LPL Financial LLC Cuts Holdings in CONMED Co. (NYSE:CNMD)

LPL Financial LLC lessened its holdings in shares of CONMED Co. (NYSE:CNMD - Free Report) by 40.8% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 12,929 shares of the company's stock after selling 8,917 shares during the quarter. LPL Financial LLC's holdings in CONMED were worth $885,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Geode Capital Management LLC increased its position in CONMED by 1.2% during the 3rd quarter. Geode Capital Management LLC now owns 693,400 shares of the company's stock valued at $49,879,000 after buying an additional 8,274 shares in the last quarter. Principal Financial Group Inc. increased its holdings in shares of CONMED by 0.7% during the fourth quarter. Principal Financial Group Inc. now owns 625,058 shares of the company's stock valued at $42,780,000 after acquiring an additional 4,343 shares in the last quarter. Fisher Asset Management LLC raised its position in shares of CONMED by 41.4% in the 4th quarter. Fisher Asset Management LLC now owns 417,430 shares of the company's stock worth $28,569,000 after purchasing an additional 122,140 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in CONMED by 0.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 382,950 shares of the company's stock worth $26,209,000 after purchasing an additional 1,537 shares in the last quarter. Finally, Raymond James Financial Inc. purchased a new stake in CONMED during the 4th quarter valued at about $18,248,000.

CONMED Stock Performance

CNMD traded down $0.31 during midday trading on Friday, reaching $50.69. The company had a trading volume of 449,367 shares, compared to its average volume of 451,639. CONMED Co. has a 1 year low of $46.00 and a 1 year high of $78.58. The company has a quick ratio of 1.06, a current ratio of 2.30 and a debt-to-equity ratio of 0.94. The company has a market cap of $1.57 billion, a P/E ratio of 11.96, a P/E/G ratio of 1.83 and a beta of 1.28. The business has a 50-day moving average of $56.99 and a two-hundred day moving average of $65.14.

CONMED (NYSE:CNMD - Get Free Report) last announced its quarterly earnings data on Wednesday, February 5th. The company reported $1.34 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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, equities research analysts predict that CONMED Co. will post 4.35 earnings per share for the current fiscal year.

CONMED Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, April 4th. Investors of record on Friday, March 14th were given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 1.58%. The ex-dividend date of this dividend was Friday, March 14th. CONMED's dividend payout ratio is currently 18.87%.

Analyst Upgrades and Downgrades

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