Geode Capital Management LLC grew its position in shares of CONMED Co. (NASDAQ:CNMD) by 1.0% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 231,425 shares of the medical technology company’s stock after acquiring an additional 2,206 shares during the quarter. Geode Capital Management LLC owned 0.83% of CONMED worth $11,795,000 at the end of the most recent reporting period.
A number of other large investors have also recently added to or reduced their stakes in the business. Amalgamated Bank acquired a new position in CONMED during the 4th quarter worth approximately $200,000. Hudson Bay Capital Management LP acquired a new position in CONMED during the 4th quarter worth approximately $2,676,000. Spark Investment Management LLC acquired a new position in CONMED during the 4th quarter worth approximately $611,000. Citadel Advisors LLC boosted its position in CONMED by 661.1% during the 4th quarter. Citadel Advisors LLC now owns 34,921 shares of the medical technology company’s stock worth $1,780,000 after acquiring an additional 30,333 shares during the last quarter. Finally, BlackRock Inc. boosted its position in 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 last quarter. 99.57% of the stock is owned by hedge funds and other institutional investors.
In related news, CFO Luke A. Pomilio sold 19,620 shares of the stock in a transaction on Thursday, March 1st. The stock was sold at an average price of $60.19, for a total value of $1,180,927.80. Following the sale, the chief financial officer now owns 600 shares in the company, valued at approximately $36,114. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Jo Ann Golden sold 3,000 shares of the stock in a transaction on Thursday, February 1st. The shares were sold at an average price of $63.90, for a total value of $191,700.00. The disclosure for this sale can be found here. In the last three months, insiders sold 46,473 shares of company stock valued at $2,874,693. 2.62% of the stock is currently owned by insiders.
CONMED (NASDAQ:CNMD) last released its quarterly earnings data on Wednesday, January 31st. The medical technology company reported $0.69 EPS for the quarter, beating the consensus estimate of $0.65 by $0.04. The company had revenue of $222.60 million during the quarter, compared to the consensus estimate of $212.17 million. CONMED had a return on equity of 8.96% and a net margin of 6.97%. The firm’s revenue for the quarter was up 9.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.54 EPS. sell-side analysts forecast that CONMED Co. will post 2.14 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, April 5th. Stockholders of record on Thursday, March 15th were issued a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 1.30%. The ex-dividend date of this dividend was Wednesday, March 14th. CONMED’s payout ratio is presently 42.33%.
Several equities research analysts have recently commented on the company. BidaskClub downgraded CONMED from a “hold” rating to a “sell” rating in a report on Tuesday, December 12th. Zacks Investment Research raised CONMED from a “hold” rating to a “buy” rating and set a $57.00 price objective for the company in a report on Wednesday, January 3rd. Needham & Company LLC increased their price objective on CONMED from $58.00 to $71.00 and gave the company a “buy” rating in a report on Thursday, February 1st. Finally, ValuEngine raised CONMED from a “hold” rating to a “buy” rating in a report on Thursday, March 1st. Three analysts have rated the stock with a hold rating and four have given a buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $59.00.
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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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