First Mercantile Trust Co. reduced its stake in Conmed Corp. (NASDAQ:CNMD) by 3.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 3,120 shares of the medical technology company’s stock after selling 100 shares during the period. First Mercantile Trust Co.’s holdings in Conmed Corp. were worth $149,000 as of its most recent filing with the SEC.
Several other institutional investors also recently bought and sold shares of CNMD. Virginia Retirement Systems ET AL bought a new position in Conmed Corp. during the second quarter valued at about $1,413,000. PineBridge Investments L.P. raised its position in shares of Conmed Corp. by 3.9% in the second quarter. PineBridge Investments L.P. now owns 3,273 shares of the medical technology company’s stock worth $157,000 after buying an additional 124 shares during the period. Westpac Banking Corp raised its position in shares of Conmed Corp. by 49.3% in the second quarter. Westpac Banking Corp now owns 10,524 shares of the medical technology company’s stock worth $502,000 after buying an additional 3,474 shares during the period. Principal Financial Group Inc. raised its position in shares of Conmed Corp. by 2.8% in the second quarter. Principal Financial Group Inc. now owns 181,610 shares of the medical technology company’s stock worth $8,668,000 after buying an additional 4,892 shares during the period. Finally, Prudential Financial Inc. raised its position in shares of Conmed Corp. by 1.8% in the second quarter. Prudential Financial Inc. now owns 63,197 shares of the medical technology company’s stock worth $3,016,000 after buying an additional 1,140 shares during the period. 98.80% of the stock is owned by hedge funds and other institutional investors.
Shares of Conmed Corp. (NASDAQ:CNMD) opened at 40.73 on Thursday. Conmed Corp. has a 52-week low of $35.51 and a 52-week high of $51.90. The stock has a market cap of $1.13 billion, a price-to-earnings ratio of 65.80 and a beta of 0.90. The stock’s 50 day moving average is $40.17 and its 200 day moving average is $42.23.
Conmed Corp. (NASDAQ:CNMD) last announced its quarterly earnings results on Wednesday, July 27th. The medical technology company reported $0.47 earnings per share for the quarter, beating the consensus estimate of $0.46 by $0.01. The company earned $193.40 million during the quarter, compared to analysts’ expectations of $191.48 million. Conmed Corp. had a return on equity of 8.11% and a net margin of 2.36%. Conmed Corp.’s quarterly revenue was up 6.8% on a year-over-year basis. During the same period last year, the business earned $0.36 earnings per share. On average, equities analysts predict that Conmed Corp. will post $1.87 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Wednesday, October 5th. Investors of record on Thursday, September 15th were given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 1.96%. The ex-dividend date of this dividend was Tuesday, September 13th. Conmed Corp.’s dividend payout ratio is currently 129.03%.
A number of equities analysts have weighed in on the company. Zacks Investment Research raised Conmed Corp. from a “hold” rating to a “buy” rating and set a $48.00 target price for the company in a research report on Tuesday, June 14th. Leerink Swann lowered Conmed Corp. from an “outperform” rating to a “market perform” rating and decreased their target price for the stock from $56.00 to $47.00 in a research report on Thursday, July 28th. Three equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus target price of $49.00.
Conmed Corp. Company Profile
CONMED Corporation is a medical technology company. The Company is engaged in the development, manufacturing and sale on a global basis of surgical devices and related equipment. Its products are used by surgeons and physicians in a range of specialties, including orthopedics, general surgery, gynecology, neurosurgery and gastroenterology.
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