarter. Natixis Advisors LLC now owns 122,550 shares of the company's stock worth $8,387,000 after purchasing an additional 11,641 shares during the period. Finally, Intech Investment Management LLC raised its stake in CONMED by 5.0% during the fourth quarter. Intech Investment Management LLC now owns 16,725 shares of the company's stock worth $1,145,000 after purchasing an additional 803 shares during the period.

Analyst Ratings Changes

A number of brokerages have recently commented on CNMD. JPMorgan Chase & Co. cut their target price on shares of CONMED from $70.00 to $58.00 and set a "neutral" rating on the stock in a research note on Thursday, May 1st. Stifel Nicolaus lowered shares of CONMED from a "buy" rating to a "hold" rating and lowered their price target for the company from $75.00 to $55.00 in a report on Monday, April 28th. Wall Street Zen lowered shares of CONMED from a "buy" rating to a "hold" rating in a report on Tuesday, May 6th. Needham & Company LLC lowered 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, June 12th. Finally, Wells Fargo & Company reduced their price target on shares of CONMED from $70.00 to $57.00 and set an "equal weight" rating on the stock in a research report on Thursday, May 1st. Five investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $62.20.

CONMED Stock Performance

NYSE:CNMD traded down $1.63 during trading hours on Friday, hitting $47.62. 476,414 shares of the company traded hands, compared to its average volume of 447,013. The stock has a market capitalization of $1.47 billion, a price-to-earnings ratio of 12.53, a P/E/G ratio of 1.23 and a beta of 1.20. CONMED Corporation has a twelve month low of $46.00 and a twelve month high of $78.19. The firm has a 50-day moving average of $54.77 and a 200 day moving average of $58.74. The company has a current ratio of 2.26, a quick ratio of 1.00 and a debt-to-equity ratio of 0.91.

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

CONMED Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, July 3rd. Shareholders of record on Friday, June 13th were issued a dividend of $0.20 per share. The ex-dividend date was Friday, June 13th. This represents a $0.80 annualized dividend and a yield of 1.68%. CONMED's dividend payout ratio (DPR) is currently 21.05%.

Insider Buying and Selling

In other news, Director Charles Farkas sold 4,000 shares of CONMED stock in a transaction that occurred on Monday, May 5th. The shares were sold at an average price of $56.94, for a total value of $227,760.00. Following the sale, the director directly owned 16,346 shares in the company, valued at $930,741.24. This trade represents a 19.66% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 3.10% of the company's stock.

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.