Level Four Advisory Services LLC Takes Position in CONMED Co. (NYSE:CNMD)

Level Four Advisory Services LLC acquired a new stake in CONMED Co. (NYSE:CNMD) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 3,331 shares of the company’s stock, valued at approximately $365,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Versor Investments LP acquired a new stake in shares of CONMED during the 3rd quarter worth about $475,000. Walleye Capital LLC purchased a new stake in CONMED during the 3rd quarter worth approximately $5,691,000. Trexquant Investment LP acquired a new stake in CONMED during the 3rd quarter worth approximately $2,534,000. California Public Employees Retirement System increased its position in shares of CONMED by 14.9% during the third quarter. California Public Employees Retirement System now owns 49,065 shares of the company’s stock worth $4,948,000 after acquiring an additional 6,356 shares during the period. Finally, Fifth Third Bancorp raised its stake in shares of CONMED by 6.0% in the fourth quarter. Fifth Third Bancorp now owns 17,379 shares of the company’s stock valued at $1,903,000 after acquiring an additional 987 shares in the last quarter.

Analyst Ratings Changes

CNMD has been the subject of several analyst reports. Piper Sandler lowered their target price on CONMED from $100.00 to $95.00 and set an “overweight” rating for the company in a research note on Thursday, April 25th. JPMorgan Chase & Co. reduced their target price on shares of CONMED from $115.00 to $75.00 and set an “overweight” rating on the stock in a report on Thursday, April 25th. Needham & Company LLC reissued a “buy” rating and issued a $107.00 price objective on shares of CONMED in a research report on Monday, May 6th. Finally, Wells Fargo & Company decreased their price objective on shares of CONMED from $98.00 to $77.00 and set an “equal weight” rating for the company in a research report on Thursday, April 25th. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, CONMED presently has an average rating of “Moderate Buy” and an average target price of $102.50.

CONMED Trading Up 0.1 %

Shares of CONMED stock opened at $74.96 on Thursday. The company’s fifty day moving average is $74.28 and its two-hundred day moving average is $90.41. CONMED Co. has a 1 year low of $61.05 and a 1 year high of $138.47. The company has a debt-to-equity ratio of 1.16, a quick ratio of 1.08 and a current ratio of 2.18. The company has a market capitalization of $2.31 billion, a P/E ratio of 28.72, a PEG ratio of 0.72 and a beta of 1.37.

CONMED (NYSE:CNMD) last posted its quarterly earnings data on Wednesday, April 24th. The company reported $0.79 EPS for the quarter, beating the consensus estimate of $0.74 by $0.05. CONMED had a return on equity of 13.78% and a net margin of 6.53%. The firm had revenue of $312.27 million during the quarter, compared to the consensus estimate of $307.06 million. Analysts forecast that CONMED Co. will post 4.3 earnings per share for the current year.

CONMED Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, April 5th. Stockholders of record on Friday, March 15th were paid a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 1.07%. The ex-dividend date of this dividend was Thursday, March 14th. CONMED’s dividend payout ratio (DPR) is presently 30.65%.

Insider Activity

In other CONMED news, COO Pat Beyer acquired 3,000 shares of the stock in a transaction on Tuesday, April 30th. The shares were bought at an average price of $68.30 per share, with a total value of $204,900.00. Following the acquisition, the chief operating officer now owns 10,807 shares of the company’s stock, valued at $738,118.10. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, COO Pat Beyer bought 3,000 shares of the firm’s stock in a transaction on Tuesday, April 30th. The shares were bought at an average cost of $68.30 per share, for a total transaction of $204,900.00. Following the transaction, the chief operating officer now owns 10,807 shares of the company’s stock, valued at $738,118.10. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Barbara J. Schwarzentraub purchased 1,442 shares of the stock in a transaction dated Wednesday, May 8th. The shares were bought at an average cost of $69.26 per share, for a total transaction of $99,872.92. Following the completion of the purchase, the director now owns 1,442 shares in the company, valued at $99,872.92. The disclosure for this purchase can be found here. Insiders have bought a total of 6,442 shares of company stock valued at $446,733 over the last quarter. Corporate insiders own 6.80% of the company’s stock.

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.