Pacific Capital Partners Ltd Decreases Position in CONMED Corporation $CNMD

Key Points

• Pacific Capital Partners Ltd has decreased its holdings in CONMED Corporation by 33.1% in the second quarter, selling 30,142 shares, which now makes up about 3.0% of its portfolio.
• CONMED reported $1.15 earnings per share for the last quarter, surpassing estimates and showing a 3.1% revenue growth compared to the same period last year.
• The company's stock is currently rated as a "Hold" by analysts with a consensus target price of $59.80, indicating cautious optimism after recent ratings adjustments.

Pacific Capital Partners Ltd decreased its holdings in shares of CONMED Corporation (NYSE:CNMD - Free Report) by 33.1% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 60,998 shares of the company's stock after selling 30,142 shares during the quarter. CONMED makes up approximately 3.0% of Pacific Capital Partners Ltd's portfolio, making the stock its 14th biggest position. Pacific Capital Partners Ltd owned approximately 0.20% of CONMED worth $3,177,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Picton Mahoney Asset Management purchased a new stake in CONMED during the first quarter worth approximately $33,000. GAMMA Investing LLC lifted its stake in CONMED by 81.4% during the first quarter. GAMMA Investing LLC now owns 1,317 shares of the company's stock worth $80,000 after purchasing an additional 591 shares during the last quarter. Smartleaf Asset Management LLC lifted its stake in CONMED by 15.2% during the first quarter. Smartleaf Asset Management LLC now owns 2,260 shares of the company's stock worth $133,000 after purchasing an additional 298 shares during the last quarter. Cetera Investment Advisers purchased a new stake in CONMED during the first quarter worth approximately $202,000. Finally, Kovitz Investment Group Partners LLC purchased a new stake in CONMED during the first quarter worth approximately $204,000.

Analyst Ratings Changes

A number of equities research analysts have weighed in on CNMD shares. Needham & Company LLC cut 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. Piper Sandler dropped their target price on CONMED from $80.00 to $68.00 and set an "overweight" rating on the stock in a report on Thursday, July 31st. One research analyst has rated the stock with a Buy rating and four have given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $59.80.

CONMED Trading Down 2.0%

Shares of CNMD stock opened at $52.94 on Friday. The business's fifty day moving average price is $52.42 and its 200 day moving average price is $54.72. CONMED Corporation has a 1-year low of $46.00 and a 1-year high of $78.19. The firm has a market capitalization of $1.64 billion, a PE ratio of 15.00, a P/E/G ratio of 1.84 and a beta of 1.18. The company has a debt-to-equity ratio of 0.88, a current ratio of 2.23 and a quick ratio of 1.00.

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, beating the consensus estimate of $1.13 by $0.02. CONMED had a return on equity of 14.43% and a net margin of 8.31%.The company had revenue of $342.35 million for the quarter, compared to analyst estimates of $338.42 million. During the same quarter in the prior year, the company earned $0.98 earnings per share. CONMED's revenue was up 3.1% compared to the same quarter last year. CONMED has set its FY 2025 guidance at 4.400-4.550 EPS. As a group, sell-side analysts forecast that CONMED Corporation will post 4.35 EPS for the current fiscal year.

CONMED Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, October 3rd. Shareholders of record on Monday, September 15th will be paid a dividend of $0.20 per share. The ex-dividend date is Monday, September 15th. This represents a $0.80 annualized dividend and a yield of 1.5%. CONMED's dividend payout ratio is currently 22.66%.

CONMED Company 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.

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