Teacher Retirement System of Texas bought a new stake in shares of CONMED Co. (NASDAQ:CNMD) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 8,663 shares of the medical technology company’s stock, valued at approximately $442,000.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Public Employees Retirement System of Ohio grew its position in shares of CONMED by 3.3% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 2,022 shares of the medical technology company’s stock valued at $103,000 after acquiring an additional 64 shares during the period. Quantbot Technologies LP purchased a new position in shares of CONMED during the 3rd quarter valued at $133,000. Crossmark Global Holdings Inc. purchased a new position in shares of CONMED during the 3rd quarter valued at $281,000. OxFORD Asset Management LLP purchased a new position in shares of CONMED during the 3rd quarter valued at $294,000. Finally, SG Americas Securities LLC lifted its stake in shares of CONMED by 314.1% during the 3rd quarter. SG Americas Securities LLC now owns 9,016 shares of the medical technology company’s stock valued at $473,000 after buying an additional 6,839 shares in the last quarter. Institutional investors own 99.57% of the company’s stock.
NASDAQ:CNMD traded down $1.47 during midday trading on Friday, reaching $61.62. 201,560 shares of the stock traded hands, compared to its average volume of 139,371. The stock has a market capitalization of $1,723.82, a price-to-earnings ratio of 32.43, a PEG ratio of 2.50 and a beta of 0.59. CONMED Co. has a 12-month low of $40.92 and a 12-month high of $64.99. The company has a quick ratio of 1.44, a current ratio of 2.38 and a debt-to-equity ratio of 0.75.
CONMED (NASDAQ:CNMD) last posted its quarterly earnings results on Wednesday, January 31st. The medical technology company reported $0.69 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.65 by $0.04. The business had revenue of $222.60 million during the quarter, compared to analysts’ expectations of $212.17 million. CONMED had a net margin of 6.97% and a return on equity of 8.96%. The business’s quarterly revenue was up 9.1% on a year-over-year basis. During the same quarter last year, the company posted $0.54 earnings per share. analysts expect that CONMED Co. will post 2.14 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, April 5th. Stockholders of record on Thursday, March 15th were paid a $0.20 dividend. The ex-dividend date was Wednesday, March 14th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.30%. CONMED’s payout ratio is currently 42.33%.
CNMD has been the topic of a number of analyst reports. BidaskClub cut shares of CONMED from a “hold” rating to a “sell” rating in a research note on Tuesday, December 12th. Zacks Investment Research upgraded shares of CONMED from a “hold” rating to a “buy” rating and set a $57.00 target price on the stock in a research report on Wednesday, January 3rd. Needham & Company LLC upped their target price on shares of CONMED from $58.00 to $71.00 and gave the company a “buy” rating in a research report on Thursday, February 1st. Finally, ValuEngine upgraded shares of CONMED from a “hold” rating to a “buy” rating in a report on Thursday, March 1st. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average target price of $59.00.
In other news, VP Terence M. Berge sold 3,868 shares of CONMED stock in a transaction dated Friday, March 9th. The shares were sold at an average price of $62.45, for a total value of $241,556.60. Following the sale, the vice president now owns 19,908 shares in the company, valued at $1,243,254.60. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Luke A. Pomilio sold 19,620 shares of CONMED stock in a transaction dated Thursday, March 1st. The shares were sold at an average price of $60.19, for a total transaction of $1,180,927.80. Following the completion of the sale, the chief financial officer now owns 600 shares in the company, valued at approximately $36,114. The disclosure for this sale can be found here. Insiders sold 46,473 shares of company stock worth $2,874,693 in the last quarter. Company insiders own 2.62% of the company’s stock.
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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 in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. 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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