ProShare Advisors LLC Has $327,000 Stock Position in CONMED Co. (NYSE:CNMD)

ProShare Advisors LLC trimmed its stake in shares of CONMED Co. (NYSE:CNMD) by 24.9% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 4,723 shares of the company’s stock after selling 1,570 shares during the quarter. ProShare Advisors LLC’s holdings in CONMED were worth $327,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently added to or reduced their stakes in CNMD. Franklin Resources Inc. boosted its holdings in shares of CONMED by 0.9% in the 4th quarter. Franklin Resources Inc. now owns 14,966 shares of the company’s stock worth $1,639,000 after acquiring an additional 140 shares in the last quarter. Arizona State Retirement System boosted its holdings in shares of CONMED by 2.0% in the 2nd quarter. Arizona State Retirement System now owns 8,619 shares of the company’s stock worth $597,000 after acquiring an additional 168 shares in the last quarter. Hilltop National Bank boosted its holdings in shares of CONMED by 31.0% in the 2nd quarter. Hilltop National Bank now owns 825 shares of the company’s stock worth $57,000 after acquiring an additional 195 shares in the last quarter. Diversified Trust Co boosted its holdings in shares of CONMED by 2.4% in the 2nd quarter. Diversified Trust Co now owns 11,250 shares of the company’s stock worth $780,000 after acquiring an additional 259 shares in the last quarter. Finally, Louisiana State Employees Retirement System boosted its holdings in shares of CONMED by 2.0% in the 2nd quarter. Louisiana State Employees Retirement System now owns 15,500 shares of the company’s stock worth $1,074,000 after acquiring an additional 300 shares in the last quarter.

CONMED Stock Performance

CNMD stock opened at $67.44 on Thursday. The company has a debt-to-equity ratio of 1.09, a current ratio of 2.34 and a quick ratio of 1.13. The company has a 50 day moving average price of $70.99 and a 200 day moving average price of $72.06. CONMED Co. has a fifty-two week low of $61.05 and a fifty-two week high of $117.27. The stock has a market capitalization of $2.08 billion, a PE ratio of 25.84, a price-to-earnings-growth ratio of 0.98 and a beta of 1.46.

CONMED (NYSE:CNMD) last issued its earnings results on Wednesday, July 31st. The company reported $0.98 EPS for the quarter, beating the consensus estimate of $0.92 by $0.06. The company had revenue of $332.10 million during the quarter, compared to analysts’ expectations of $334.39 million. CONMED had a net margin of 7.73% and a return on equity of 13.89%. The business’s revenue for the quarter was up 4.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.83 EPS. Analysts forecast that CONMED Co. will post 3.99 EPS for the current year.

CONMED Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 4th. Shareholders of record on Monday, September 16th will be given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 1.19%. The ex-dividend date is Monday, September 16th. CONMED’s payout ratio is 30.65%.

Analyst Upgrades and Downgrades

CNMD has been the topic of several recent analyst reports. Wells Fargo & Company reduced their target price on CONMED from $77.00 to $71.00 and set an “equal weight” rating on the stock in a report on Thursday, August 1st. Piper Sandler reduced their target price on CONMED from $95.00 to $80.00 and set an “overweight” rating on the stock in a report on Thursday, August 1st. Stifel Nicolaus dropped their price objective on shares of CONMED from $88.00 to $76.00 and set a “buy” rating for the company in a research report on Thursday, August 1st. StockNews.com cut shares of CONMED from a “buy” rating to a “hold” rating in a research report on Tuesday. Finally, Needham & Company LLC dropped their price objective on shares of CONMED from $106.00 to $97.00 and set a “buy” rating for the company in a research report on Thursday, August 1st. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, CONMED currently has a consensus rating of “Moderate Buy” and a consensus price target of $79.80.

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.