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

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

A number of other hedge funds and other institutional investors also recently made changes to their positions in CNMD. Raymond James Financial Inc. bought a new stake in CONMED in the fourth quarter valued at $18,248,000. Fisher Asset Management LLC boosted its stake in shares of CONMED by 41.4% during the 4th quarter. Fisher Asset Management LLC now owns 417,430 shares of the company’s stock valued at $28,569,000 after purchasing an additional 122,140 shares in the last quarter. Wealthfront Advisers LLC purchased a new position in shares of CONMED during the fourth quarter valued at about $5,790,000. Allspring Global Investments Holdings LLC raised its stake in CONMED by 44.5% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 223,142 shares of the company’s stock worth $15,029,000 after buying an additional 68,696 shares in the last quarter. Finally, Clearbridge Investments LLC lifted its holdings in CONMED by 9.4% in the fourth quarter. Clearbridge Investments LLC now owns 542,966 shares of the company’s stock worth $37,161,000 after buying an additional 46,582 shares during the period.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on CNMD shares. Needham & Company LLC reduced their target price on CONMED from $97.00 to $91.00 and set a “buy” rating on the stock in a report on Thursday, February 6th. Wells Fargo & Company dropped their price target on CONMED from $74.00 to $70.00 and set an “equal weight” rating on the stock in a research report on Thursday, February 6th. JPMorgan Chase & Co. downgraded CONMED from an “overweight” rating to a “neutral” rating and decreased their price objective for the stock from $85.00 to $70.00 in a report on Thursday, February 6th. Finally, Stifel Nicolaus boosted their target price on shares of CONMED from $72.00 to $75.00 and gave the company a “buy” rating in a report on Thursday, February 6th. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $77.20.

CONMED Stock Down 7.8 %

Shares of NYSE:CNMD opened at $52.34 on Friday. The company has a current ratio of 2.30, a quick ratio of 1.06 and a debt-to-equity ratio of 0.94. The stock has a fifty 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 stock has a market capitalization of $1.62 billion, a price-to-earnings ratio of 12.34, a PEG ratio of 1.83 and a beta of 1.28.

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, research analysts anticipate that CONMED Co. will post 4.35 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 4th. Stockholders of record on Friday, March 14th were issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.53%. The ex-dividend date was Friday, March 14th. CONMED’s payout ratio is 18.87%.

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.