Sit Investment Associates Inc. acquired a new position in Conmed Corp. (NASDAQ:CNMD) during the second quarter, Holdings Channel reports. The fund acquired 23,125 shares of the medical technology company’s stock, valued at approximately $1,104,000.
A number of other large investors have also made changes to their positions in the company. Bayesian Capital Management LP acquired a new stake in shares of Conmed Corp. during the first quarter worth $252,000. Aperio Group LLC acquired a new stake in shares of Conmed Corp. during the first quarter worth $255,000. Menta Capital LLC acquired a new stake in shares of Conmed Corp. during the first quarter worth $279,000. Bank of Montreal Can acquired a new stake in shares of Conmed Corp. during the second quarter worth $304,000. Finally, Diversified Trust Co acquired a new stake in shares of Conmed Corp. during the second quarter worth $310,000. Institutional investors and hedge funds own 98.80% of the company’s stock.
Conmed Corp. (NASDAQ:CNMD) traded up 0.53% during midday trading on Wednesday, hitting $39.56. 35,850 shares of the stock were exchanged. The firm’s 50 day moving average price is $40.19 and its 200 day moving average price is $42.24. The company has a market cap of $1.10 billion, a PE ratio of 63.91 and a beta of 0.90. Conmed Corp. has a 12 month low of $35.51 and a 12 month high of $51.90.
Conmed Corp. (NASDAQ:CNMD) last released its quarterly earnings results on Wednesday, July 27th. The medical technology company reported $0.47 EPS for the quarter, topping analysts’ consensus estimates of $0.46 by $0.01. Conmed Corp. had a net margin of 2.36% and a return on equity of 8.11%. The firm earned $193.40 million during the quarter, compared to analysts’ expectations of $191.48 million. During the same period in the previous year, the company earned $0.36 EPS. The firm’s revenue for the quarter was up 6.8% compared to the same quarter last year. On average, equities research analysts forecast that Conmed Corp. will post $1.87 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Wednesday, October 5th. Investors of record on Thursday, September 15th were paid a dividend of $0.20 per share. The ex-dividend date of this dividend was Tuesday, September 13th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.03%. Conmed Corp.’s dividend payout ratio is presently 129.03%.
CNMD has been the topic of a number of recent research reports. Zacks Investment Research upgraded shares of Conmed Corp. from a “hold” rating to a “buy” rating and set a $48.00 price objective on the stock in a report on Monday, June 20th. Leerink Swann cut shares of Conmed Corp. from an “outperform” rating to a “market perform” rating and cut their price objective for the stock from $56.00 to $47.00 in a report on Thursday, July 28th. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The company has an average rating of “Buy” and an average price target of $49.00.
About Conmed Corp.
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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