Squarepoint Ops LLC Makes New Investment in CONMED Co. (NYSE:CNMD)

Squarepoint Ops LLC bought a new stake in CONMED Co. (NYSE:CNMD - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm bought 12,403 shares of the company's stock, valued at approximately $849,000.

Several other hedge funds and other institutional investors also recently modified their holdings of CNMD. Aquatic Capital Management LLC bought a new position in CONMED in the 4th quarter valued at approximately $82,000. Pacer Advisors Inc. lifted its stake in shares of CONMED by 41.4% in the 4th quarter. Pacer Advisors Inc. now owns 1,656 shares of the company's stock valued at $113,000 after acquiring an additional 485 shares during the last quarter. Smartleaf Asset Management LLC lifted its stake in shares of CONMED by 19.6% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,962 shares of the company's stock valued at $136,000 after acquiring an additional 322 shares during the last quarter. CIBC Asset Management Inc acquired a new stake in shares of CONMED during the 4th quarter valued at $210,000. Finally, Summit Investment Advisors Inc. grew its position in 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 acquiring an additional 205 shares during the last quarter.

Analyst Ratings Changes

CNMD has been the subject of several research reports. Needham & Company LLC dropped their target price on CONMED from $91.00 to $61.00 and set a "buy" rating for the company in a research report on Thursday, May 1st. Wells Fargo & Company lowered their price objective on CONMED from $70.00 to $57.00 and set an "equal weight" rating for the company in a research note on Thursday, May 1st. JPMorgan Chase & Co. cut their target price on shares of CONMED from $70.00 to $58.00 and set a "neutral" rating on the stock in a research report on Thursday, May 1st. Wall Street Zen lowered shares of CONMED from a "buy" rating to a "hold" rating in a report on Tuesday, May 6th. Finally, Stifel Nicolaus cut shares of CONMED from a "buy" rating to a "hold" rating and decreased their price target for the company from $75.00 to $55.00 in a research report on Monday, April 28th. Four research analysts have rated the stock with a hold rating and two have issued a buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $62.20.

CONMED Trading Up 2.7%

Shares of CNMD stock traded up $1.49 on Tuesday, hitting $56.87. The company had a trading volume of 239,886 shares, compared to its average volume of 444,330. CONMED Co. has a twelve month low of $46.00 and a twelve month high of $78.58. The company has a debt-to-equity ratio of 0.94, a quick ratio of 1.06 and a current ratio of 2.30. The firm has a market cap of $1.76 billion, a P/E ratio of 13.41, a P/E/G ratio of 1.83 and a beta of 1.19. The stock's 50-day moving average is $55.19 and its two-hundred day moving average is $63.12.

CONMED (NYSE:CNMD - Get Free Report) last released its earnings results on Wednesday, April 30th. The company reported $0.95 earnings per share for the quarter, beating analysts' consensus estimates of $0.81 by $0.14. CONMED had a net margin of 10.13% and a return on equity of 14.31%. The business had revenue of $321.26 million during the quarter, compared to the consensus estimate of $313.38 million. The company's revenue for the quarter was up 2.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.79 EPS. On average, equities research analysts anticipate that CONMED Co. will post 4.35 earnings per share for the current fiscal year.

CONMED Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, July 3rd. Stockholders of record on Friday, June 13th will be given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 1.41%. The ex-dividend date is Friday, June 13th. CONMED's dividend payout ratio (DPR) is presently 21.05%.

Insider Buying and Selling

In other CONMED news, Director Charles Farkas sold 4,000 shares of CONMED stock in a transaction that occurred on Monday, May 5th. The stock was sold at an average price of $56.94, for a total value of $227,760.00. Following the completion of the sale, the director now directly owns 16,346 shares in the company, valued at approximately $930,741.24. The trade was a 19.66% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 3.10% of the stock is owned by insiders.

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.