Capital Research Global Investors Buys 289,996 Shares of CONMED Co. (NYSE:CNMD)

Capital Research Global Investors boosted its position in CONMED Co. (NYSE:CNMD - Free Report) by 11.8% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,757,108 shares of the company's stock after purchasing an additional 289,996 shares during the period. Capital Research Global Investors owned 8.97% of CONMED worth $301,931,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Eagle Asset Management Inc. increased its holdings in CONMED by 1.2% in the 4th quarter. Eagle Asset Management Inc. now owns 201,454 shares of the company's stock worth $22,061,000 after purchasing an additional 2,472 shares in the last quarter. Olympiad Research LP grew its position in shares of CONMED by 5.9% in the 4th quarter. Olympiad Research LP now owns 2,410 shares of the company's stock valued at $264,000 after buying an additional 134 shares during the last quarter. Congress Wealth Management LLC DE grew its position in shares of CONMED by 9.2% in the 4th quarter. Congress Wealth Management LLC DE now owns 43,806 shares of the company's stock valued at $4,797,000 after buying an additional 3,705 shares during the last quarter. Orion Portfolio Solutions LLC grew its position in shares of CONMED by 50.9% in the 4th quarter. Orion Portfolio Solutions LLC now owns 5,455 shares of the company's stock valued at $609,000 after buying an additional 1,839 shares during the last quarter. Finally, US Bancorp DE grew its position in shares of CONMED by 458.5% in the 4th quarter. US Bancorp DE now owns 5,395 shares of the company's stock valued at $591,000 after buying an additional 4,429 shares during the last quarter.

Insider Activity at CONMED

In other news, Director Barbara J. Schwarzentraub bought 1,442 shares of the firm's stock in a transaction on Wednesday, May 8th. The stock was acquired at an average cost of $69.26 per share, with a total value of $99,872.92. Following the completion of the transaction, the director now directly owns 1,442 shares of the company's stock, valued at approximately $99,872.92. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, Director Barbara J. Schwarzentraub bought 1,442 shares of the firm's stock in a transaction on Wednesday, May 8th. The stock was acquired at an average cost of $69.26 per share, with a total value of $99,872.92. Following the completion of the transaction, the director now directly owns 1,442 shares of the company's stock, valued at approximately $99,872.92. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Martha Goldberg Aronson bought 2,000 shares of the firm's stock in a transaction on Monday, May 6th. The stock was purchased at an average cost of $70.98 per share, with a total value of $141,960.00. Following the completion of the transaction, the director now directly owns 2,000 shares of the company's stock, valued at $141,960. The disclosure for this purchase can be found here. Over the last three months, insiders acquired 6,442 shares of company stock valued at $446,733. 6.80% of the stock is owned by insiders.

CONMED Stock Down 1.1 %

Shares of CONMED stock traded down $0.82 on Thursday, hitting $76.99. The company had a trading volume of 333,587 shares, compared to its average volume of 554,539. The stock has a market capitalization of $2.37 billion, a price-to-earnings ratio of 29.50, a P/E/G ratio of 0.74 and a beta of 1.43. CONMED Co. has a 1 year low of $61.05 and a 1 year high of $138.47. The stock has a 50 day moving average of $73.92 and a 200-day moving average of $88.41. The company has a debt-to-equity ratio of 1.16, a quick ratio of 1.08 and a current ratio of 2.18.

CONMED (NYSE:CNMD - Get Free Report) last issued its quarterly earnings results on Wednesday, April 24th. The company reported $0.79 EPS for the quarter, beating analysts' consensus estimates of $0.74 by $0.05. The company had revenue of $312.27 million during the quarter, compared to the consensus estimate of $307.06 million. CONMED had a return on equity of 13.78% and a net margin of 6.53%. As a group, sell-side analysts forecast that CONMED Co. will post 4.3 earnings per share for the current year.

CONMED Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 5th. Investors of record on Friday, June 14th will be given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.04%. The ex-dividend date of this dividend is Friday, June 14th. CONMED's payout ratio is 30.65%.

Analyst Upgrades and Downgrades

A number of research firms have commented on CNMD. JPMorgan Chase & Co. reduced their price target on CONMED from $115.00 to $75.00 and set an "overweight" rating on the stock in a research report on Thursday, April 25th. Wells Fargo & Company cut their target price on CONMED from $98.00 to $77.00 and set an "equal weight" rating on the stock in a research report on Thursday, April 25th. Needham & Company LLC restated a "buy" rating and set a $107.00 target price on shares of CONMED in a research report on Monday, May 6th. Finally, Piper Sandler cut their target price on CONMED from $100.00 to $95.00 and set an "overweight" rating on the stock in a research report on Thursday, April 25th. Two analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat, CONMED currently has a consensus rating of "Moderate Buy" and an average target price of $102.50.

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.