Gabelli Funds LLC Cuts Stock Holdings in CONMED Co. (NYSE:CNMD)

Gabelli Funds LLC trimmed its position in shares of CONMED Co. (NYSE:CNMDFree Report) by 1.7% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 29,000 shares of the company’s stock after selling 500 shares during the period. Gabelli Funds LLC owned 0.09% of CONMED worth $2,925,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Belpointe Asset Management LLC grew its stake in CONMED by 586.7% during the first quarter. Belpointe Asset Management LLC now owns 309 shares of the company’s stock valued at $32,000 after acquiring an additional 264 shares in the last quarter. Allspring Global Investments Holdings LLC grew its stake in CONMED by 31.6% during the second quarter. Allspring Global Investments Holdings LLC now owns 337 shares of the company’s stock valued at $46,000 after acquiring an additional 81 shares in the last quarter. Pinebridge Investments L.P. purchased a new position in CONMED during the second quarter valued at $46,000. Tower Research Capital LLC TRC grew its stake in CONMED by 712.8% during the first quarter. Tower Research Capital LLC TRC now owns 764 shares of the company’s stock valued at $79,000 after acquiring an additional 670 shares in the last quarter. Finally, AdvisorNet Financial Inc grew its stake in CONMED by 30.7% during the third quarter. AdvisorNet Financial Inc now owns 1,055 shares of the company’s stock valued at $106,000 after acquiring an additional 248 shares in the last quarter.

Insider Buying and Selling

In related news, insider Stanley W. Peters III sold 2,300 shares of CONMED stock in a transaction dated Monday, December 4th. The shares were sold at an average price of $109.93, for a total transaction of $252,839.00. Following the completion of the transaction, the insider now directly owns 63 shares of the company’s stock, valued at approximately $6,925.59. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 7.60% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several equities analysts recently weighed in on CNMD shares. Wells Fargo & Company cut their target price on shares of CONMED from $107.00 to $98.00 and set an “equal weight” rating for the company in a research note on Thursday, February 1st. Stifel Nicolaus dropped their price objective on shares of CONMED from $136.00 to $120.00 and set a “buy” rating for the company in a research note on Thursday, October 26th. JPMorgan Chase & Co. dropped their price objective on shares of CONMED from $135.00 to $115.00 and set an “overweight” rating for the company in a research note on Thursday, February 1st. StockNews.com raised shares of CONMED from a “sell” rating to a “hold” rating in a research note on Wednesday, November 1st. Finally, Piper Sandler dropped their price objective on shares of CONMED from $130.00 to $100.00 and set an “overweight” rating for the company in a research note on Thursday, February 1st. Two equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, CONMED has an average rating of “Moderate Buy” and a consensus price target of $120.43.

Check Out Our Latest Analysis on CNMD

CONMED Price Performance

CNMD stock opened at $86.94 on Friday. CONMED Co. has a 12 month low of $80.01 and a 12 month high of $138.47. The company has a current ratio of 1.66, a quick ratio of 0.80 and a debt-to-equity ratio of 1.18. The company has a 50-day moving average price of $104.05 and a 200 day moving average price of $104.82. The stock has a market cap of $2.67 billion, a PE ratio of 42.62, a P/E/G ratio of 0.76 and a beta of 1.39.

CONMED Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, January 5th. Investors of record on Monday, December 18th were paid a dividend of $0.20 per share. The ex-dividend date was Friday, December 15th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.92%. CONMED’s dividend payout ratio is presently 39.22%.

About CONMED

(Free Report)

CONMED Corporation, a medical technology company, develops, manufactures, and sells surgical devices and related equipment for surgical procedures worldwide. It offers orthopedic surgery products, including TruShot with Y-Knot All-In-One Soft Tissue Fixation System, Y-knot All-Suture Anchors, and Agro Knotless Suture Anchors, which provide unique clinical solutions to orthopedic surgeons for the repair of soft tissue injuries, as well as supporting products that enable surgeons to perform minimally invasive sports medicine surgeries.

Further Reading

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Institutional Ownership by Quarter for CONMED (NYSE:CNMD)

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