Mountain Pacific Investment Advisers LLC Reduces Stock Holdings in CONMED Co. (NYSE:CNMD)

Mountain Pacific Investment Advisers LLC lowered its stake in CONMED Co. (NYSE:CNMD) by 1.8% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 137,814 shares of the company’s stock after selling 2,507 shares during the period. Mountain Pacific Investment Advisers LLC owned 0.45% of CONMED worth $9,432,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in CNMD. Earnest Partners LLC raised its position in shares of CONMED by 18.9% in the 2nd quarter. Earnest Partners LLC now owns 2,818,606 shares of the company’s stock worth $195,386,000 after acquiring an additional 447,498 shares in the last quarter. Deerfield Management Company L.P. Series C raised its holdings in CONMED by 86.7% in 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 in the last quarter. Confluence Investment Management LLC raised its holdings in CONMED by 188.9% in the third quarter. Confluence Investment Management LLC now owns 146,942 shares of the company’s stock worth $10,568,000 after purchasing an additional 96,081 shares in the last quarter. Champlain Investment Partners LLC lifted its position in CONMED by 6.4% during the third quarter. Champlain Investment Partners LLC now owns 1,367,650 shares of the company’s stock valued at $98,361,000 after buying an additional 81,970 shares during the period. Finally, Clearbridge Investments LLC boosted its holdings in shares of CONMED by 23.4% during the 2nd quarter. Clearbridge Investments LLC now owns 421,465 shares of the company’s stock valued at $29,216,000 after buying an additional 80,025 shares in the last quarter.

Analyst Ratings Changes

Several research analysts recently issued reports on CNMD shares. Needham & Company LLC reiterated a “buy” rating and issued a $97.00 price target on shares of CONMED in a research note on Thursday, October 31st. StockNews.com downgraded shares of CONMED from a “buy” rating to a “hold” rating in a research note on Friday, November 8th. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $79.80.

CONMED Stock Performance

Shares of CONMED stock opened at $67.75 on Tuesday. CONMED Co. has a 1 year low of $61.05 and a 1 year high of $110.40. The firm’s 50-day moving average is $71.15 and its 200 day moving average is $70.05. The stock has a market cap of $2.09 billion, a price-to-earnings ratio of 16.09, a PEG ratio of 0.74 and a beta of 1.47. The company has a debt-to-equity ratio of 1.01, a current ratio of 2.27 and a quick ratio of 1.06.

CONMED (NYSE:CNMD) last posted its quarterly earnings results on Wednesday, October 30th. The company reported $1.05 EPS for the quarter, beating analysts’ consensus estimates of $0.99 by $0.06. The firm had revenue of $316.70 million for the quarter, compared to analysts’ expectations of $318.46 million. CONMED had a net margin of 10.23% and a return on equity of 13.84%. Sell-side analysts anticipate that CONMED Co. will post 4.03 EPS for the current fiscal year.

CONMED Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, January 3rd. Shareholders of record on Friday, December 20th were issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.18%. The ex-dividend date of this dividend was Friday, December 20th. CONMED’s payout ratio is 19.00%.

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.