CONMED Co. (NYSE:CNMD) Sees Significant Decline in Short Interest

CONMED Co. (NYSE:CNMD) saw a large decrease in short interest in July. As of July 31st, there was short interest totalling 3,580,000 shares, a decrease of 11.6% from the July 15th total of 4,050,000 shares. Based on an average daily volume of 447,000 shares, the short-interest ratio is presently 8.0 days.

Insider Transactions at CONMED

In other CONMED news, insider Stanley W. Peters III sold 4,000 shares of the company’s stock in a transaction that occurred on Friday, June 14th. The stock was sold at an average price of $71.82, for a total value of $287,280.00. Following the sale, the insider now owns 63 shares in the company, valued at $4,524.66. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 6.80% of the company’s stock.

Hedge Funds Weigh In On CONMED

Hedge funds and other institutional investors have recently modified their holdings of the business. Olympiad Research LP increased its position in CONMED by 5.9% during the 4th quarter. Olympiad Research LP now owns 2,410 shares of the company’s stock worth $264,000 after purchasing an additional 134 shares in the last quarter. Franklin Resources Inc. increased its stake in shares of CONMED by 0.9% in the 4th 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 in the last quarter. QRG Capital Management Inc. raised its holdings 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 purchasing an additional 154 shares during the period. Arizona State Retirement System raised its stake in CONMED by 2.0% during the 2nd quarter. Arizona State Retirement System now owns 8,619 shares of the company’s stock worth $597,000 after buying an additional 168 shares during the period. Finally, Envestnet Portfolio Solutions Inc. lifted its holdings in shares of CONMED by 4.3% in the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 4,095 shares of the company’s stock worth $448,000 after purchasing an additional 169 shares in the last quarter.

CONMED Price Performance

Shares of NYSE CNMD traded up $0.83 during mid-day trading on Monday, reaching $68.19. The company had a trading volume of 224,140 shares, compared to its average volume of 520,836. CONMED has a one year low of $61.05 and a one year high of $117.27. The business’s 50-day simple moving average is $68.67 and its 200 day simple moving average is $74.19. The company has a debt-to-equity ratio of 1.16, a quick ratio of 1.08 and a current ratio of 2.18. The firm has a market cap of $2.10 billion, a price-to-earnings ratio of 26.13, a PEG ratio of 0.67 and a beta of 1.42.

CONMED (NYSE:CNMD) last issued its earnings results on Wednesday, July 31st. The company reported $0.98 EPS for the quarter, beating the consensus estimate of $0.92 by $0.06. The company had revenue of $332.10 million during the quarter, compared to analysts’ expectations of $334.39 million. CONMED had a net margin of 7.73% and a return on equity of 14.12%. The business’s revenue for the quarter was up 4.5% compared to the same quarter last year. During the same period in the previous year, the company earned $0.83 EPS. On average, research analysts predict that CONMED will post 3.99 earnings per share for the current fiscal year.

CONMED Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 4th. Shareholders of record on Monday, September 16th will be issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.17%. The ex-dividend date is Monday, September 16th. CONMED’s dividend payout ratio is presently 30.65%.

Analysts Set New Price Targets

Several brokerages have issued reports on CNMD. JPMorgan Chase & Co. cut their price objective on shares of CONMED from $115.00 to $75.00 and set an “overweight” rating for the company in a research report on Thursday, April 25th. Wells Fargo & Company reduced their price target on CONMED from $77.00 to $71.00 and set an “equal weight” rating for the company in a research note on Thursday, August 1st. Piper Sandler lowered their price objective on CONMED from $95.00 to $80.00 and set an “overweight” rating on the stock in a research report on Thursday, August 1st. Needham & Company LLC reduced their target price on shares of CONMED from $106.00 to $97.00 and set a “buy” rating for the company in a research report on Thursday, August 1st. Finally, Stifel Nicolaus lowered their price target on shares of CONMED from $88.00 to $76.00 and set a “buy” rating on the stock in a research report on Thursday, August 1st. Two analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target 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.