Lisanti Capital Growth LLC Takes Position in CONMED Co. (NYSE:CNMD)

Lisanti Capital Growth LLC purchased a new position in shares of CONMED Co. (NYSE:CNMD) during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 40,570 shares of the company’s stock, valued at approximately $4,443,000. Lisanti Capital Growth LLC owned approximately 0.13% of CONMED as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Versor Investments LP acquired a new position in shares of CONMED during the third quarter valued at $475,000. Walleye Capital LLC bought a new position in shares of CONMED in the 3rd quarter valued at about $5,691,000. Trexquant Investment LP acquired a new stake in shares of CONMED during the 3rd quarter worth approximately $2,534,000. California Public Employees Retirement System raised its stake 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 buying an additional 6,356 shares during the last quarter. Finally, Fifth Third Bancorp boosted its stake in 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 during the last quarter.

CONMED Price Performance

CNMD stock traded down $0.96 during midday trading on Monday, reaching $70.80. The company had a trading volume of 381,936 shares, compared to its average volume of 591,435. 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. The company has a debt-to-equity ratio of 1.16, a current ratio of 2.18 and a quick ratio of 1.08. CONMED Co. has a 1-year low of $61.05 and a 1-year high of $138.47. The stock has a 50 day moving average price of $76.85 and a 200-day moving average price of $92.47.

CONMED (NYSE:CNMD) last issued its quarterly earnings results on Wednesday, April 24th. The company reported $0.79 earnings per share (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 company had revenue of $312.27 million for the quarter, compared to analyst estimates of $307.06 million. Equities research analysts expect that CONMED Co. will post 4.3 earnings per share for the current year.

CONMED Announces Dividend

The company also recently declared 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 dividend on an annualized basis and a dividend yield of 1.13%. The ex-dividend date was Thursday, March 14th. CONMED’s payout ratio is 30.65%.

Insider Buying and Selling

In other news, COO Pat Beyer purchased 3,000 shares of CONMED stock in a transaction dated 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 completion of the acquisition, the chief operating officer now owns 10,807 shares in the company, valued at approximately $738,118.10. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. 6.80% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. Wells Fargo & Company cut their price target 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 target 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. Piper Sandler lowered their price objective on shares of CONMED from $100.00 to $95.00 and set an “overweight” rating for the company in a research report on Thursday, April 25th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $107.00 target price on shares of CONMED in a report on Monday. Two research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $107.86.

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.