Harbor Capital Advisors Inc. Buys New Position in CONMED Co. (NYSE:CNMD)

Harbor Capital Advisors Inc. bought a new stake in shares of CONMED Co. (NYSE:CNMD) during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 21,343 shares of the company’s stock, valued at approximately $1,289,000. Harbor Capital Advisors Inc. owned about 0.07% of CONMED as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Aquatic Capital Management LLC purchased a new position in shares of CONMED during the fourth quarter valued at approximately $82,000. Smartleaf Asset Management LLC boosted its position in shares of CONMED by 19.6% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,962 shares of the company’s stock valued at $136,000 after buying an additional 322 shares during the last quarter. CIBC Asset Management Inc purchased a new position in shares of CONMED during the fourth quarter valued at approximately $210,000. Summit Investment Advisors Inc. boosted its position in shares of CONMED by 6.8% during the fourth quarter. Summit Investment Advisors Inc. now owns 3,228 shares of the company’s stock valued at $221,000 after buying an additional 205 shares during the last quarter. Finally, Quantinno Capital Management LP purchased a new position in shares of CONMED during the fourth quarter valued at approximately $222,000.

CONMED Stock Performance

Shares of CNMD opened at $54.83 on Friday. The firm has a market cap of $1.70 billion, a PE ratio of 12.93, a PEG ratio of 1.83 and a beta of 1.24. The stock’s fifty day moving average price is $54.96 and its two-hundred day moving average price is $62.38. The company has a debt-to-equity ratio of 0.94, a current ratio of 2.30 and a quick ratio of 1.06. CONMED Co. has a 1 year low of $46.00 and a 1 year high of $78.19.

CONMED (NYSE:CNMD) last issued its earnings results on Wednesday, April 30th. The company reported $0.95 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.81 by $0.14. The firm had revenue of $321.26 million for the quarter, compared to analyst estimates of $313.38 million. CONMED had a return on equity of 14.31% and a net margin of 10.13%. The business’s revenue was up 2.9% on a year-over-year basis. During the same period in the previous year, the company posted $0.79 earnings per share. On average, equities research analysts forecast that CONMED Co. will post 4.35 EPS for the current year.

CONMED Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, July 3rd. Investors of record on Friday, June 13th will be paid a dividend of $0.20 per share. The ex-dividend date of this dividend is Friday, June 13th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.46%. CONMED’s payout ratio is 21.05%.

Insider Activity at CONMED

In related news, Director Charles Farkas sold 4,000 shares of the business’s stock in a transaction on Monday, May 5th. The stock was sold at an average price of $56.94, for a total transaction of $227,760.00. Following the sale, the director now directly owns 16,346 shares in the company, valued at approximately $930,741.24. The trade was a 19.66% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 3.10% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on CNMD shares. Needham & Company LLC cut CONMED from a “buy” rating to a “hold” rating and set a $61.00 target price on the stock. in a research report on Thursday. Wall Street Zen cut CONMED from a “buy” rating to a “hold” rating in a research report on Tuesday, May 6th. Wells Fargo & Company cut their price objective on CONMED from $70.00 to $57.00 and set an “equal weight” rating on the stock in a research report on Thursday, May 1st. JPMorgan Chase & Co. cut their price objective on CONMED from $70.00 to $58.00 and set a “neutral” rating on the stock in a research report on Thursday, May 1st. Finally, Stifel Nicolaus cut CONMED from a “buy” rating to a “hold” rating and cut their price objective for the stock from $75.00 to $55.00 in a research report on Monday, April 28th. Five investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $62.20.

CONMED Company 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.