Congress Wealth Management LLC DE Sells 11,607 Shares of CONMED Co. (NYSE:CNMD)

Congress Wealth Management LLC DE cut its holdings in CONMED Co. (NYSE:CNMD) by 57.0% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 8,740 shares of the company’s stock after selling 11,607 shares during the period. Congress Wealth Management LLC DE’s holdings in CONMED were worth $598,000 as of its most recent filing with the SEC.

Several other large investors have also made changes to their positions in the business. Nordea Investment Management AB raised its stake in CONMED by 31.5% during the 4th quarter. Nordea Investment Management AB now owns 73,587 shares of the company’s stock valued at $5,141,000 after purchasing an additional 17,633 shares during the last quarter. Avity Investment Management Inc. bought a new stake in shares of CONMED in the fourth quarter valued at about $278,000. Bridge City Capital LLC grew its position in CONMED by 20.8% during the fourth quarter. Bridge City Capital LLC now owns 44,056 shares of the company’s stock worth $3,015,000 after buying an additional 7,597 shares in the last quarter. Allspring Global Investments Holdings LLC increased its stake 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 acquiring an additional 68,696 shares during the period. Finally, Raymond James Financial Inc. acquired a new position in CONMED in the 4th quarter valued at approximately $18,248,000.

CONMED Stock Down 1.7 %

Shares of NYSE:CNMD opened at $58.86 on Friday. The company has a market capitalization of $1.82 billion, a PE ratio of 13.88, a P/E/G ratio of 1.83 and a beta of 1.53. The company has a debt-to-equity ratio of 0.94, a quick ratio of 1.06 and a current ratio of 2.30. The company’s fifty day moving average is $63.78 and its 200-day moving average is $68.05. CONMED Co. has a 52 week low of $55.22 and a 52 week high of $80.65.

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

CONMED Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, April 4th. Shareholders of record on Friday, March 14th will be given a $0.20 dividend. The ex-dividend date is Friday, March 14th. This represents a $0.80 annualized dividend and a yield of 1.36%. CONMED’s payout ratio is 18.87%.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on CNMD shares. JPMorgan Chase & Co. cut CONMED from an “overweight” rating to a “neutral” rating and lowered their price objective for the company from $85.00 to $70.00 in a research report on Thursday, February 6th. Stifel Nicolaus increased their price objective on shares of CONMED from $72.00 to $75.00 and gave the company a “buy” rating in a research note on Thursday, February 6th. Wells Fargo & Company decreased their target price on shares of CONMED from $74.00 to $70.00 and set an “equal weight” rating on the stock in a research report on Thursday, February 6th. Finally, Needham & Company LLC dropped their price target on shares of CONMED from $97.00 to $91.00 and set a “buy” rating for the company in a research report on Thursday, February 6th. Three investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, CONMED has an average rating of “Moderate Buy” and an average target price of $77.20.

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.