Norges Bank bought a new position in CONMED Co. (NASDAQ:CNMD) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 516,261 shares of the medical technology company’s stock, valued at approximately $33,144,000. Norges Bank owned about 1.84% of CONMED as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors and hedge funds also recently bought and sold shares of the stock. Bank of Montreal Can increased its position in CONMED by 16.8% in the 4th quarter. Bank of Montreal Can now owns 74,306 shares of the medical technology company’s stock worth $4,770,000 after buying an additional 10,684 shares during the period. Great West Life Assurance Co. Can increased its position in CONMED by 9.2% in the 4th quarter. Great West Life Assurance Co. Can now owns 35,029 shares of the medical technology company’s stock worth $2,075,000 after buying an additional 2,965 shares during the period. Vanguard Group Inc increased its position in CONMED by 6.1% in the 3rd quarter. Vanguard Group Inc now owns 2,666,773 shares of the medical technology company’s stock worth $211,262,000 after buying an additional 153,396 shares during the period. Bank of America Corp DE increased its position in CONMED by 7.9% in the 4th quarter. Bank of America Corp DE now owns 135,524 shares of the medical technology company’s stock worth $8,701,000 after buying an additional 9,867 shares during the period. Finally, Vanguard Group Inc. increased its position in CONMED by 6.1% in the 3rd quarter. Vanguard Group Inc. now owns 2,666,773 shares of the medical technology company’s stock worth $211,262,000 after buying an additional 153,396 shares during the period. Hedge funds and other institutional investors own 96.69% of the company’s stock.
In other CONMED news, EVP Peter K. Shagory sold 4,000 shares of the company’s stock in a transaction on Thursday, January 31st. The stock was sold at an average price of $69.29, for a total value of $277,160.00. Following the sale, the executive vice president now directly owns 5,155 shares in the company, valued at $357,189.95. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Peter K. Shagory sold 3,000 shares of the company’s 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 sale, the executive vice president now owns 4,649 shares in the company, valued at $361,552.73. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 9,000 shares of company stock worth $677,250. 3.13% of the stock is currently owned by company insiders.
Several research analysts have commented on the company. BidaskClub downgraded CONMED from a “strong-buy” rating to a “buy” rating in a research report on Tuesday. Needham & Company LLC lifted their price target on CONMED from $87.00 to $94.00 and gave the stock a “buy” rating in a research report on Tuesday. Zacks Investment Research upgraded CONMED from a “hold” rating to a “buy” rating and set a $93.00 price objective on the stock in a research report on Monday. Finally, Barclays assumed coverage on CONMED in a research report on Tuesday, February 19th. They set an “overweight” rating and a $85.00 price objective on the stock. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the stock. CONMED has a consensus rating of “Buy” and a consensus target price of $90.00.
CNMD opened at $80.92 on Wednesday. The company has a market cap of $2.36 billion, a PE ratio of 37.12, a PEG ratio of 2.97 and a beta of 0.67. The company has a current ratio of 2.33, a quick ratio of 1.37 and a debt-to-equity ratio of 0.66. CONMED Co. has a 1 year low of $56.90 and a 1 year high of $84.26.
CONMED (NASDAQ:CNMD) last released its quarterly earnings data on Tuesday, January 22nd. The medical technology company reported $0.73 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.73. The business had revenue of $242.40 million for the quarter, compared to analysts’ expectations of $228.40 million. CONMED had a return on equity of 9.65% and a net margin of 4.75%. CONMED’s quarterly revenue was up 8.9% on a year-over-year basis. During the same period in the previous year, the business posted $0.69 earnings per share. As a group, research analysts predict that CONMED Co. will post 2.44 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, April 5th. Stockholders of record on Friday, March 15th were given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.99%. The ex-dividend date of this dividend was Thursday, March 14th. CONMED’s dividend payout ratio is presently 36.70%.
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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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