Bayesian Capital Management LP Buys New Shares in CONMED Co. (NYSE:CNMD)

Bayesian Capital Management LP bought a new stake in CONMED Co. (NYSE:CNMD) in the first quarter, HoldingsChannel.com reports. The firm bought 6,104 shares of the company’s stock, valued at approximately $489,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. GAMMA Investing LLC purchased a new stake in CONMED during the 4th quarter worth about $40,000. Principal Securities Inc. purchased a new stake in CONMED during the 4th quarter worth about $46,000. AdvisorNet Financial Inc lifted its holdings in CONMED by 70.6% during the 1st quarter. AdvisorNet Financial Inc now owns 1,800 shares of the company’s stock worth $144,000 after buying an additional 745 shares during the last quarter. Quadrant Capital Group LLC lifted its holdings in shares of CONMED by 44.2% in the 4th quarter. Quadrant Capital Group LLC now owns 1,631 shares of the company’s stock valued at $179,000 after purchasing an additional 500 shares during the last quarter. Finally, Xponance Inc. purchased a new stake in shares of CONMED in the 4th quarter valued at about $204,000.

CONMED Price Performance

CNMD stock traded down $1.02 on Wednesday, reaching $68.50. The company had a trading volume of 18,634 shares, compared to its average volume of 519,596. CONMED Co. has a 1 year low of $61.05 and a 1 year high of $121.11. The company has a debt-to-equity ratio of 1.16, a quick ratio of 1.08 and a current ratio of 2.18. The company’s fifty day moving average is $71.06 and its 200 day moving average is $77.31. The company has a market cap of $2.11 billion, a P/E ratio of 26.64, a PEG ratio of 0.67 and a beta of 1.42.

CONMED Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, July 5th. Shareholders of record on Friday, June 14th were paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.17%. The ex-dividend date of this dividend was Friday, June 14th. CONMED’s dividend payout ratio is presently 30.65%.

Analyst Upgrades and Downgrades

CNMD has been the topic of several recent research reports. Needham & Company LLC dropped their price target on CONMED from $107.00 to $106.00 and set a “buy” rating on the stock in a research report on Thursday, July 25th. Wells Fargo & Company dropped their target price on 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. dropped their target price on CONMED from $115.00 to $75.00 and set an “overweight” rating on the stock in a research report on Thursday, April 25th. Finally, Piper Sandler decreased their price target on CONMED from $100.00 to $95.00 and set an “overweight” rating on the stock in a research note on Thursday, April 25th. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $94.60.

Insiders Place Their Bets

In other news, Director Martha Goldberg Aronson acquired 2,000 shares of the company’s stock in a transaction dated Monday, May 6th. The stock was acquired at an average cost of $70.98 per share, for a total transaction of $141,960.00. Following the acquisition, the director now directly owns 2,000 shares in the company, valued at approximately $141,960. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, insider Stanley W. Peters III sold 4,000 shares of the stock in a transaction on Friday, June 14th. The stock was sold at an average price of $71.82, for a total value of $287,280.00. Following the completion of the sale, the insider now directly owns 63 shares in the company, valued at approximately $4,524.66. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Martha Goldberg Aronson purchased 2,000 shares of the stock in a transaction that occurred on Monday, May 6th. The stock was bought at an average price of $70.98 per share, with a total value of $141,960.00. Following the completion of the acquisition, the director now owns 2,000 shares in the company, valued at approximately $141,960. The disclosure for this purchase can be found here. Corporate insiders own 6.80% of the company’s stock.

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.