Raymond James & Associates Increases Stock Position in CONMED Co. (NYSE:CNMD)

Raymond James & Associates lifted its position in CONMED Co. (NYSE:CNMD - Free Report) by 70.5% in the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 141,907 shares of the company's stock after purchasing an additional 58,663 shares during the period. Raymond James & Associates owned 0.46% of CONMED worth $10,206,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of the company. 1620 Investment Advisors Inc. acquired a new position in shares of CONMED during the second quarter worth $39,000. Innealta Capital LLC acquired a new position in shares of CONMED during the second quarter worth $41,000. Hilltop National Bank increased its position in shares of CONMED by 31.0% during the second quarter. Hilltop National Bank now owns 825 shares of the company's stock worth $57,000 after purchasing an additional 195 shares in the last quarter. CWM LLC increased its position in shares of CONMED by 224.7% during the second quarter. CWM LLC now owns 919 shares of the company's stock worth $64,000 after purchasing an additional 636 shares in the last quarter. Finally, nVerses Capital LLC increased its position in shares of CONMED by 566.7% in the 3rd quarter. nVerses Capital LLC now owns 2,000 shares of the company's stock valued at $144,000 after acquiring an additional 1,700 shares during the period.

CONMED Price Performance

CNMD traded up $1.00 during trading on Tuesday, reaching $64.76. The company's stock had a trading volume of 475,518 shares, compared to its average volume of 486,955. The company has a quick ratio of 1.13, a current ratio of 2.34 and a debt-to-equity ratio of 1.09. The firm has a fifty day simple moving average of $69.61 and a two-hundred day simple moving average of $70.20. CONMED Co. has a 1 year low of $61.05 and a 1 year high of $117.27. The company has a market cap of $2.00 billion, a price-to-earnings ratio of 24.81, a PEG ratio of 0.82 and a beta of 1.46.

CONMED (NYSE:CNMD - Get Free Report) last announced its quarterly earnings results on Wednesday, July 31st. The company reported $0.98 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.92 by $0.06. The business had revenue of $332.10 million during the quarter, compared to the consensus estimate of $334.39 million. CONMED had a net margin of 7.73% and a return on equity of 13.89%. The business's revenue was up 4.5% compared to the same quarter last year. During the same quarter last year, the firm earned $0.83 EPS. As a group, analysts anticipate that CONMED Co. will post 3.99 EPS for the current year.

CONMED Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, October 4th. Shareholders of record on Monday, September 16th were given a $0.20 dividend. The ex-dividend date was Monday, September 16th. This represents a $0.80 annualized dividend and a yield of 1.24%. CONMED's dividend payout ratio is presently 30.65%.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on CNMD shares. Piper Sandler cut their price target on CONMED from $95.00 to $80.00 and set an "overweight" rating on the stock in a research report on Thursday, August 1st. StockNews.com raised CONMED from a "hold" rating to a "buy" rating in a research report on Wednesday, October 9th. Wells Fargo & Company lowered their target price on shares of CONMED from $77.00 to $71.00 and set an "equal weight" rating on the stock in a research note on Thursday, August 1st. Needham & Company LLC reaffirmed a "buy" rating and issued a $97.00 price target on shares of CONMED in a research note on Friday, October 4th. Finally, Stifel Nicolaus decreased their price target on shares of CONMED from $88.00 to $76.00 and set a "buy" rating on the stock in a research note on Thursday, August 1st. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average 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.