Virginia Retirement Systems ET AL grew its stake in CONMED Co. (NASDAQ:CNMD) by 20.2% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 28,600 shares of the medical technology company’s stock after purchasing an additional 4,800 shares during the period. Virginia Retirement Systems ET AL owned about 0.10% of CONMED worth $2,379,000 at the end of the most recent quarter.
Other institutional investors also recently added to or reduced their stakes in the company. Financial Gravity Companies Inc. purchased a new stake in CONMED in the 4th quarter worth approximately $45,000. First Quadrant L P CA purchased a new stake in CONMED in the 4th quarter worth approximately $78,000. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. boosted its position in CONMED by 35.2% in the 4th quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 1,742 shares of the medical technology company’s stock worth $106,000 after purchasing an additional 454 shares in the last quarter. Quantamental Technologies LLC purchased a new stake in CONMED in the 4th quarter worth approximately $161,000. Finally, Wendell David Associates Inc. purchased a new stake in CONMED in the 1st quarter worth approximately $218,000. Institutional investors and hedge funds own 96.52% of the company’s stock.
In related news, VP Stanley W. Peters III sold 1,511 shares of the stock in a transaction on Friday, April 26th. The stock was sold at an average price of $82.00, for a total value of $123,902.00. Following the completion of the transaction, the vice president now directly owns 618 shares of the company’s stock, valued at approximately $50,676. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Peter K. Shagory sold 3,000 shares of the stock in a transaction on Friday, March 8th. The shares were sold at an average price of $77.77, for a total value of $233,310.00. Following the completion of the transaction, the executive vice president now directly owns 4,649 shares of the company’s stock, valued at $361,552.73. The disclosure for this sale can be found here. Over the last three months, insiders sold 10,511 shares of company stock valued at $846,032. 4.38% of the stock is owned by corporate insiders.
Several brokerages have recently weighed in on CNMD. BidaskClub raised CONMED from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, May 7th. Stifel Nicolaus began coverage on CONMED in a research note on Wednesday, April 17th. They set a “buy” rating and a $95.00 target price for the company. Needham & Company LLC reaffirmed a “buy” rating and set a $94.00 target price (up from $87.00) on shares of CONMED in a research note on Tuesday, April 16th. Barclays upped their target price on CONMED from $85.00 to $92.00 and gave the stock an “overweight” rating in a research note on Monday, April 15th. Finally, Zacks Investment Research raised CONMED from a “hold” rating to a “buy” rating and set a $93.00 target price for the company in a research note on Monday, April 15th. One analyst has rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average target price of $91.00.
Shares of CNMD stock traded up $0.85 during trading hours on Wednesday, hitting $81.50. 96,916 shares of the company’s stock were exchanged, compared to its average volume of 303,551. The company has a debt-to-equity ratio of 1.16, a current ratio of 2.58 and a quick ratio of 1.45. The company has a market cap of $2.30 billion, a price-to-earnings ratio of 37.39, a PEG ratio of 2.41 and a beta of 0.64. CONMED Co. has a fifty-two week low of $56.90 and a fifty-two week high of $85.91.
CONMED (NASDAQ:CNMD) last announced its earnings results on Wednesday, April 24th. The medical technology company reported $0.57 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.54 by $0.03. CONMED had a return on equity of 9.67% and a net margin of 3.56%. The business had revenue of $218.38 million during the quarter, compared to the consensus estimate of $213.95 million. During the same period in the prior year, the company posted $0.53 EPS. The business’s quarterly revenue was up 8.1% on a year-over-year basis. Analysts anticipate that CONMED Co. will post 2.5 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 5th. Investors of record on Friday, June 14th will be paid a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 0.98%. CONMED’s dividend payout ratio is currently 36.70%.
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CONMED Company Profile
CONMED Corporation, a medical technology company, develops, manufactures, and sells surgical devices and related equipment for minimally invasive procedures worldwide. The company offers orthopedic surgery products, including sports medicine products comprising powered resection instruments, arthroscopes, reconstructive systems, tissue repair sets, and metal and bioabsorbable implants, as well as related disposable products and fluid management systems; powered surgical instruments for use in bone orthopedic, arthroscopic, oral/maxillofacial, podiatric, plastic, ENT, neurological, spinal, and cardiothoracic surgeries; sports biologics and tissue products; and surgical visualization products.
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