Avity Investment Management Inc. Makes New Investment in CONMED Co. (NYSE:CNMD)

Avity Investment Management Inc. acquired 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 Securities and Exchange Commission. The fund acquired 4,065 shares of the company's stock, valued at approximately $278,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in CNMD. Commonwealth Equity Services LLC grew its stake in shares of CONMED by 50.9% during the 2nd quarter. Commonwealth Equity Services LLC now owns 3,934 shares of the company's stock worth $273,000 after purchasing an additional 1,327 shares during the period. Victory Capital Management Inc. grew its position in CONMED by 6.4% during the second quarter. Victory Capital Management Inc. now owns 11,022 shares of the company's stock worth $764,000 after buying an additional 666 shares during the period. Choreo LLC purchased a new position in CONMED in the second quarter valued at about $399,000. Texas Permanent School Fund Corp lifted its position in shares of CONMED by 8.4% during the 2nd quarter. Texas Permanent School Fund Corp now owns 28,751 shares of the company's stock valued at $1,993,000 after acquiring an additional 2,226 shares during the period. Finally, Federated Hermes Inc. purchased a new stake in shares of CONMED during the 2nd quarter worth approximately $167,000.

CONMED Price Performance

CONMED stock traded up $0.23 during mid-day trading on Wednesday, hitting $68.02. 489,698 shares of the company were exchanged, compared to its average volume of 377,778. CONMED Co. has a 12-month low of $61.05 and a 12-month high of $111.10. The company has a market capitalization of $2.10 billion, a P/E ratio of 16.16, a PEG ratio of 0.94 and a beta of 1.47. The business's 50 day simple moving average is $71.72 and its two-hundred day simple moving average is $70.04. The company has a debt-to-equity ratio of 1.01, a current ratio of 2.27 and a quick ratio of 1.06.

CONMED (NYSE:CNMD - Get Free Report) last announced its earnings results on Wednesday, October 30th. The company reported $1.05 earnings per share for the quarter, beating the consensus estimate of $0.99 by $0.06. The firm had revenue of $316.70 million during the quarter, compared to the consensus estimate of $318.46 million. CONMED had a net margin of 10.23% and a return on equity of 13.84%. Analysts forecast that CONMED Co. will post 4.03 earnings per share for the current fiscal year.

CONMED Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, January 3rd. Investors of record on Friday, December 20th were given a dividend of $0.20 per share. The ex-dividend date was Friday, December 20th. This represents a $0.80 dividend on an annualized basis and a yield of 1.18%. CONMED's dividend payout ratio (DPR) is currently 19.00%.

Analysts Set New Price Targets

Several brokerages recently issued reports on CNMD. StockNews.com cut CONMED from a "buy" rating to a "hold" rating in a report on Friday, November 8th. Needham & Company LLC reaffirmed a "buy" rating and set a $97.00 price target on shares of CONMED in a research note on Thursday, October 31st. Two analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. According to MarketBeat, CONMED currently has an average rating of "Moderate Buy" and a consensus price target of $79.80.

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.