Franklin Resources Inc. Trims Position in CONMED Co. (NYSE:CNMD)

Franklin Resources Inc. decreased its holdings in CONMED Co. (NYSE:CNMD - Free Report) by 82.0% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,028 shares of the company's stock after selling 13,761 shares during the period. Franklin Resources Inc.'s holdings in CONMED were worth $207,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently made changes to their positions in the company. Raymond James Financial Inc. acquired a new stake in CONMED during the 4th quarter worth about $18,248,000. Fisher Asset Management LLC grew its stake in CONMED by 41.4% in the 4th quarter. Fisher Asset Management LLC now owns 417,430 shares of the company's stock valued at $28,569,000 after acquiring an additional 122,140 shares during the period. Wealthfront Advisers LLC acquired a new position in CONMED in the 4th quarter valued at $5,790,000. Allspring Global Investments Holdings LLC grew its position in shares of CONMED by 44.5% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 223,142 shares of the company's stock valued at $15,029,000 after purchasing an additional 68,696 shares in the last quarter. Finally, Clearbridge Investments LLC raised its stake in CONMED by 9.4% during the fourth quarter. Clearbridge Investments LLC now owns 542,966 shares of the company's stock worth $37,161,000 after purchasing an additional 46,582 shares during the period.

CONMED Stock Performance

NYSE CNMD traded up $0.15 during trading on Thursday, reaching $49.86. The company's stock had a trading volume of 43,880 shares, compared to its average volume of 462,013. CONMED Co. has a twelve month low of $46.00 and a twelve month high of $78.58. The firm has a market cap of $1.54 billion, a price-to-earnings ratio of 11.77, a P/E/G ratio of 1.83 and a beta of 1.28. The business's fifty day moving average price is $57.48 and its 200-day moving average price is $65.33. The company has a debt-to-equity ratio of 0.94, a quick ratio of 1.06 and a current ratio of 2.30.

CONMED (NYSE:CNMD - Get Free Report) last posted its quarterly earnings results on Wednesday, February 5th. The company reported $1.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.20 by $0.14. CONMED had a net margin of 10.13% and a return on equity of 14.31%. As a group, analysts anticipate that CONMED Co. will post 4.35 EPS for the current fiscal year.

CONMED Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, April 4th. Shareholders of record on Friday, March 14th were given a dividend of $0.20 per share. The ex-dividend date was Friday, March 14th. This represents a $0.80 dividend on an annualized basis and a yield of 1.60%. CONMED's payout ratio is 18.87%.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on CNMD. Stifel Nicolaus boosted their price objective on shares of CONMED from $72.00 to $75.00 and gave the company a "buy" rating in a report on Thursday, February 6th. Needham & Company LLC decreased their price objective on shares of CONMED from $97.00 to $91.00 and set a "buy" rating on the stock in a report on Thursday, February 6th. JPMorgan Chase & Co. downgraded shares of CONMED from an "overweight" rating to a "neutral" rating and dropped their target price for the company from $85.00 to $70.00 in a report on Thursday, February 6th. Finally, Wells Fargo & Company lowered their price target on CONMED from $74.00 to $70.00 and set an "equal weight" rating for the company in a research report on Thursday, February 6th. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. According to MarketBeat.com, CONMED currently has a consensus rating of "Moderate Buy" and an average target price of $77.20.

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.