Vanguard Group Inc. Sells 68,845 Shares of CONMED Corporation $CNMD

Key Points

• Vanguard Group Inc. reduced its stake in CONMED Corporation by 1.9%, selling 68,845 shares, and now owns approximately 11.33% of the company, valued at $211.7 million.
• Recent analyst ratings have led to a decline in CONMED's stock ratings, with several firms lowering their price targets, indicating a more cautious outlook on its stock performance.
• CONMED has announced a quarterly dividend of $0.20 per share, representing a 1.5% yield, with the ex-dividend date set for September 15th.

Vanguard Group Inc. cut its position in shares of CONMED Corporation (NYSE:CNMD - Free Report) by 1.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,505,575 shares of the company's stock after selling 68,845 shares during the period. Vanguard Group Inc. owned 11.33% of CONMED worth $211,702,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Picton Mahoney Asset Management acquired a new position in shares of CONMED during the 1st quarter worth about $33,000. GAMMA Investing LLC increased its stake in shares of CONMED by 81.4% during the 1st 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. Aquatic Capital Management LLC acquired a new position in shares of CONMED during the 4th quarter worth about $82,000. Cetera Investment Advisers acquired a new position in shares of CONMED during the 1st quarter worth about $202,000. Finally, Summit Investment Advisors Inc. increased its stake in shares of 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 purchasing an additional 205 shares during the last quarter.

CONMED Stock Performance

NYSE CNMD traded down $1.4630 during trading on Monday, reaching $54.3470. The company's stock had a trading volume of 241,089 shares, compared to its average volume of 567,536. 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 firm has a market capitalization of $1.68 billion, a price-to-earnings ratio of 15.40, a price-to-earnings-growth ratio of 1.90 and a beta of 1.17. CONMED Corporation has a 12 month low of $46.00 and a 12 month high of $78.19. The firm has a 50 day moving average price of $52.10 and a 200 day moving average price of $55.56.

CONMED (NYSE:CNMD - Get Free Report) last posted its quarterly earnings data 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 the consensus estimate of $338.42 million. CONMED had a net margin of 8.31% and a return on equity of 14.43%. The business's revenue for the quarter was up 3.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.98 EPS. CONMED has set its FY 2025 guidance at 4.400-4.550 EPS. As a group, equities analysts anticipate that CONMED Corporation will post 4.35 EPS for the current fiscal year.

CONMED Dividend Announcement

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

Wall Street Analysts Forecast Growth

Several brokerages recently commented on CNMD. Piper Sandler reduced their target price on shares of CONMED from $80.00 to $68.00 and set an "overweight" rating for the company in a report on Thursday, July 31st. Wells Fargo & Company reduced their target price on shares of CONMED from $70.00 to $57.00 and set an "equal weight" rating for the company in a report on Thursday, May 1st. Stifel Nicolaus downgraded shares of CONMED from a "buy" rating to a "hold" rating and reduced their target price for the stock from $75.00 to $55.00 in a report on Monday, April 28th. Needham & Company LLC downgraded shares of CONMED from a "buy" rating to a "hold" rating and set a $61.00 target price for the company. in a report on Thursday, June 12th. Finally, Wall Street Zen downgraded shares of CONMED from a "buy" rating to a "hold" rating in a report on Tuesday, May 6th. One equities research analyst has rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus 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.