Brian Concannon Sells 3,036 Shares of CONMED Co. (NASDAQ:CNMD) Stock

CONMED Co. (NASDAQ:CNMD) Director Brian Concannon sold 3,036 shares of the stock in a transaction dated Thursday, September 10th. The stock was sold at an average price of $89.31, for a total transaction of $271,145.16. Following the sale, the director now owns 13,906 shares of the company’s stock, valued at approximately $1,241,944.86. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Shares of CNMD opened at $85.91 on Wednesday. The stock has a market cap of $2.45 billion, a price-to-earnings ratio of 90.43, a price-to-earnings-growth ratio of 2.18 and a beta of 0.56. The company has a debt-to-equity ratio of 1.11, a current ratio of 2.48 and a quick ratio of 1.40. CONMED Co. has a 1-year low of $37.66 and a 1-year high of $116.81. The firm has a 50 day simple moving average of $85.21 and a 200-day simple moving average of $74.78.

CONMED (NASDAQ:CNMD) last released its earnings results on Wednesday, July 29th. The medical technology company reported ($0.07) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.95) by $0.88. The firm had revenue of $157.80 million during the quarter, compared to analysts’ expectations of $126.59 million. CONMED had a net margin of 3.00% and a return on equity of 11.18%. CONMED’s revenue for the quarter was down 33.8% on a year-over-year basis. During the same period in the previous year, the company earned $0.56 EPS. On average, equities analysts expect that CONMED Co. will post 3.1 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Monday, October 5th. Shareholders of record on Tuesday, September 15th will be paid a $0.20 dividend. The ex-dividend date of this dividend is Monday, September 14th. This represents a $0.80 annualized dividend and a yield of 0.93%. CONMED’s payout ratio is currently 30.30%.

CNMD has been the subject of a number of recent analyst reports. Stifel Nicolaus raised their price objective on shares of CONMED from $82.00 to $100.00 and gave the company a “buy” rating in a research report on Thursday, July 30th. Piper Sandler raised their price objective on shares of CONMED from $90.00 to $95.00 and gave the company an “overweight” rating in a research report on Wednesday, July 29th. SVB Leerink increased their target price on shares of CONMED from $82.00 to $92.00 and gave the company a “market perform” rating in a report on Thursday, July 30th. Finally, BidaskClub raised shares of CONMED from a “hold” rating to a “buy” rating in a report on Saturday. Four analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $92.14.

A number of hedge funds have recently added to or reduced their stakes in the business. CWM Advisors LLC acquired a new position in shares of CONMED in the 1st quarter valued at $28,000. FinTrust Capital Advisors LLC bought a new position in CONMED in the 1st quarter worth about $44,000. Tower Research Capital LLC TRC bought a new stake in shares of CONMED during the 1st quarter valued at about $60,000. Mutual of America Capital Management LLC boosted its position in shares of CONMED by 44.9% during the 2nd quarter. Mutual of America Capital Management LLC now owns 943 shares of the medical technology company’s stock valued at $68,000 after acquiring an additional 292 shares during the last quarter. Finally, Mitsubishi UFJ Kokusai Asset Management Co. Ltd. lifted its position in CONMED by 22.0% in the 1st quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 1,864 shares of the medical technology company’s stock worth $107,000 after buying an additional 336 shares during the last quarter.

About CONMED

CONMED Corporation, a medical technology company, develops, manufactures, and sells surgical devices and related equipment for minimally invasive procedures worldwide. The company offers orthopedic surgery products, including sports medicine products comprising powered resection instruments, arthroscopes, reconstructive systems, tissue repair sets, and metal and bioabsorbable implants, as well as related disposable products and fluid management systems; powered surgical instruments for use in bone orthopedic, arthroscopic, oral/maxillofacial, podiatric, plastic, ENT, neurological, spinal, and cardiothoracic surgeries; sports biologics and tissue products; and surgical visualization products.

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