91,140 Shares in CONMED Corporation (NYSE:CNMD) Bought by Pacific Capital Partners Ltd

Pacific Capital Partners Ltd purchased a new position 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 & Exchange Commission. The firm purchased 91,140 shares of the company's stock, valued at approximately $5,504,000. CONMED accounts for approximately 3.5% of Pacific Capital Partners Ltd's investment portfolio, making the stock its 11th largest position. Pacific Capital Partners Ltd owned 0.29% of CONMED as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of CNMD. Picton Mahoney Asset Management bought a new stake in shares of CONMED during the first quarter worth approximately $33,000. Aquatic Capital Management LLC acquired a new stake in shares of CONMED in the fourth quarter valued at approximately $82,000. GAMMA Investing LLC raised its position in shares of CONMED by 81.4% in the first quarter. GAMMA Investing LLC now owns 1,317 shares of the company's stock valued at $80,000 after buying an additional 591 shares in the last quarter. Summit Investment Advisors Inc. raised its position in shares of CONMED by 6.8% in the fourth quarter. Summit Investment Advisors Inc. now owns 3,228 shares of the company's stock valued at $221,000 after buying an additional 205 shares in the last quarter. Finally, Quantinno Capital Management LP acquired a new stake in shares of CONMED in the fourth quarter valued at approximately $222,000.

CONMED Price Performance

CNMD traded up $1.10 during trading on Friday, hitting $52.25. 626,071 shares of the stock traded hands, compared to its average volume of 487,359. The business has a 50 day moving average price of $53.02 and a 200 day moving average price of $57.54. The company has a market cap of $1.62 billion, a price-to-earnings ratio of 14.80, a PEG ratio of 1.30 and a beta of 1.17. The company has a debt-to-equity ratio of 0.91, a current ratio of 2.26 and a quick ratio of 1.00. CONMED Corporation has a twelve month low of $46.00 and a twelve month high of $78.19.

CONMED (NYSE:CNMD - Get Free Report) last announced its quarterly earnings results on Wednesday, July 30th. The company reported $1.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.13 by $0.02. The company had revenue of $342.35 million during the quarter, compared to the consensus estimate of $338.42 million. CONMED had a net margin of 8.31% and a return on equity of 14.60%. The company's revenue for the quarter was up 3.1% compared to the same quarter last year. During the same period in the prior year, the business earned $0.98 earnings per share. Equities research analysts forecast that CONMED Corporation will post 4.35 earnings per share for the current fiscal year.

CONMED Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, July 3rd. Stockholders 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 dividend yield of 1.5%. CONMED's dividend payout ratio is 22.66%.

Insider Activity

In other 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 directly owned 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 filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 3.10% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on CNMD shares. Wells Fargo & Company dropped their price target on shares of CONMED from $70.00 to $57.00 and set an "equal weight" rating for the company in a research report on Thursday, May 1st. Needham & Company LLC downgraded shares of CONMED from a "buy" rating to a "hold" rating and set a $61.00 price target for the company. in a research report on Thursday, June 12th. Stifel Nicolaus downgraded shares of CONMED from a "buy" rating to a "hold" rating and dropped their price target for the company from $75.00 to $55.00 in a research report on Monday, April 28th. JPMorgan Chase & Co. lowered their price objective on shares of CONMED from $70.00 to $58.00 and set a "neutral" rating for the company in a research report on Thursday, May 1st. Finally, Piper Sandler lowered their price objective on shares of CONMED from $80.00 to $68.00 and set an "overweight" rating for the company in a research report on Thursday. Five investment analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to MarketBeat.com, CONMED has an average rating of "Hold" and a consensus target price of $59.80.

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.