Systematic Financial Management LP Lowers Position in CONMED Co. (CNMD)

Systematic Financial Management LP trimmed its position in CONMED Co. (NASDAQ:CNMD) by 1.2% in the first quarter, HoldingsChannel.com reports. The firm owned 18,070 shares of the medical technology company’s stock after selling 225 shares during the period. Systematic Financial Management LP’s holdings in CONMED were worth $1,503,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in CNMD. Moody Aldrich Partners LLC lifted its stake in CONMED by 138.4% in the 1st quarter. Moody Aldrich Partners LLC now owns 62,579 shares of the medical technology company’s stock valued at $5,205,000 after acquiring an additional 36,326 shares in the last quarter. Crossmark Global Holdings Inc. lifted its stake in CONMED by 3.9% in the 1st quarter. Crossmark Global Holdings Inc. now owns 7,276 shares of the medical technology company’s stock valued at $605,000 after acquiring an additional 270 shares in the last quarter. Texas Permanent School Fund lifted its stake in CONMED by 3.8% in the 1st quarter. Texas Permanent School Fund now owns 17,584 shares of the medical technology company’s stock valued at $1,463,000 after acquiring an additional 649 shares in the last quarter. Pillar Pacific Capital Management LLC bought a new stake in CONMED in the 1st quarter valued at approximately $250,000. Finally, Comerica Bank lifted its stake in CONMED by 1.9% in the 1st quarter. Comerica Bank now owns 25,614 shares of the medical technology company’s stock valued at $2,121,000 after acquiring an additional 479 shares in the last quarter. Hedge funds and other institutional investors own 96.52% of the company’s stock.

NASDAQ:CNMD opened at $81.15 on Thursday. The company has a market cap of $2.33 billion, a price-to-earnings ratio of 37.22, a P/E/G ratio of 2.42 and a beta of 0.64. CONMED Co. has a twelve month low of $56.90 and a twelve month high of $85.91. The company has a current ratio of 2.58, a quick ratio of 1.45 and a debt-to-equity ratio of 1.16.

CONMED (NASDAQ:CNMD) last posted its quarterly 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. The firm had revenue of $218.38 million for the quarter, compared to analyst estimates of $213.95 million. CONMED had a return on equity of 9.67% and a net margin of 3.56%. The business’s quarterly revenue was up 8.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.53 EPS. Research analysts forecast that CONMED Co. will post 2.5 EPS for the current fiscal year.

CNMD has been the topic of several research reports. Zacks Investment Research cut CONMED from a “hold” rating to a “sell” rating in a research note on Monday, January 21st. Needham & Company LLC restated a “buy” rating and issued a $79.00 target price (down previously from $86.00) on shares of CONMED in a research note on Wednesday, January 23rd. Barclays initiated coverage on CONMED in a research note on Tuesday, February 19th. They issued an “overweight” rating and a $85.00 target price on the stock. BidaskClub raised CONMED from a “hold” rating to a “buy” rating in a research report on Wednesday, March 6th. Finally, Stifel Nicolaus initiated coverage on CONMED in a research report on Wednesday, April 17th. They set a “buy” rating and a $95.00 price target on the stock. One investment analyst has rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. CONMED currently has a consensus rating of “Buy” and a consensus price target of $91.00.

In related news, Director Dirk Kuyper sold 2,000 shares of the business’s stock in a transaction that occurred on Monday, April 8th. The stock was sold at an average price of $83.39, for a total transaction of $166,780.00. Following the transaction, the director now directly owns 13,906 shares of the company’s stock, valued at approximately $1,159,621.34. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Stanley W. Peters III sold 1,511 shares of the business’s stock in a transaction that occurred 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 transaction, the vice president now directly owns 618 shares in the company, valued at $50,676. The disclosure for this sale can be found here. Insiders have sold a total of 10,511 shares of company stock worth $846,032 in the last ninety days. Insiders own 4.38% of the company’s stock.

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CONMED 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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Institutional Ownership by Quarter for CONMED (NASDAQ:CNMD)

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