Fifth Third Bancorp Lowers Holdings in CONMED Co. (NYSE:CNMD)

Fifth Third Bancorp lowered its position in shares of CONMED Co. (NYSE:CNMD - Free Report) by 29.7% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 17,696 shares of the company's stock after selling 7,487 shares during the quarter. Fifth Third Bancorp owned about 0.06% of CONMED worth $1,211,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the business. GAMMA Investing LLC boosted its holdings in CONMED by 93.6% in the fourth quarter. GAMMA Investing LLC now owns 726 shares of the company's stock worth $50,000 after acquiring an additional 351 shares in the last quarter. CWM LLC raised its holdings in CONMED by 36.1% in the third quarter. CWM LLC now owns 1,251 shares of the company's stock worth $90,000 after buying an additional 332 shares during the last quarter. nVerses Capital LLC lifted its stake in shares of CONMED by 566.7% in the third quarter. nVerses Capital LLC now owns 2,000 shares of the company's stock worth $144,000 after buying an additional 1,700 shares in the last quarter. ZWJ Investment Counsel Inc. purchased a new stake in shares of CONMED during the third quarter valued at approximately $206,000. Finally, Blue Trust Inc. increased its position in shares of CONMED by 26.5% during the third quarter. Blue Trust Inc. now owns 3,121 shares of the company's stock valued at $216,000 after acquiring an additional 653 shares in the last quarter.

CONMED Stock Performance

Shares of CONMED stock traded up $0.98 during trading hours on Friday, reaching $71.84. 452,049 shares of the stock traded hands, compared to its average volume of 356,101. The company has a 50 day moving average price of $70.77 and a 200 day moving average price of $70.20. CONMED Co. has a one year low of $61.05 and a one year high of $97.08. The company has a quick ratio of 1.06, a current ratio of 2.27 and a debt-to-equity ratio of 1.01. The firm has a market capitalization of $2.22 billion, a price-to-earnings ratio of 17.06, a P/E/G ratio of 1.02 and a beta of 1.47.

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

CONMED Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, January 3rd. Investors of record on Friday, December 20th were issued a $0.20 dividend. The ex-dividend date was Friday, December 20th. This represents a $0.80 dividend on an annualized basis and a yield of 1.11%. CONMED's dividend payout ratio is currently 19.00%.

Wall Street Analyst Weigh In

Several analysts have commented on the company. Needham & Company LLC reiterated a "buy" rating and set a $97.00 target price on shares of CONMED in a research note on Thursday, October 31st. StockNews.com cut shares of CONMED from a "buy" rating to a "hold" rating in a research note on Friday, November 8th. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $79.80.

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.