Teacher Retirement System of Texas trimmed its position in CONMED Co. (NASDAQ:CNMD) by 35.8% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,565 shares of the medical technology company’s stock after selling 3,098 shares during the period. Teacher Retirement System of Texas’ holdings in CONMED were worth $352,000 as of its most recent SEC filing.
A number of other large investors have also recently bought and sold shares of CNMD. Millennium Management LLC purchased a new position in CONMED in the 4th quarter valued at $5,757,000. BlackRock Inc. grew its position in CONMED by 2.7% in the 4th quarter. BlackRock Inc. now owns 3,281,817 shares of the medical technology company’s stock valued at $167,275,000 after buying an additional 85,022 shares during the last quarter. Goldman Sachs Group Inc. grew its position in CONMED by 6.1% in the 4th quarter. Goldman Sachs Group Inc. now owns 1,067,319 shares of the medical technology company’s stock valued at $54,401,000 after buying an additional 61,617 shares during the last quarter. Hudson Bay Capital Management LP purchased a new position in CONMED in the 4th quarter valued at $2,676,000. Finally, Deutsche Bank AG grew its position in CONMED by 109.6% in the 4th quarter. Deutsche Bank AG now owns 72,534 shares of the medical technology company’s stock valued at $3,695,000 after buying an additional 37,931 shares during the last quarter. Hedge funds and other institutional investors own 95.43% of the company’s stock.
A number of equities analysts recently weighed in on the stock. BidaskClub upgraded shares of CONMED from a “buy” rating to a “strong-buy” rating in a research report on Friday, May 4th. Zacks Investment Research upgraded shares of CONMED from a “sell” rating to a “hold” rating in a research report on Friday, April 27th. Needham & Company LLC lifted their price objective on shares of CONMED from $71.00 to $73.00 and gave the company a “buy” rating in a research report on Thursday, April 26th. Finally, ValuEngine upgraded shares of CONMED from a “hold” rating to a “buy” rating in a research report on Thursday, March 1st. Three equities research analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $62.67.
Shares of CONMED opened at $74.40 on Monday, according to MarketBeat.com. The firm has a market cap of $2.09 billion, a price-to-earnings ratio of 39.37, a P/E/G ratio of 2.98 and a beta of 0.60. CONMED Co. has a one year low of $47.41 and a one year high of $74.58. The company has a debt-to-equity ratio of 0.69, a quick ratio of 1.23 and a current ratio of 2.15.
CONMED (NASDAQ:CNMD) last issued its earnings results on Wednesday, April 25th. The medical technology company reported $0.53 EPS for the quarter, topping the consensus estimate of $0.43 by $0.10. The company had revenue of $202.10 million for the quarter, compared to analyst estimates of $196.51 million. CONMED had a net margin of 8.71% and a return on equity of 9.46%. The business’s revenue was up 8.3% on a year-over-year basis. During the same period in the previous year, the firm earned $0.38 EPS. analysts forecast that CONMED Co. will post 2.17 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, July 5th. Shareholders of record on Friday, June 15th will be given a dividend of $0.20 per share. The ex-dividend date is Thursday, June 14th. This represents a $0.80 annualized dividend and a dividend yield of 1.08%. CONMED’s payout ratio is currently 42.33%.
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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