Martingale Asset Management L P decreased its position in shares of CONMED Co. (NASDAQ:CNMD) by 12.5% during the fourth quarter, HoldingsChannel.com reports. The fund owned 80,108 shares of the medical technology company’s stock after selling 11,400 shares during the period. Martingale Asset Management L P’s holdings in CONMED were worth $4,084,000 as of its most recent SEC filing.
Several other hedge funds have also recently bought and sold shares of CNMD. Victory Capital Management Inc. grew its holdings in shares of CONMED by 5.4% during the 3rd quarter. Victory Capital Management Inc. now owns 2,180,586 shares of the medical technology company’s stock worth $114,415,000 after acquiring an additional 111,096 shares during the period. Macquarie Group Ltd. grew its holdings in shares of CONMED by 13.9% during the 3rd quarter. Macquarie Group Ltd. now owns 731,957 shares of the medical technology company’s stock worth $38,406,000 after acquiring an additional 89,078 shares during the period. BlackRock Inc. grew its holdings in shares of CONMED by 2.7% during the 4th quarter. BlackRock Inc. now owns 3,281,817 shares of the medical technology company’s stock worth $167,275,000 after acquiring an additional 85,022 shares during the period. Assenagon Asset Management S.A. purchased a new position in shares of CONMED during the 4th quarter worth approximately $3,169,000. Finally, Prudential Financial Inc. boosted its position in shares of CONMED by 65.8% in the 3rd quarter. Prudential Financial Inc. now owns 118,365 shares of the medical technology company’s stock worth $6,211,000 after purchasing an additional 46,956 shares in the last quarter. Hedge funds and other institutional investors own 98.57% of the company’s stock.
A number of analysts have recently commented on CNMD shares. Piper Jaffray Companies reissued a “hold” rating and issued a $46.00 price target on shares of CONMED in a research report on Friday, November 3rd. KeyCorp reissued a “hold” rating on shares of CONMED in a research report on Friday, November 3rd. Zacks Investment Research cut CONMED from a “hold” rating to a “sell” rating in a research report on Monday, November 6th. Needham & Company LLC reissued a “buy” rating and issued a $58.00 price target on shares of CONMED in a research report on Friday, November 17th. Finally, BidaskClub cut CONMED from a “hold” rating to a “sell” rating in a research report on Tuesday, December 12th. Four research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. CONMED presently has a consensus rating of “Hold” and a consensus price target of $59.00.
Shares of CONMED Co. (CNMD) opened at $60.53 on Thursday. The company has a debt-to-equity ratio of 0.75, a current ratio of 2.38 and a quick ratio of 1.49. CONMED Co. has a 12-month low of $39.74 and a 12-month high of $64.99. The company has a market capitalization of $1,706.22, a P/E ratio of 32.10, a PEG ratio of 2.48 and a beta of 0.74.
CONMED (NASDAQ:CNMD) last issued its quarterly earnings results on Wednesday, January 31st. The medical technology company reported $0.69 EPS for the quarter, topping analysts’ consensus estimates of $0.65 by $0.04. CONMED had a return on equity of 8.96% and a net margin of 6.97%. The firm had revenue of $222.60 million for the quarter, compared to analysts’ expectations of $212.17 million. During the same period in the previous year, the firm posted $0.54 EPS. The business’s revenue for the quarter was up 9.1% compared to the same quarter last year. research analysts predict that CONMED Co. will post 2.14 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, April 5th. Stockholders of record on Thursday, March 15th will be given a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.32%. CONMED’s dividend payout ratio is currently 40.61%.
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. The Company provides surgical devices and equipment for minimally invasive procedures. The Company’s products are used by surgeons and physicians in a range of specialties, including orthopedics, general surgery, gynecology, neurosurgery and gastroenterology.
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