California Public Employees Retirement System lowered its position in shares of CONMED Co. (NYSE:CNMD – Get Rating) by 4.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 60,216 shares of the company's stock after selling 2,707 shares during the period. California Public Employees Retirement System owned 0.20% of CONMED worth $8,945,000 at the end of the most recent quarter.
Several other large investors also recently bought and sold shares of CNMD. Capital Research Global Investors raised its holdings in CONMED by 10.1% during the fourth quarter. Capital Research Global Investors now owns 1,127,056 shares of the company's stock worth $159,771,000 after purchasing an additional 103,061 shares in the last quarter. First Republic Investment Management Inc. raised its holdings in CONMED by 23.1% during the fourth quarter. First Republic Investment Management Inc. now owns 8,896 shares of the company's stock worth $1,261,000 after purchasing an additional 1,667 shares in the last quarter. Advisor Group Holdings Inc. raised its holdings in CONMED by 21.5% during the fourth quarter. Advisor Group Holdings Inc. now owns 9,874 shares of the company's stock worth $1,400,000 after purchasing an additional 1,744 shares in the last quarter. Legacy Wealth Asset Management LLC raised its holdings in CONMED by 3.8% during the fourth quarter. Legacy Wealth Asset Management LLC now owns 5,514 shares of the company's stock worth $782,000 after purchasing an additional 201 shares in the last quarter. Finally, Simplex Trading LLC raised its holdings in CONMED by 6.6% during the first quarter. Simplex Trading LLC now owns 2,189 shares of the company's stock worth $325,000 after purchasing an additional 135 shares in the last quarter.
Get CONMED alerts:Analyst Ratings Changes
CNMD has been the subject of several analyst reports. TheStreet cut shares of CONMED from a "b-" rating to a "c+" rating in a report on Tuesday, June 21st. Stifel Nicolaus dropped their target price on shares of CONMED from $160.00 to $110.00 and set a "buy" rating for the company in a report on Thursday, June 23rd. Piper Sandler dropped their target price on shares of CONMED from $160.00 to $118.00 and set an "overweight" rating for the company in a report on Thursday, July 28th. Finally, Needham & Company LLC dropped their target price on shares of CONMED from $155.00 to $127.00 and set a "buy" rating for the company in a report on Thursday, July 28th. One research analyst has rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $118.33.
Insider Activity
In related news, CFO Todd W. Garner sold 2,662 shares of the firm's stock in a transaction that occurred on Monday, June 13th. The shares were sold at an average price of $99.79, for a total transaction of $265,640.98. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other CONMED news, Director Jerome J. Lande sold 6,000 shares of CONMED stock in a transaction on Friday, May 13th. The shares were sold at an average price of $115.42, for a total value of $692,520.00. Following the transaction, the director now owns 3,928 shares in the company, valued at approximately $453,369.76. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Todd W. Garner sold 2,662 shares of CONMED stock in a transaction on Monday, June 13th. The shares were sold at an average price of $99.79, for a total transaction of $265,640.98. The disclosure for this sale can be found here. Insiders have sold 10,183 shares of company stock worth $1,136,118 over the last ninety days. 1.10% of the stock is currently owned by insiders.CONMED Stock Up 0.5 %
CNMD stock opened at $97.01 on Monday. The company's 50 day simple moving average is $99.05 and its 200-day simple moving average is $123.05. The firm has a market capitalization of $2.96 billion, a PE ratio of 50.01, a P/E/G ratio of 3.19 and a beta of 1.53. CONMED Co. has a 12 month low of $87.24 and a 12 month high of $159.11. The company has a debt-to-equity ratio of 0.86, a current ratio of 2.34 and a quick ratio of 1.16.
CONMED (NYSE:CNMD – Get Rating) last released its quarterly earnings results on Wednesday, July 27th. The company reported $0.76 EPS for the quarter, beating the consensus estimate of $0.75 by $0.01. The business had revenue of $277.20 million for the quarter, compared to analyst estimates of $274.22 million. CONMED had a net margin of 6.19% and a return on equity of 13.20%. The company's quarterly revenue was up 8.6% on a year-over-year basis. During the same period in the prior year, the business earned $0.71 earnings per share. Equities analysts expect that CONMED Co. will post 3.7 earnings per share for the current fiscal year.
CONMED Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 5th. Stockholders of record on Wednesday, June 15th were given a $0.20 dividend. The ex-dividend date was Tuesday, June 14th. This represents a $0.80 annualized dividend and a dividend yield of 0.82%. CONMED's dividend payout ratio is presently 41.24%.
CONMED Profile
(Get Rating)
CONMED Corporation, a medical technology company, develops, manufactures, and sells surgical devices and related equipment for surgical procedures worldwide. It offers orthopedic surgery products, including TruShot with Y-Knot All-In-One Soft Tissue Fixation System, Y-knot All-Suture Anchors, and PopLok Knotless Suture Anchors, which provide unique clinical solutions to orthopedic surgeons for the repair of soft tissue injuries, as well as supporting products that enable surgeons to perform minimally invasive sports medicine surgeries.
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