Verition Fund Management LLC Decreases Stock Position in CONMED Co. (NYSE:CNMD)

Verition Fund Management LLC cut its holdings in CONMED Co. (NYSE:CNMD - Free Report) by 81.3% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,179 shares of the company's stock after selling 13,845 shares during the quarter. Verition Fund Management LLC's holdings in CONMED were worth $229,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Intech Investment Management LLC grew its stake in shares of 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 period. Millrace Asset Group Inc. bought a new stake in CONMED during the third quarter valued at approximately $1,665,000. Fifth Third Bancorp increased its holdings in CONMED by 44.9% during the second quarter. Fifth Third Bancorp now owns 26,163 shares of the company's stock valued at $1,814,000 after buying an additional 8,112 shares during the last quarter. Assenagon Asset Management S.A. bought a new position in CONMED in the second quarter worth approximately $721,000. Finally, Natixis Advisors LLC boosted its stake in shares of CONMED by 74.8% during the 2nd quarter. Natixis Advisors LLC now owns 81,189 shares of the company's stock worth $5,628,000 after acquiring an additional 34,744 shares during the last quarter.

CONMED Trading Down 1.7 %

CNMD stock traded down $1.24 during midday trading on Monday, reaching $71.31. 453,375 shares of the company traded hands, compared to its average volume of 477,992. The firm has a market capitalization of $2.20 billion, a price-to-earnings ratio of 17.23, a P/E/G ratio of 0.94 and a beta of 1.46. The company has a debt-to-equity ratio of 1.01, a quick ratio of 1.06 and a current ratio of 2.27. The business has a 50 day moving average of $69.90 and a 200-day moving average of $70.45. CONMED Co. has a 52-week low of $61.05 and a 52-week high of $114.80.

CONMED (NYSE:CNMD - Get Free Report) last announced its 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. CONMED had a net margin of 10.23% and a return on equity of 13.84%. The business had revenue of $316.70 million for the quarter, compared to the consensus estimate of $318.46 million. As a group, sell-side analysts expect that CONMED Co. will post 4.03 earnings per share for the current fiscal year.

CONMED Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, January 3rd. Investors of record on Friday, December 20th will be issued a $0.20 dividend. The ex-dividend date is Friday, December 20th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.12%. CONMED's payout ratio is 19.00%.

Wall Street Analysts Forecast Growth

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