Neuberger Berman Group LLC Makes New $21.40 Million Investment in CONMED Co. (NYSE:CNMD)

Neuberger Berman Group LLC purchased a new stake in CONMED Co. (NYSE:CNMD) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 312,473 shares of the company’s stock, valued at approximately $21,395,000. Neuberger Berman Group LLC owned 1.01% of CONMED at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the company. Nordea Investment Management AB grew its position in CONMED by 31.5% during the fourth quarter. Nordea Investment Management AB now owns 73,587 shares of the company’s stock worth $5,141,000 after buying an additional 17,633 shares in the last quarter. Avity Investment Management Inc. purchased a new position in shares of CONMED during the fourth quarter worth about $278,000. Bridge City Capital LLC increased its position in shares of CONMED by 20.8% in the fourth quarter. Bridge City Capital LLC now owns 44,056 shares of the company’s stock worth $3,015,000 after purchasing an additional 7,597 shares during the last quarter. Raymond James Financial Inc. purchased a new stake in CONMED in the fourth quarter valued at approximately $18,248,000. Finally, Allspring Global Investments Holdings LLC lifted its position in CONMED by 44.5% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 223,142 shares of the company’s stock valued at $15,029,000 after purchasing an additional 68,696 shares during the last quarter.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on CNMD. Wells Fargo & Company decreased their price target on shares of CONMED from $74.00 to $70.00 and set an “equal weight” rating on the stock in a report on Thursday, February 6th. JPMorgan Chase & Co. downgraded CONMED from an “overweight” rating to a “neutral” rating and lowered their price target for the company from $85.00 to $70.00 in a research report on Thursday, February 6th. Stifel Nicolaus upped their price objective on CONMED from $72.00 to $75.00 and gave the stock a “buy” rating in a report on Thursday, February 6th. Finally, Needham & Company LLC decreased their price objective on CONMED from $97.00 to $91.00 and set a “buy” rating on the stock in a report on Thursday, February 6th. Three analysts have rated the stock with a hold rating and three have issued 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 $77.20.

CONMED Stock Performance

NYSE CNMD opened at $52.34 on Friday. The company has a 50-day simple moving average of $60.70 and a two-hundred day simple moving average of $66.62. CONMED Co. has a 12-month low of $50.95 and a 12-month high of $80.54. The firm has a market cap of $1.62 billion, a price-to-earnings ratio of 12.34, a PEG ratio of 1.83 and a beta of 1.28. The company has a quick ratio of 1.06, a current ratio of 2.30 and a debt-to-equity ratio of 0.94.

CONMED (NYSE:CNMD) last posted its quarterly earnings results on Wednesday, February 5th. The company reported $1.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.20 by $0.14. CONMED had a return on equity of 14.31% and a net margin of 10.13%. On average, equities analysts forecast that CONMED Co. will post 4.35 EPS for the current year.

CONMED Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, April 4th. Investors of record on Friday, March 14th were issued a dividend of $0.20 per share. The ex-dividend date of this dividend was Friday, March 14th. This represents a $0.80 dividend on an annualized basis and a yield of 1.53%. CONMED’s dividend payout ratio is currently 18.87%.

CONMED 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.