Principal Financial Group Inc. increased its holdings in shares of CONMED Co. (NASDAQ:CNMD) by 3.0% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 203,810 shares of the medical technology company’s stock after acquiring an additional 5,891 shares during the period. Principal Financial Group Inc. owned approximately 0.73% of CONMED worth $12,908,000 at the end of the most recent reporting period.
Other large investors have also bought and sold shares of the company. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in CONMED by 72.1% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,926 shares of the medical technology company’s stock worth $122,000 after acquiring an additional 807 shares in the last quarter. Amalgamated Bank bought a new stake in CONMED during the fourth quarter worth about $200,000. Jefferies Group LLC bought a new stake in CONMED during the fourth quarter worth about $200,000. O Shaughnessy Asset Management LLC bought a new stake in CONMED during the first quarter worth about $229,000. Finally, Xact Kapitalforvaltning AB bought a new stake in CONMED during the fourth quarter worth about $261,000. 95.43% of the stock is currently owned by institutional investors and hedge funds.
Several equities research analysts recently commented on the stock. Zacks Investment Research raised shares of CONMED from a “hold” rating to a “buy” rating and set a $84.00 price objective on the stock in a research note on Monday. BidaskClub upgraded shares of CONMED from a “buy” rating to a “strong-buy” rating in a research note on Friday, May 4th. Needham & Company LLC upped their target price on shares of CONMED from $71.00 to $73.00 and gave the stock a “buy” rating in a research note on Thursday, April 26th. Finally, ValuEngine upgraded shares of CONMED from a “hold” rating to a “buy” rating in a research note on Thursday, March 1st. Three analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the stock. The company currently has an average rating of “Buy” and an average target price of $67.67.
In related news, VP Nathan Folkert sold 4,409 shares of the stock in a transaction that occurred on Friday, April 27th. The shares were sold at an average price of $64.98, for a total transaction of $286,496.82. Following the transaction, the vice president now owns 1,264 shares in the company, valued at $82,134.72. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Daniel Jonas sold 2,000 shares of the stock in a transaction that occurred on Friday, April 27th. The shares were sold at an average price of $65.58, for a total transaction of $131,160.00. Following the transaction, the executive vice president now owns 23,245 shares in the company, valued at approximately $1,524,407.10. The disclosure for this sale can be found here. In the last quarter, insiders sold 18,780 shares of company stock worth $1,243,985. Insiders own 3.13% of the company’s stock.
Shares of NASDAQ CNMD opened at $73.14 on Friday. The company has a market capitalization of $2.06 billion, a PE ratio of 35.75, a PEG ratio of 2.94 and a beta of 0.60. CONMED Co. has a 52-week low of $47.41 and a 52-week high of $76.63. The company has a debt-to-equity ratio of 0.69, a quick ratio of 1.23 and a current ratio of 2.15.
CONMED (NASDAQ:CNMD) last issued its earnings results on Wednesday, April 25th. The medical technology company reported $0.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.43 by $0.10. The firm had revenue of $202.10 million for the quarter, compared to the consensus estimate of $196.51 million. CONMED had a net margin of 8.71% and a return on equity of 9.46%. The business’s revenue was up 8.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.38 earnings per share. research analysts anticipate that CONMED Co. will post 2.17 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, July 5th. Stockholders of record on Friday, June 15th will be paid a $0.20 dividend. The ex-dividend date of this dividend is Thursday, June 14th. This represents a $0.80 annualized dividend and a dividend yield of 1.09%. CONMED’s dividend payout ratio is presently 42.33%.
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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