Maryland State Retirement & Pension System Sells 146 Shares of CONMED Co. (NYSE:CNMD)

Maryland State Retirement & Pension System lowered its stake in shares of CONMED Co. (NYSE:CNMD) by 1.3% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 11,177 shares of the company’s stock after selling 146 shares during the period. Maryland State Retirement & Pension System’s holdings in CONMED were worth $1,224,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. GAMMA Investing LLC purchased a new stake in CONMED during the fourth quarter valued at approximately $40,000. Headlands Technologies LLC purchased a new stake in CONMED in the third quarter valued at about $64,000. Xponance Inc. acquired a new stake in CONMED in the fourth quarter worth about $204,000. First Trust Direct Indexing L.P. purchased a new stake in shares of CONMED during the fourth quarter worth about $216,000. Finally, Olympiad Research LP acquired a new position in shares of CONMED during the third quarter valued at about $230,000.

CONMED Trading Down 3.1 %

Shares of CNMD opened at $69.40 on Thursday. The firm’s fifty day moving average is $76.28 and its two-hundred day moving average is $92.01. The stock has a market cap of $2.14 billion, a PE ratio of 26.59, a price-to-earnings-growth ratio of 0.68 and a beta of 1.37. The company has a quick ratio of 1.08, a current ratio of 2.18 and a debt-to-equity ratio of 1.16. CONMED Co. has a 52-week low of $61.05 and a 52-week high of $138.47.

CONMED (NYSE:CNMD) last issued its earnings results on Wednesday, April 24th. The company reported $0.79 earnings per share for the quarter, topping the consensus estimate of $0.74 by $0.05. CONMED had a return on equity of 13.78% and a net margin of 6.53%. The business had revenue of $312.27 million for the quarter, compared to analysts’ expectations of $307.06 million. Research analysts forecast that CONMED Co. will post 4.3 earnings per share for the current fiscal year.

CONMED Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, April 5th. Stockholders of record on Friday, March 15th were issued a dividend of $0.20 per share. The ex-dividend date was Thursday, March 14th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.15%. CONMED’s dividend payout ratio is currently 30.65%.

Wall Street Analyst Weigh In

Several analysts have weighed in on CNMD shares. Needham & Company LLC reiterated a “buy” rating and set a $107.00 price target on shares of CONMED in a research note on Monday. Piper Sandler dropped their target price on CONMED from $100.00 to $95.00 and set an “overweight” rating on the stock in a research report on Thursday, April 25th. JPMorgan Chase & Co. reduced their price target 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. Finally, Wells Fargo & Company dropped their price objective on shares of CONMED from $98.00 to $77.00 and set an “equal weight” rating on the stock in a report on Thursday, April 25th. Two equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $107.86.

Insider Activity

In other CONMED news, COO Pat Beyer acquired 3,000 shares of the business’s stock in a transaction that occurred on Tuesday, April 30th. The stock was purchased at an average cost of $68.30 per share, with a total value of $204,900.00. Following the transaction, the chief operating officer now owns 10,807 shares of the company’s stock, valued at $738,118.10. The transaction was disclosed in a filing with the SEC, which is available at this link. In other news, Director Martha Goldberg Aronson bought 2,000 shares of the firm’s stock in a transaction that occurred on Monday, May 6th. The shares were purchased at an average price of $70.98 per share, with a total value of $141,960.00. Following the purchase, the director now owns 2,000 shares in the company, valued at $141,960. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Pat Beyer bought 3,000 shares of the company’s stock in a transaction on Tuesday, April 30th. The stock was purchased at an average cost of $68.30 per share, with a total value of $204,900.00. Following the completion of the transaction, the chief operating officer now owns 10,807 shares in the company, valued at $738,118.10. The disclosure for this purchase can be found here. Corporate insiders own 6.80% of the company’s stock.

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.