Millennium Management LLC purchased a new stake in CONMED Co. (NASDAQ:CNMD) during the 4th quarter, HoldingsChannel reports. The institutional investor purchased 112,952 shares of the medical technology company’s stock, valued at approximately $5,757,000.
Several other hedge funds have also added to or reduced their stakes in CNMD. Amalgamated Bank acquired a new position in shares of CONMED in the fourth quarter valued at about $200,000. Jefferies Group LLC acquired a new position in shares of CONMED in the fourth quarter valued at about $200,000. Stone Ridge Asset Management LLC acquired a new position in shares of CONMED in the fourth quarter valued at about $268,000. Koch Industries Inc. acquired a new position in shares of CONMED in the fourth quarter valued at about $275,000. Finally, OxFORD Asset Management LLP acquired a new position in shares of CONMED in the third quarter valued at about $294,000. Institutional investors and hedge funds own 99.57% of the company’s stock.
Several equities analysts recently commented on CNMD shares. BidaskClub downgraded shares of CONMED from a “sell” rating to a “strong sell” rating in a research note on Wednesday, December 27th. Zacks Investment Research downgraded shares of CONMED from a “buy” rating to a “hold” rating in a research note on Thursday, January 4th. Needham & Company LLC upped their price objective on shares of CONMED from $58.00 to $71.00 and gave the stock a “buy” rating in a research report on Thursday, February 1st. Finally, ValuEngine raised shares of CONMED from a “hold” rating to a “buy” rating in a research 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. CONMED has an average rating of “Buy” and a consensus price target of $58.50.
CONMED (NASDAQ:CNMD) last posted its quarterly earnings data on Wednesday, January 31st. The medical technology company reported $0.69 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.65 by $0.04. CONMED had a net margin of 6.97% and a return on equity of 8.96%. The business had revenue of $222.60 million during the quarter, compared to analysts’ expectations of $212.17 million. During the same quarter in the prior year, the business posted $0.54 earnings per share. CONMED’s revenue was up 9.1% compared to the same quarter last year. analysts anticipate that CONMED Co. will post 2.14 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, April 5th. Investors of record on Thursday, March 15th were given a dividend of $0.20 per share. The ex-dividend date was Wednesday, March 14th. This represents a $0.80 annualized dividend and a yield of 1.29%. CONMED’s dividend payout ratio is 42.33%.
In related news, CFO Luke A. Pomilio sold 19,620 shares of the company’s stock in a transaction dated Thursday, March 1st. The shares were sold at an average price of $60.19, for a total transaction of $1,180,927.80. Following the completion of the sale, the chief financial officer now owns 600 shares of the company’s stock, valued at $36,114. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Jo Ann Golden sold 3,000 shares of the company’s stock in a transaction dated Thursday, February 1st. The stock was sold at an average price of $63.90, for a total transaction of $191,700.00. The disclosure for this sale can be found here. Insiders have sold 46,473 shares of company stock valued at $2,874,693 in the last ninety days. 2.62% of the stock is currently owned by company insiders.
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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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