CONMED Co. (NYSE:CNMD) Short Interest Down 6.5% in September

CONMED Co. (NYSE:CNMD) was the recipient of a significant decline in short interest during the month of September. As of September 15th, there was short interest totalling 3,040,000 shares, a decline of 6.5% from the August 31st total of 3,250,000 shares. Based on an average trading volume of 420,400 shares, the short-interest ratio is currently 7.2 days.

Institutional Trading of CONMED

Several institutional investors have recently added to or reduced their stakes in CNMD. Sanctuary Advisors LLC acquired a new position in CONMED during the second quarter worth $913,000. Clearbridge Investments LLC lifted its stake in CONMED by 23.4% during the 2nd quarter. Clearbridge Investments LLC now owns 421,465 shares of the company’s stock worth $29,216,000 after acquiring an additional 80,025 shares in the last quarter. Creative Planning boosted its holdings in CONMED by 83.6% during the 2nd quarter. Creative Planning now owns 7,136 shares of the company’s stock valued at $495,000 after acquiring an additional 3,250 shares during the period. The Manufacturers Life Insurance Company grew its position in CONMED by 7.2% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 17,171 shares of the company’s stock valued at $1,190,000 after acquiring an additional 1,154 shares in the last quarter. Finally, Deerfield Management Company L.P. Series C increased its stake in CONMED by 86.7% during the second quarter. Deerfield Management Company L.P. Series C now owns 631,264 shares of the company’s stock worth $43,759,000 after purchasing an additional 293,099 shares during the period.

Analyst Upgrades and Downgrades

CNMD has been the subject of several recent research reports. Piper Sandler reduced their price objective on CONMED from $95.00 to $80.00 and set an “overweight” rating for the company in a research note on Thursday, August 1st. Needham & Company LLC decreased their price target on shares of CONMED from $106.00 to $97.00 and set a “buy” rating on the stock in a research note on Thursday, August 1st. StockNews.com cut shares of CONMED from a “buy” rating to a “hold” rating in a research note on Tuesday. Stifel Nicolaus lowered their target price on CONMED from $88.00 to $76.00 and set a “buy” rating on the stock in a report on Thursday, August 1st. Finally, Wells Fargo & Company cut their price target on CONMED from $77.00 to $71.00 and set an “equal weight” rating for the company in a report on Thursday, August 1st. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, CONMED presently has a consensus rating of “Moderate Buy” and an average price target of $79.80.

CONMED Trading Down 5.0 %

Shares of CONMED stock opened at $68.30 on Wednesday. CONMED has a fifty-two week low of $61.05 and a fifty-two week high of $117.27. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.13 and a current ratio of 2.34. The firm has a market capitalization of $2.10 billion, a price-to-earnings ratio of 26.17, a PEG ratio of 0.98 and a beta of 1.46. The stock has a 50 day moving average of $71.08 and a 200 day moving average of $72.09.

CONMED (NYSE:CNMD) last issued its quarterly earnings data 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. CONMED had a return on equity of 13.89% and a net margin of 7.73%. The firm had revenue of $332.10 million during the quarter, compared to the consensus estimate of $334.39 million. During the same period last year, the company earned $0.83 EPS. The company’s quarterly revenue was up 4.5% on a year-over-year basis. As a group, research analysts predict that CONMED will post 3.99 earnings per share for the current year.

CONMED Dividend Announcement

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

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.