Osterweis Capital Management Inc. Raises Stake in CONMED Corporation $CNMD

Key Points

• Osterweis Capital Management Inc. increased its stake in CONMED Corporation by 21.8%, owning 227,805 shares valued at approximately $13.76 million.
• Several hedge funds, including Summit Investment Advisors and First Trust Advisors, also boosted their holdings in CONMED during the fourth quarter.
• Equity analysts have downgraded CONMED's stock, with multiple firms reducing their price targets, reflecting a consensus rating of "Hold" and a target price around $59.80.

Osterweis Capital Management Inc. lifted its holdings in shares of CONMED Corporation (NYSE:CNMD - Free Report) by 21.8% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 227,805 shares of the company's stock after purchasing an additional 40,835 shares during the quarter. Osterweis Capital Management Inc. owned about 0.74% of CONMED worth $13,757,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of CNMD. Summit Investment Advisors Inc. grew its holdings in shares of CONMED by 6.8% during the 4th quarter. Summit Investment Advisors Inc. now owns 3,228 shares of the company's stock worth $221,000 after purchasing an additional 205 shares during the period. PEAK6 LLC purchased a new position in shares of CONMED during the 4th quarter worth $228,000. First Trust Advisors LP grew its holdings in shares of CONMED by 33.3% during the 4th quarter. First Trust Advisors LP now owns 21,255 shares of the company's stock worth $1,455,000 after purchasing an additional 5,309 shares during the period. Dimensional Fund Advisors LP grew its holdings in shares of CONMED by 8.0% during the 4th quarter. Dimensional Fund Advisors LP now owns 775,440 shares of the company's stock worth $53,073,000 after purchasing an additional 57,149 shares during the period. Finally, MetLife Investment Management LLC grew its holdings in shares of CONMED by 7.1% during the 4th quarter. MetLife Investment Management LLC now owns 18,886 shares of the company's stock worth $1,293,000 after purchasing an additional 1,250 shares during the period.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the company. Stifel Nicolaus cut CONMED from a "buy" rating to a "hold" rating and lowered their price target for the stock from $75.00 to $55.00 in a report on Monday, April 28th. Needham & Company LLC cut CONMED from a "buy" rating to a "hold" rating and set a $61.00 target price for the company. in a report on Thursday, June 12th. JPMorgan Chase & Co. lowered their target price on CONMED from $70.00 to $58.00 and set a "neutral" rating for the company in a report on Thursday, May 1st. Wells Fargo & Company lowered their target price on CONMED from $70.00 to $57.00 and set an "equal weight" rating for the company in a report on Thursday, May 1st. Finally, Wall Street Zen cut CONMED from a "buy" rating to a "hold" rating in a report on Tuesday, May 6th. One investment analyst has rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $59.80.

CONMED Price Performance

Shares of NYSE CNMD opened at $54.50 on Wednesday. The firm has a market capitalization of $1.69 billion, a PE ratio of 15.44, a price-to-earnings-growth ratio of 1.82 and a beta of 1.17. The stock's 50-day simple moving average is $52.14 and its 200-day simple moving average is $56.11. The company has a debt-to-equity ratio of 0.88, a quick ratio of 1.00 and a current ratio of 2.23. 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 quarterly earnings results on Wednesday, July 30th. The company reported $1.15 earnings per share for the quarter, topping analysts' consensus estimates of $1.13 by $0.02. The firm had revenue of $342.35 million during the quarter, compared to analysts' expectations of $338.42 million. CONMED had a net margin of 8.31% and a return on equity of 14.43%. CONMED's quarterly revenue was up 3.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.98 EPS. CONMED has set its FY 2025 guidance at 4.400-4.550 EPS. As a group, equities research analysts forecast that CONMED Corporation will post 4.35 EPS for the current fiscal year.

CONMED Announces Dividend

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

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.

Want to see what other hedge funds are holding CNMD? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for CONMED Corporation (NYSE:CNMD - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.