O Shaughnessy Asset Management LLC lifted its stake in shares of CONMED Co. (NASDAQ:CNMD) by 95.0% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 133,544 shares of the medical technology company’s stock after acquiring an additional 65,058 shares during the quarter. O Shaughnessy Asset Management LLC owned about 0.48% of CONMED worth $10,553,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently bought and sold shares of CNMD. Hood River Capital Management LLC acquired a new position in shares of CONMED during the second quarter valued at approximately $25,372,000. FMR LLC acquired a new position in shares of CONMED during the second quarter valued at approximately $20,992,000. BlackRock Inc. increased its stake in shares of CONMED by 5.6% during the second quarter. BlackRock Inc. now owns 3,759,374 shares of the medical technology company’s stock valued at $275,184,000 after acquiring an additional 201,044 shares during the period. Citadel Advisors LLC increased its stake in shares of CONMED by 4,203.7% during the second quarter. Citadel Advisors LLC now owns 147,015 shares of the medical technology company’s stock valued at $10,761,000 after acquiring an additional 143,599 shares during the period. Finally, American Century Companies Inc. bought a new stake in CONMED during the second quarter worth approximately $5,230,000. Institutional investors and hedge funds own 96.83% of the company’s stock.
In related news, VP Stanley W. Peters III sold 1,500 shares of the firm’s stock in a transaction that occurred on Friday, September 14th. The shares were sold at an average price of $80.43, for a total value of $120,645.00. Following the completion of the transaction, the vice president now owns 1,496 shares of the company’s stock, valued at approximately $120,323.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Peter K. Shagory sold 2,500 shares of the firm’s stock in a transaction that occurred on Friday, August 31st. The stock was sold at an average price of $80.00, for a total transaction of $200,000.00. Following the completion of the transaction, the executive vice president now directly owns 3,655 shares of the company’s stock, valued at approximately $292,400. The disclosure for this sale can be found here. Company insiders own 3.13% of the company’s stock.
Shares of NASDAQ:CNMD opened at $69.10 on Friday. The company has a market cap of $1.93 billion, a P/E ratio of 31.98, a price-to-earnings-growth ratio of 2.75 and a beta of 0.68. CONMED Co. has a 1-year low of $49.22 and a 1-year high of $83.49. The company has a quick ratio of 1.15, a current ratio of 2.20 and a debt-to-equity ratio of 0.68.
CONMED (NASDAQ:CNMD) last issued its earnings results on Thursday, November 1st. The medical technology company reported $0.46 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.45 by $0.01. The firm had revenue of $202.30 million during the quarter, compared to analysts’ expectations of $198.51 million. CONMED had a net margin of 8.56% and a return on equity of 9.51%. The firm’s revenue for the quarter was up 6.4% compared to the same quarter last year. During the same period last year, the firm posted $0.42 earnings per share. As a group, sell-side analysts anticipate that CONMED Co. will post 2.17 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, January 7th. Investors of record on Friday, December 14th will be paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 1.16%. The ex-dividend date is Thursday, December 13th. CONMED’s dividend payout ratio is 42.33%.
CNMD has been the subject of a number of research reports. Needham & Company LLC raised their target price on shares of CONMED from $73.00 to $83.00 and gave the stock a “buy” rating in a report on Thursday, August 2nd. BidaskClub cut shares of CONMED from a “strong-buy” rating to a “buy” rating in a report on Tuesday, July 17th. Barclays set a $78.00 target price on shares of CONMED and gave the stock an “equal weight” rating in a report on Tuesday, October 16th. Zacks Investment Research upgraded shares of CONMED from a “sell” rating to a “hold” rating in a report on Wednesday, October 3rd. Finally, Leerink Swann raised their target price on shares of CONMED from $76.00 to $81.00 and gave the stock a “market perform” rating in a report on Thursday, August 30th. One analyst has rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the stock. The company has an average rating of “Hold” and an average target price of $81.50.
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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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