Lisanti Capital Growth LLC Purchases Shares of 40,570 CONMED Co. (NYSE:CNMD)

Lisanti Capital Growth LLC acquired a new position in CONMED Co. (NYSE:CNMD) during the 4th quarter, Holdings Channel.com reports. The institutional investor acquired 40,570 shares of the company’s stock, valued at approximately $4,443,000.

A number of other large investors have also recently made changes to their positions in CNMD. Raymond James & Associates boosted its holdings in CONMED by 2.6% in the 3rd quarter. Raymond James & Associates now owns 82,959 shares of the company’s stock worth $8,366,000 after buying an additional 2,131 shares during the period. Raymond James Financial Services Advisors Inc. grew its position in shares of CONMED by 4.7% during the third quarter. Raymond James Financial Services Advisors Inc. now owns 3,095 shares of the company’s stock worth $312,000 after purchasing an additional 140 shares in the last quarter. Advisor Partners II LLC raised its stake in CONMED by 93.8% during the 3rd quarter. Advisor Partners II LLC now owns 2,932 shares of the company’s stock valued at $296,000 after purchasing an additional 1,419 shares during the period. Park Avenue Securities LLC purchased a new position in CONMED in the 3rd quarter worth approximately $273,000. Finally, Allspring Global Investments Holdings LLC boosted its stake in CONMED by 1,598.2% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 5,723 shares of the company’s stock worth $577,000 after purchasing an additional 5,386 shares during the period.

Wall Street Analyst Weigh In

CNMD has been the topic of several recent analyst reports. Piper Sandler reduced their price objective on shares of CONMED from $100.00 to $95.00 and set an “overweight” rating on the stock in a research report on Thursday, April 25th. Wells Fargo & Company reduced their price objective on shares of CONMED from $98.00 to $77.00 and set an “equal weight” rating on the stock in a research report on Thursday, April 25th. JPMorgan Chase & Co. reduced their price objective on shares of CONMED from $115.00 to $75.00 and set an “overweight” rating on the stock in a research report on Thursday, April 25th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $107.00 price objective on shares of CONMED in a research report on Monday. Two investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $107.86.

Insiders Place Their Bets

In other news, COO Pat Beyer acquired 3,000 shares of the company’s stock in a transaction on Tuesday, April 30th. The stock was bought at an average cost of $68.30 per share, with a total value of $204,900.00. Following the completion of the purchase, the chief operating officer now directly owns 10,807 shares of the company’s stock, valued at $738,118.10. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 6.80% of the stock is owned by insiders.

CONMED Price Performance

Shares of CNMD stock traded down $0.96 on Monday, reaching $70.80. The company’s stock had a trading volume of 381,936 shares, compared to its average volume of 591,435. The stock’s fifty day simple moving average is $76.85 and its 200-day simple moving average is $92.47. CONMED Co. has a 1 year low of $61.05 and a 1 year high of $138.47. The company has a current ratio of 2.18, a quick ratio of 1.08 and a debt-to-equity ratio of 1.16. The company has a market capitalization of $2.18 billion, a price-to-earnings ratio of 27.31, a price-to-earnings-growth ratio of 0.68 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, topping the consensus estimate of $0.74 by $0.05. The company had revenue of $312.27 million during the quarter, compared to analyst estimates of $307.06 million. CONMED had a net margin of 6.53% and a return on equity of 13.78%. Analysts forecast that CONMED Co. will post 4.3 earnings per share for the current fiscal year.

CONMED Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 5th. Shareholders of record on Friday, March 15th were paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 1.13%. The ex-dividend date was Thursday, March 14th. CONMED’s payout ratio is 30.65%.

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.