Bessemer Group Inc. increased its stake in CONMED Corporation (NASDAQ:CNMD) by 8,448.3% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 34,706 shares of the medical technology company’s stock after buying an additional 34,300 shares during the period. Bessemer Group Inc.’s holdings in CONMED Corporation were worth $1,768,000 as of its most recent filing with the SEC.
Several other hedge funds also recently added to or reduced their stakes in the company. BlackRock Inc. raised its stake in CONMED Corporation by 46,036.5% in the first quarter. BlackRock Inc. now owns 3,153,427 shares of the medical technology company’s stock valued at $140,043,000 after buying an additional 3,146,592 shares during the period. Victory Capital Management Inc. raised its stake in CONMED Corporation by 12.9% in the first quarter. Victory Capital Management Inc. now owns 2,150,886 shares of the medical technology company’s stock valued at $95,521,000 after buying an additional 245,246 shares during the period. Champlain Investment Partners LLC raised its stake in CONMED Corporation by 16.4% in the first quarter. Champlain Investment Partners LLC now owns 1,728,445 shares of the medical technology company’s stock valued at $76,760,000 after buying an additional 243,610 shares during the period. Epoch Investment Partners Inc. bought a new stake in CONMED Corporation during the first quarter valued at about $9,447,000. Finally, Norges Bank bought a new stake in CONMED Corporation during the fourth quarter valued at about $9,236,000. 99.75% of the stock is currently owned by institutional investors.
Shares of CONMED Corporation (NASDAQ CNMD) opened at 49.29 on Friday. CONMED Corporation has a 1-year low of $37.60 and a 1-year high of $52.82. The firm has a market capitalization of $1.38 billion, a price-to-earnings ratio of 88.18 and a beta of 0.67. The company has a 50-day moving average price of $50.36 and a 200 day moving average price of $47.28.
CONMED Corporation (NASDAQ:CNMD) last announced its earnings results on Wednesday, July 26th. The medical technology company reported $0.41 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.41. The business had revenue of $197.20 million for the quarter, compared to analyst estimates of $194.50 million. CONMED Corporation had a return on equity of 8.38% and a net margin of 2.02%. The company’s quarterly revenue was up 2.0% compared to the same quarter last year. During the same period in the prior year, the company earned $0.47 EPS. On average, equities research analysts predict that CONMED Corporation will post $1.87 EPS for the current year.
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Several analysts have recently issued reports on CNMD shares. Ladenburg Thalmann Financial Services lowered CONMED Corporation from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $50.00 to $48.00 in a report on Thursday, April 27th. Zacks Investment Research lowered CONMED Corporation from a “hold” rating to a “sell” rating in a report on Tuesday, June 27th. BidaskClub lowered CONMED Corporation from a “strong-buy” rating to a “buy” rating in a report on Tuesday, June 20th. Needham & Company LLC increased their target price on CONMED Corporation from $48.00 to $54.00 and gave the stock a “buy” rating in a report on Thursday, April 27th. Finally, TheStreet raised CONMED Corporation from a “c+” rating to a “b-” rating in a report on Thursday, August 3rd. Two research analysts have rated the stock with a sell rating, two have given a hold rating and one has given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $49.33.
In other CONMED Corporation news, Director Dirk Kuyper sold 1,000 shares of the company’s stock in a transaction dated Tuesday, June 13th. The stock was sold at an average price of $52.24, for a total value of $52,240.00. Following the transaction, the director now directly owns 10,739 shares in the company, valued at approximately $561,005.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Daniel Jonas sold 3,000 shares of the company’s stock in a transaction dated Monday, May 15th. The stock was sold at an average price of $51.22, for a total value of $153,660.00. Following the completion of the transaction, the executive vice president now owns 14,455 shares in the company, valued at $740,385.10. The disclosure for this sale can be found here. 2.62% of the stock is owned by corporate insiders.
CONMED Corporation Company Profile
CONMED Corporation is a medical technology company. The Company is engaged in the development, manufacturing and sale on a global basis of surgical devices and related equipment. The Company provides surgical devices and equipment for minimally invasive procedures. The Company’s products are used by surgeons and physicians in a range of specialties, including orthopedics, general surgery, gynecology, neurosurgery and gastroenterology.
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