Great Lakes Advisors LLC Lowers Position in CONMED Co. (NYSE:CNMD)

Great Lakes Advisors LLC lowered its stake in shares of CONMED Co. (NYSE:CNMD) by 6.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 105,399 shares of the company’s stock after selling 7,034 shares during the period. Great Lakes Advisors LLC’s holdings in CONMED were worth $7,214,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in CNMD. GAMMA Investing LLC raised its position in shares of CONMED by 93.6% in the 4th quarter. GAMMA Investing LLC now owns 726 shares of the company’s stock worth $50,000 after buying an additional 351 shares during the period. 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 purchasing an additional 485 shares in the last quarter. Smartleaf Asset Management LLC grew its holdings in shares of CONMED by 19.6% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,962 shares of the company’s stock worth $136,000 after purchasing an additional 322 shares during the period. CIBC Asset Management Inc purchased a new stake in shares of CONMED during the 4th quarter worth about $210,000. Finally, bLong Financial LLC purchased a new position in CONMED in the fourth quarter valued at approximately $226,000.

CONMED Price Performance

Shares of CNMD stock opened at $58.49 on Friday. The firm has a fifty day moving average of $65.82 and a two-hundred day moving average of $69.10. The firm has a market cap of $1.81 billion, a P/E ratio of 13.79, a P/E/G ratio of 1.83 and a beta of 1.53. CONMED Co. has a 1-year low of $55.22 and a 1-year high of $85.28. The company has a debt-to-equity ratio of 0.94, a current ratio of 2.30 and a quick ratio of 1.06.

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

CONMED Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 4th. Investors of record on Friday, March 14th will be paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 1.37%. The ex-dividend date of this dividend is Friday, March 14th. CONMED’s dividend payout ratio (DPR) is presently 18.87%.

Analyst Ratings Changes

CNMD has been the subject of several research reports. JPMorgan Chase & Co. downgraded shares of CONMED from an “overweight” rating to a “neutral” rating and decreased their price objective for the stock from $85.00 to $70.00 in a research note on Thursday, February 6th. Stifel Nicolaus upped their price target on shares of CONMED from $72.00 to $75.00 and gave the stock a “buy” rating in a research report on Thursday, February 6th. Needham & Company LLC cut their price objective on CONMED from $97.00 to $91.00 and set a “buy” rating on the stock in a research report on Thursday, February 6th. Finally, Wells Fargo & Company reduced their price objective on CONMED from $74.00 to $70.00 and set an “equal weight” rating on the stock in a research note on Thursday, February 6th. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $77.20.

About CONMED

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.