Congress Asset Management Co. MA Increases Stake in CONMED Co. (NYSE:CNMD)

Congress Asset Management Co. MA boosted its holdings in CONMED Co. (NYSE:CNMD - Free Report) by 8.7% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 302,467 shares of the company's stock after purchasing an additional 24,280 shares during the period. Congress Asset Management Co. MA owned approximately 0.98% of CONMED worth $33,123,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Olympiad Research LP grew its holdings in shares of CONMED by 5.9% in the fourth quarter. Olympiad Research LP now owns 2,410 shares of the company's stock worth $264,000 after purchasing an additional 134 shares during the last quarter. Franklin Resources Inc. increased its position in shares of CONMED by 0.9% in the fourth quarter. Franklin Resources Inc. now owns 14,966 shares of the company's stock valued at $1,639,000 after acquiring an additional 140 shares during the period. QRG Capital Management Inc. raised its stake in shares of CONMED by 2.7% during the fourth quarter. QRG Capital Management Inc. now owns 5,900 shares of the company's stock valued at $646,000 after acquiring an additional 154 shares during the last quarter. Envestnet Portfolio Solutions Inc. boosted its holdings in shares of CONMED by 4.3% during the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 4,095 shares of the company's stock worth $448,000 after purchasing an additional 169 shares during the period. Finally, Bahl & Gaynor Inc. grew its stake in shares of CONMED by 1.4% in the fourth quarter. Bahl & Gaynor Inc. now owns 15,434 shares of the company's stock worth $1,690,000 after purchasing an additional 207 shares during the last quarter.

CONMED Stock Down 2.1 %

CNMD stock traded down $1.53 during trading on Friday, hitting $71.11. 317,894 shares of the stock traded hands, compared to its average volume of 362,218. The stock has a market cap of $2.19 billion, a price-to-earnings ratio of 27.25, a price-to-earnings-growth ratio of 0.68 and a beta of 1.43. The company has a debt-to-equity ratio of 1.16, a current ratio of 2.18 and a quick ratio of 1.08. CONMED Co. has a 1 year low of $61.05 and a 1 year high of $138.29. The firm's 50 day moving average is $73.36 and its two-hundred day moving average is $86.83.

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

CONMED Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 5th. Stockholders of record on Friday, June 14th will be issued a dividend of $0.20 per share. The ex-dividend date is Friday, June 14th. This represents a $0.80 annualized dividend and a dividend yield of 1.13%. CONMED's payout ratio is 30.65%.

Wall Street Analysts Forecast Growth

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

Insider Activity at CONMED

In other news, COO Pat Beyer purchased 3,000 shares of the company's stock in a transaction dated Tuesday, April 30th. The shares were purchased at an average cost of $68.30 per share, for a total transaction of $204,900.00. Following the purchase, the chief operating officer now directly owns 10,807 shares in the company, valued at approximately $738,118.10. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other CONMED news, Director Barbara J. Schwarzentraub acquired 1,442 shares of the business's stock in a transaction dated Wednesday, May 8th. The stock was purchased at an average price of $69.26 per share, with a total value of $99,872.92. Following the transaction, the director now directly owns 1,442 shares in the company, valued at approximately $99,872.92. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, COO Pat Beyer bought 3,000 shares of the firm's stock in a transaction that occurred on Tuesday, April 30th. The stock was bought at an average cost of $68.30 per share, for a total transaction of $204,900.00. Following the completion of the acquisition, the chief operating officer now owns 10,807 shares in the company, valued at approximately $738,118.10. The disclosure for this purchase can be found here. Insiders have purchased a total of 6,442 shares of company stock worth $446,733 over the last quarter. Company insiders own 6.80% of the company's stock.

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.