CONMED Co. (NYSE:CNMD) Shares Sold by Franklin Resources Inc.

Franklin Resources Inc. trimmed its stake in CONMED Co. (NYSE:CNMD - Free Report) by 99.6% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 16,789 shares of the company's stock after selling 3,983,156 shares during the period. Franklin Resources Inc. owned approximately 0.05% of CONMED worth $1,207,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of CNMD. Intech Investment Management LLC grew its holdings in CONMED by 177.6% during the 3rd quarter. Intech Investment Management LLC now owns 15,922 shares of the company's stock valued at $1,145,000 after purchasing an additional 10,187 shares during the last quarter. Millrace Asset Group Inc. purchased a new position in shares of CONMED during the third quarter valued at approximately $1,665,000. Natixis Advisors LLC grew its stake in shares of CONMED by 74.8% during the second quarter. Natixis Advisors LLC now owns 81,189 shares of the company's stock valued at $5,628,000 after buying an additional 34,744 shares during the last quarter. Deerfield Management Company L.P. Series C raised its holdings in shares of CONMED by 86.7% in the second quarter. Deerfield Management Company L.P. Series C now owns 631,264 shares of the company's stock worth $43,759,000 after buying an additional 293,099 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of CONMED by 1.7% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 67,062 shares of the company's stock worth $4,823,000 after acquiring an additional 1,095 shares during the last quarter.

CONMED Stock Performance

CONMED stock traded down $0.61 during mid-day trading on Friday, reaching $70.62. 252,821 shares of the company traded hands, compared to its average volume of 478,744. CONMED Co. has a fifty-two week low of $61.05 and a fifty-two week high of $113.68. The firm's fifty day moving average is $71.09 and its two-hundred day moving average is $70.07. The company has a debt-to-equity ratio of 1.01, a current ratio of 2.27 and a quick ratio of 1.06. The company has a market capitalization of $2.18 billion, a price-to-earnings ratio of 16.77, a price-to-earnings-growth ratio of 0.94 and a beta of 1.46.

CONMED (NYSE:CNMD - Get Free Report) last posted its quarterly 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 business had revenue of $316.70 million for the quarter, compared to the consensus estimate of $318.46 million. CONMED had a return on equity of 13.84% and a net margin of 10.23%. 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 disclosed a quarterly dividend, which will be paid on Friday, January 3rd. Shareholders of record on Friday, December 20th will be paid a dividend of $0.20 per share. The ex-dividend date is Friday, December 20th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.13%. CONMED's payout ratio is currently 19.00%.

Analyst Ratings Changes

A number of brokerages have recently commented on CNMD. StockNews.com lowered shares of CONMED from a "buy" rating to a "hold" rating in a research report on Friday, November 8th. Needham & Company LLC reiterated a "buy" rating and issued a $97.00 target price on shares of CONMED in a report on Thursday, October 31st. Two analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price 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.