Pacific Capital Partners Ltd Acquires Shares of 91,140 CONMED Corporation (NYSE:CNMD)

Pacific Capital Partners Ltd acquired a new position in shares of CONMED Corporation (NYSE:CNMD - Free Report) in the first quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 91,140 shares of the company's stock, valued at approximately $5,504,000. CONMED comprises approximately 3.5% of Pacific Capital Partners Ltd's investment portfolio, making the stock its 11th biggest position. Pacific Capital Partners Ltd owned 0.29% of CONMED at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of CNMD. Exchange Traded Concepts LLC boosted its stake in shares of CONMED by 2.3% in the first quarter. Exchange Traded Concepts LLC now owns 9,701 shares of the company's stock valued at $586,000 after purchasing an additional 217 shares during the period. GAMMA Investing LLC boosted its stake in shares of CONMED by 10,855.1% in the first quarter. GAMMA Investing LLC now owns 79,534 shares of the company's stock valued at $4,803,000 after purchasing an additional 78,808 shares during the period. Raymond James Financial Inc. purchased a new position in shares of CONMED in the fourth quarter valued at approximately $18,248,000. Allspring Global Investments Holdings LLC boosted its stake in shares of CONMED by 15.5% in the first quarter. Allspring Global Investments Holdings LLC now owns 257,712 shares of the company's stock valued at $15,308,000 after purchasing an additional 34,570 shares during the period. Finally, Principal Financial Group Inc. boosted its stake in shares of CONMED by 1.5% in the first quarter. Principal Financial Group Inc. now owns 634,677 shares of the company's stock valued at $38,328,000 after purchasing an additional 9,619 shares during the period.

CONMED Stock Up 2.2%

CNMD stock traded up $1.10 during trading on Friday, hitting $52.25. 626,071 shares of the company's stock were exchanged, compared to its average volume of 478,123. The business has a 50-day moving average price of $53.08 and a two-hundred day moving average price of $57.65. The stock has a market capitalization of $1.62 billion, a price-to-earnings ratio of 14.80, a PEG ratio of 1.29 and a beta of 1.20. CONMED Corporation has a 52-week low of $46.00 and a 52-week high of $78.19. 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 posted its earnings results on Wednesday, July 30th. The company reported $1.15 earnings per share for the quarter, topping the consensus estimate 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 return on equity of 14.60% and a net margin of 8.31%. The firm's revenue was up 3.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.98 earnings per share. As a group, equities research analysts expect that CONMED Corporation will post 4.35 EPS for the current year.

CONMED Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, July 3rd. Investors of record on Friday, June 13th were paid 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 1.5%. CONMED's payout ratio is presently 22.66%.

Insiders Place Their Bets

In related news, Director Charles Farkas sold 4,000 shares of the business's stock in a transaction that occurred on Monday, May 5th. The stock was sold at an average price of $56.94, for a total transaction of $227,760.00. Following the completion of the sale, the director owned 16,346 shares in the company, valued at $930,741.24. The trade was 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 through the SEC website. 3.10% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

CNMD has been the subject of several recent research reports. 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 research note on Thursday, June 12th. Wells Fargo & Company lowered their price objective on shares of CONMED from $70.00 to $57.00 and set an "equal weight" rating for the company in a research note on Thursday, May 1st. Piper Sandler lowered their price objective on CONMED from $80.00 to $68.00 and set an "overweight" rating for the company in a research report on Thursday. Stifel Nicolaus downgraded CONMED from a "buy" rating to a "hold" rating and lowered their price objective for the stock from $75.00 to $55.00 in a research report on Monday, April 28th. Finally, JPMorgan Chase & Co. lowered their price objective on CONMED from $70.00 to $58.00 and set a "neutral" rating for the company in a research report on Thursday, May 1st. Five analysts have rated the stock with a hold rating and one has given a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target 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.