MetLife Investment Advisors LLC purchased a new position in shares of CONMED Co. (NASDAQ:CNMD) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 13,371 shares of the medical technology company’s stock, valued at approximately $682,000.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. American International Group Inc. boosted its holdings in CONMED by 6.0% during the third quarter. American International Group Inc. now owns 21,427 shares of the medical technology company’s stock worth $1,124,000 after buying an additional 1,208 shares in the last quarter. Legal & General Group Plc boosted its holdings in CONMED by 4.3% during the third quarter. Legal & General Group Plc now owns 51,844 shares of the medical technology company’s stock worth $2,721,000 after buying an additional 2,155 shares in the last quarter. Geode Capital Management LLC boosted its holdings in CONMED by 1.0% during the fourth quarter. Geode Capital Management LLC now owns 231,425 shares of the medical technology company’s stock worth $11,795,000 after buying an additional 2,206 shares in the last quarter. Jefferies Group LLC purchased a new stake in CONMED during the fourth quarter worth $200,000. Finally, Amalgamated Bank purchased a new stake in CONMED during the fourth quarter worth $200,000. 99.60% of the stock is currently owned by hedge funds and other institutional investors.
A number of analysts recently issued reports on CNMD shares. Zacks Investment Research raised shares of CONMED from a “hold” rating to a “buy” rating and set a $71.00 price target on the stock in a report on Friday, February 2nd. Needham & Company LLC increased their price objective on shares of CONMED from $58.00 to $71.00 and gave the company a “buy” rating in a report on Thursday, February 1st. BidaskClub downgraded shares of CONMED from a “strong-buy” rating to a “buy” rating in a report on Wednesday, April 4th. Finally, ValuEngine raised shares of 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 issued a buy rating to the company’s stock. The stock has a consensus 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 (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.65 by $0.04. The business had revenue of $222.60 million for the quarter, compared to the consensus estimate of $212.17 million. CONMED had a net margin of 6.97% and a return on equity of 8.96%. The company’s revenue was up 9.1% compared to the same quarter last year. During the same period last year, the firm posted $0.54 earnings per share. research analysts anticipate that CONMED Co. will post 2.14 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, April 5th. Shareholders of record on Thursday, March 15th were issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 1.27%. The ex-dividend date was Wednesday, March 14th. CONMED’s payout ratio is 42.33%.
In other news, CFO Luke A. Pomilio sold 18,023 shares of the stock in a transaction dated Thursday, February 1st. The shares were sold at an average price of $63.38, for a total value of $1,142,297.74. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Terence M. Berge sold 3,868 shares of the stock in a transaction dated Friday, March 9th. The shares were sold at an average price of $62.45, for a total transaction of $241,556.60. Following the completion of the sale, the vice president now owns 19,908 shares of the company’s stock, valued at $1,243,254.60. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 46,473 shares of company stock worth $2,874,693. Insiders own 2.62% of the company’s stock.
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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