California Public Employees Retirement System trimmed its holdings in shares of CONMED Co. (NASDAQ:CNMD) by 4.6% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 72,391 shares of the medical technology company’s stock after selling 3,525 shares during the quarter. California Public Employees Retirement System owned 0.26% of CONMED worth $4,648,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors have also bought and sold shares of CNMD. Financial Gravity Companies Inc. acquired a new position in CONMED during the 4th quarter worth approximately $45,000. First Quadrant L P CA acquired a new position in CONMED during the 4th quarter worth approximately $78,000. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. boosted its position in CONMED by 35.2% during the 4th quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 1,742 shares of the medical technology company’s stock worth $106,000 after acquiring an additional 454 shares during the last quarter. Quantamental Technologies LLC acquired a new position in CONMED during the 4th quarter worth approximately $161,000. Finally, LS Investment Advisors LLC boosted its position in CONMED by 252.1% during the 4th quarter. LS Investment Advisors LLC now owns 2,975 shares of the medical technology company’s stock worth $191,000 after acquiring an additional 2,130 shares during the last quarter. 94.96% of the stock is owned by institutional investors and hedge funds.
In other CONMED news, EVP Peter K. Shagory sold 3,000 shares of the firm’s stock in a transaction on Friday, March 8th. The stock was sold at an average price of $77.77, for a total transaction of $233,310.00. Following the completion of the sale, the executive vice president now owns 4,649 shares of the company’s stock, valued at approximately $361,552.73. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Peter K. Shagory sold 4,000 shares of the firm’s stock in a transaction on Thursday, January 31st. The shares were 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 of the company’s stock, valued at approximately $357,189.95. The disclosure for this sale can be found here. Company insiders own 3.13% of the company’s stock.
Several equities research analysts have recently commented on CNMD shares. BidaskClub raised CONMED from a “hold” rating to a “buy” rating in a report on Wednesday, March 6th. Needham & Company LLC increased their price objective on CONMED to $87.00 and gave the company a “buy” rating in a report on Wednesday, February 27th. Barclays started coverage on CONMED in a report on Tuesday, February 19th. They issued an “overweight” rating and a $85.00 price objective for the company. Finally, Zacks Investment Research raised CONMED from a “hold” rating to a “buy” rating and set a $79.00 price objective for the company in a report on Friday, January 25th. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus price target of $83.00.
NASDAQ CNMD opened at $78.90 on Friday. CONMED Co. has a 12 month low of $56.90 and a 12 month high of $83.49. The company has a market capitalization of $2.22 billion, a PE ratio of 36.19, a P/E/G ratio of 2.80 and a beta of 0.66. The company has a debt-to-equity ratio of 0.66, a current ratio of 2.33 and a quick ratio of 1.37.
CONMED (NASDAQ:CNMD) last announced its quarterly earnings results on Tuesday, January 22nd. The medical technology company reported $0.73 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.73. CONMED had a return on equity of 9.65% and a net margin of 4.75%. The business had revenue of $242.40 million during the quarter, compared to the consensus estimate of $228.40 million. During the same quarter last year, the firm posted $0.69 EPS. The company’s quarterly revenue was up 8.9% on a year-over-year basis. On average, sell-side analysts forecast that CONMED Co. will post 2.44 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, April 5th. Shareholders of record on Friday, March 15th will be issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 1.01%. The ex-dividend date is Thursday, March 14th. CONMED’s dividend payout ratio is 36.70%.
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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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