BlackRock Inc. cut its stake in CONMED Co. (NASDAQ:CNMD) by 2.0% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 4,186,441 shares of the medical technology company’s stock after selling 85,225 shares during the quarter. BlackRock Inc. owned about 14.83% of CONMED worth $348,227,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Acadian Asset Management LLC grew its stake in CONMED by 145.1% in the first quarter. Acadian Asset Management LLC now owns 18,562 shares of the medical technology company’s stock valued at $1,544,000 after purchasing an additional 10,990 shares during the last quarter. Parametric Portfolio Associates LLC grew its stake in CONMED by 2.2% in the first quarter. Parametric Portfolio Associates LLC now owns 87,702 shares of the medical technology company’s stock valued at $7,295,000 after purchasing an additional 1,896 shares during the last quarter. First Trust Advisors LP grew its stake in CONMED by 8.3% in the first quarter. First Trust Advisors LP now owns 40,689 shares of the medical technology company’s stock valued at $3,385,000 after purchasing an additional 3,112 shares during the last quarter. Shell Asset Management Co. purchased a new position in CONMED in the first quarter valued at about $683,000. Finally, Martingale Asset Management L P grew its stake in CONMED by 9.5% in the first quarter. Martingale Asset Management L P now owns 129,029 shares of the medical technology company’s stock valued at $10,734,000 after purchasing an additional 11,200 shares during the last quarter. Institutional investors own 96.75% of the company’s stock.
Shares of CNMD stock opened at $84.19 on Thursday. CONMED Co. has a fifty-two week low of $56.90 and a fifty-two week high of $85.91. The stock has a market cap of $2.34 billion, a PE ratio of 38.62, a price-to-earnings-growth ratio of 2.46 and a beta of 0.60. The company has a debt-to-equity ratio of 1.16, a quick ratio of 1.45 and a current ratio of 2.58.
CONMED (NASDAQ:CNMD) last issued its quarterly earnings results on Wednesday, April 24th. The medical technology company reported $0.57 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.54 by $0.03. CONMED had a return on equity of 9.67% and a net margin of 3.56%. The business had revenue of $218.38 million for the quarter, compared to analyst estimates of $213.95 million. During the same quarter in the previous year, the firm earned $0.53 earnings per share. The company’s revenue was up 8.1% on a year-over-year basis. Sell-side analysts predict that CONMED Co. will post 2.5 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, July 5th. Stockholders of record on Friday, June 14th will be paid a dividend of $0.20 per share. The ex-dividend date is Thursday, June 13th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.95%. CONMED’s payout ratio is 36.70%.
In related news, VP Terence M. Berge sold 7,161 shares of CONMED stock in a transaction dated Tuesday, May 28th. The stock was sold at an average price of $83.03, for a total transaction of $594,577.83. Following the completion of the sale, the vice president now owns 23,851 shares of the company’s stock, valued at $1,980,348.53. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Daniel Jonas sold 4,000 shares of CONMED stock in a transaction dated Friday, April 26th. The stock was sold at an average price of $80.51, for a total value of $322,040.00. Following the sale, the executive vice president now directly owns 27,497 shares of the company’s stock, valued at approximately $2,213,783.47. The disclosure for this sale can be found here. Insiders have sold 14,937 shares of company stock worth $1,229,478 in the last 90 days. Insiders own 4.38% of the company’s stock.
Several equities analysts have issued reports on CNMD shares. BidaskClub upgraded CONMED from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, March 27th. Stifel Nicolaus started coverage on CONMED in a research note on Wednesday, April 17th. They issued a “buy” rating and a $95.00 target price on the stock. Needham & Company LLC lifted their target price on CONMED to $87.00 and gave the company a “buy” rating in a research note on Wednesday, February 27th. Barclays started 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. Finally, Zacks Investment Research upgraded CONMED from a “hold” rating to a “buy” rating and set a $93.00 target price on the stock in a research note on Monday, April 15th. One analyst has rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus target price of $91.00.
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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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