Zacks Investment Research upgraded shares of CONMED Corporation (NASDAQ:CNMD) from a sell rating to a hold rating in a research report report published on Tuesday.

According to Zacks, “Year-to-date, CONMED Corporation has outperformed the broader industry trends in terms of price performance. CONMED’s broad line of surgical products and several new devices including innovative sports medicine products, endo-mechanical offerings, a new electrosurgical council and the latest 2D Arthroscopy video system hold promise at the moment. With increased product offerings, the company can accelerate its top line in the quarters to come. On the flipside, foreign exchange movements have been unfavorably impacting the company’s results of late. Additionally, the company operates in a highly competitive environment which is likely to mar the top-line growth. Furthermore lower healthcare spending buoyed by the ongoing political conundrum in the U.S. healthcare space would mar CONMED’s top line.CONMED stock looks a tad overvalued at the moment.”

CNMD has been the topic of several other research reports. BidaskClub downgraded shares of CONMED Corporation from a sell rating to a strong sell rating in a report on Sunday, August 20th. TheStreet raised shares of CONMED Corporation from a c+ rating to a b- rating in a report on Thursday, August 3rd. Needham & Company LLC lifted their target price on shares of CONMED Corporation from $54.00 to $57.00 and gave the company a buy rating in a report on Thursday, July 27th. Finally, KeyCorp reaffirmed a hold rating on shares of CONMED Corporation in a report on Friday, August 25th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the company. The stock currently has a consensus rating of Hold and a consensus target price of $52.50.

CONMED Corporation (NASDAQ:CNMD) traded up 0.067% on Tuesday, reaching $52.255. 21,864 shares of the company were exchanged. The stock has a 50-day moving average price of $52.34 and a 200 day moving average price of $50.67. The stock has a market capitalization of $1.46 billion, a price-to-earnings ratio of 93.479 and a beta of 0.68. CONMED Corporation has a 52 week low of $38.83 and a 52 week high of $54.47.

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The company also recently announced a quarterly dividend, which was paid on Thursday, October 5th. Stockholders of record on Friday, September 15th were issued a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 1.53%. The ex-dividend date of this dividend was Thursday, September 14th. CONMED Corporation’s payout ratio is 142.86%.

In other news, Director Jo Ann Golden sold 3,000 shares of CONMED Corporation stock in a transaction dated Monday, August 14th. The shares were sold at an average price of $50.00, for a total value of $150,000.00. Following the sale, the director now owns 19,782 shares of the company’s stock, valued at $989,100. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 2.62% of the stock is owned by insiders.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Piedmont Investment Advisors LLC acquired a new stake in shares of CONMED Corporation in the second quarter valued at about $273,000. Swiss National Bank lifted its stake in shares of CONMED Corporation by 6.1% in the second quarter. Swiss National Bank now owns 41,700 shares of the medical technology company’s stock valued at $2,124,000 after purchasing an additional 2,400 shares during the period. Virginia Retirement Systems ET AL lifted its stake in shares of CONMED Corporation by 10.8% in the second quarter. Virginia Retirement Systems ET AL now owns 27,800 shares of the medical technology company’s stock valued at $1,416,000 after purchasing an additional 2,700 shares during the period. BlackRock Inc. lifted its stake in shares of CONMED Corporation by 46,036.5% in the first quarter. BlackRock Inc. now owns 3,153,427 shares of the medical technology company’s stock valued at $140,043,000 after purchasing an additional 3,146,592 shares during the period. Finally, Municipal Employees Retirement System of Michigan lifted its stake in shares of CONMED Corporation by 3.9% in the second quarter. Municipal Employees Retirement System of Michigan now owns 5,850 shares of the medical technology company’s stock valued at $298,000 after purchasing an additional 220 shares during the period. Hedge funds and other institutional investors own 98.36% of the company’s stock.

About CONMED Corporation

CONMED Corporation is a medical technology company. The Company is engaged in the development, manufacturing and sale on a global basis of surgical devices and related equipment. The Company provides surgical devices and equipment for minimally invasive procedures. The Company’s products are used by surgeons and physicians in a range of specialties, including orthopedics, general surgery, gynecology, neurosurgery and gastroenterology.

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