PDT Partners LLC Lowers Stake in CONMED Corporation $CNMD

Key Points

• PDT Partners LLC has reduced its stake in CONMED Corporation by 87.8% in Q1, leaving it with 4,101 shares valued at $248,000.
• Wall Street analysts have lowered their price targets for CONMED, with Piper Sandler decreasing it from $80 to $68 and Needham & Company cutting their rating from "buy" to "hold" with a target of $61.
• CONMED has recently declared a quarterly dividend of $0.20, which will be paid on October 3rd, resulting in an annualized dividend of $0.80 and a yield of 1.5%.

PDT Partners LLC lessened its holdings in CONMED Corporation (NYSE:CNMD - Free Report) by 87.8% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 4,101 shares of the company's stock after selling 29,597 shares during the period. PDT Partners LLC's holdings in CONMED were worth $248,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Exchange Traded Concepts LLC increased its position in CONMED by 2.3% in the first quarter. Exchange Traded Concepts LLC now owns 9,701 shares of the company's stock worth $586,000 after purchasing an additional 217 shares during the last quarter. GAMMA Investing LLC increased its position in CONMED by 10,855.1% in the first quarter. GAMMA Investing LLC now owns 79,534 shares of the company's stock worth $4,803,000 after purchasing an additional 78,808 shares during the last quarter. Raymond James Financial Inc. increased its position in CONMED by 46.5% in the first quarter. Raymond James Financial Inc. now owns 390,675 shares of the company's stock worth $23,592,000 after purchasing an additional 124,050 shares during the last quarter. Allspring Global Investments Holdings LLC increased its position in CONMED by 15.5% in the first quarter. Allspring Global Investments Holdings LLC now owns 257,712 shares of the company's stock worth $15,308,000 after purchasing an additional 34,570 shares during the last quarter. Finally, Principal Financial Group Inc. increased its position in CONMED by 1.5% in the first quarter. Principal Financial Group Inc. now owns 634,677 shares of the company's stock worth $38,328,000 after purchasing an additional 9,619 shares during the last quarter.

Analysts Set New Price Targets

Several brokerages recently weighed in on CNMD. Piper Sandler reduced their price target on shares of CONMED from $80.00 to $68.00 and set an "overweight" rating on the stock in a research report on Thursday, July 31st. 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. One analyst has rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $59.80.

CONMED Trading Up 2.3%

Shares of CNMD traded up $1.22 during trading hours on Thursday, reaching $54.03. 282,352 shares of the company traded hands, compared to its average volume of 322,440. The firm has a market cap of $1.67 billion, a price-to-earnings ratio of 15.31, a PEG ratio of 1.80 and a beta of 1.18. CONMED Corporation has a 12-month low of $46.00 and a 12-month high of $78.19. The company has a current ratio of 2.23, a quick ratio of 1.00 and a debt-to-equity ratio of 0.88. The stock's fifty day moving average price is $52.45 and its 200 day moving average price is $54.83.

CONMED (NYSE:CNMD - Get Free Report) last issued its earnings results on Wednesday, July 30th. The company reported $1.15 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.13 by $0.02. The firm had revenue of $342.35 million during the quarter, compared to analyst estimates of $338.42 million. CONMED had a net margin of 8.31% and a return on equity of 14.43%. The business's revenue was up 3.1% on a year-over-year basis. During the same period in the previous year, the firm earned $0.98 earnings per share. CONMED has set its FY 2025 guidance at 4.400-4.550 EPS. Sell-side analysts forecast that CONMED Corporation will post 4.35 earnings per share for the current year.

CONMED Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, October 3rd. Stockholders of record on Monday, September 15th will be paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.5%. The ex-dividend date of this dividend is Monday, September 15th. CONMED's 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.