The Manufacturers Life Insurance Company Lowers Position in CONMED Co. (NYSE:CNMD)

The Manufacturers Life Insurance Company trimmed its position in shares of CONMED Co. (NYSE:CNMD) by 3.0% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 16,662 shares of the company’s stock after selling 509 shares during the period. The Manufacturers Life Insurance Company’s holdings in CONMED were worth $1,198,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Earnest Partners LLC boosted its holdings in CONMED by 18.9% in the second quarter. Earnest Partners LLC now owns 2,818,606 shares of the company’s stock valued at $195,386,000 after purchasing an additional 447,498 shares during the last quarter. Champlain Investment Partners LLC grew its holdings in CONMED by 6.4% during the third quarter. Champlain Investment Partners LLC now owns 1,367,650 shares of the company’s stock worth $98,361,000 after acquiring an additional 81,970 shares during the period. Deerfield Management Company L.P. Series C raised its position in CONMED by 86.7% during the second quarter. Deerfield Management Company L.P. Series C now owns 631,264 shares of the company’s stock valued at $43,759,000 after acquiring an additional 293,099 shares in the last quarter. Cooke & Bieler LP boosted its position in CONMED by 49.8% in the 2nd quarter. Cooke & Bieler LP now owns 628,621 shares of the company’s stock worth $43,576,000 after purchasing an additional 209,064 shares in the last quarter. Finally, Principal Financial Group Inc. boosted its position in CONMED by 4.2% in the 3rd quarter. Principal Financial Group Inc. now owns 620,715 shares of the company’s stock worth $44,631,000 after purchasing an additional 25,047 shares in the last quarter.

Analyst Ratings Changes

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

CONMED Stock Performance

CONMED stock opened at $73.32 on Thursday. CONMED Co. has a fifty-two week low of $61.05 and a fifty-two week high of $117.27. The stock has a fifty day moving average of $69.66 and a two-hundred day moving average of $70.50. The company has a market capitalization of $2.26 billion, a price-to-earnings ratio of 17.42, a PEG ratio of 0.93 and a beta of 1.46. The company has a debt-to-equity ratio of 1.01, a quick ratio of 1.06 and a current ratio of 2.27.

CONMED (NYSE:CNMD) last issued its quarterly earnings data on Wednesday, October 30th. The company reported $1.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.99 by $0.06. The company had revenue of $316.70 million during the quarter, compared to the consensus estimate of $318.46 million. CONMED had a net margin of 10.23% and a return on equity of 13.84%. On average, analysts anticipate that CONMED Co. will post 4.03 EPS for the current fiscal year.

CONMED Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 3rd. Stockholders of record on Friday, December 20th will be paid a $0.20 dividend. The ex-dividend date is Friday, December 20th. This represents a $0.80 annualized dividend and a dividend yield of 1.09%. CONMED’s dividend payout ratio is currently 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.