Cramer Rosenthal Mcglynn LLC lessened its stake in shares of CONMED Corporation (NASDAQ:CNMD) by 4.0% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,025,284 shares of the medical technology company’s stock after selling 42,560 shares during the quarter. Cramer Rosenthal Mcglynn LLC owned approximately 3.67% of CONMED worth $53,797,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently made changes to their positions in CNMD. Teachers Advisors LLC boosted its position in CONMED by 3.8% during the 1st quarter. Teachers Advisors LLC now owns 46,825 shares of the medical technology company’s stock valued at $2,079,000 after acquiring an additional 1,702 shares in the last quarter. Renaissance Technologies LLC bought a new stake in CONMED during the 1st quarter valued at $1,887,000. Aperio Group LLC boosted its position in CONMED by 10.7% during the 2nd quarter. Aperio Group LLC now owns 5,034 shares of the medical technology company’s stock valued at $256,000 after acquiring an additional 487 shares in the last quarter. Strs Ohio bought a new stake in CONMED during the 2nd quarter valued at $967,000. Finally, Municipal Employees Retirement System of Michigan boosted its position in CONMED by 3.9% during the 2nd quarter. Municipal Employees Retirement System of Michigan now owns 5,850 shares of the medical technology company’s stock valued at $298,000 after acquiring an additional 220 shares in the last quarter. 99.02% of the stock is currently owned by institutional investors and hedge funds.
Several analysts have issued reports on the company. BidaskClub raised CONMED from a “strong sell” rating to a “sell” rating in a research report on Monday, August 14th. Needham & Company LLC reissued a “buy” rating and issued a $58.00 price objective on shares of CONMED in a research report on Friday, November 17th. Zacks Investment Research raised CONMED from a “sell” rating to a “hold” rating in a research report on Tuesday, November 14th. KeyCorp reissued a “hold” rating on shares of CONMED in a research report on Friday, August 25th. Finally, Piper Jaffray Companies reissued a “hold” rating and issued a $46.00 price objective on shares of CONMED in a research report on Friday, November 3rd. One investment analyst has rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $50.67.
CONMED (NASDAQ:CNMD) last posted its quarterly earnings data on Thursday, November 2nd. The medical technology company reported $0.42 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.41 by $0.01. The firm had revenue of $190.10 million during the quarter, compared to analysts’ expectations of $187.13 million. CONMED had a return on equity of 8.40% and a net margin of 1.99%. The business’s quarterly revenue was up 2.9% on a year-over-year basis. During the same quarter last year, the firm earned $0.41 EPS. research analysts expect that CONMED Corporation will post 1.86 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 5th. Stockholders of record on Friday, December 15th will be given a $0.20 dividend. The ex-dividend date of this dividend is Thursday, December 14th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.52%. CONMED’s payout ratio is 142.86%.
In other news, EVP Luke A. Pomilio sold 29,363 shares of the firm’s stock in a transaction on Thursday, November 9th. The stock was sold at an average price of $50.70, for a total value of $1,488,704.10. Following the completion of the sale, the executive vice president now owns 45,486 shares of the company’s stock, valued at approximately $2,306,140.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Luke A. Pomilio sold 12,429 shares of the firm’s stock in a transaction on Tuesday, November 7th. The stock was sold at an average price of $50.63, for a total value of $629,280.27. Following the completion of the transaction, the chief financial officer now owns 45,486 shares of the company’s stock, valued at approximately $2,302,956.18. The disclosure for this sale can be found here. Insiders sold a total of 51,812 shares of company stock valued at $2,654,756 in the last three months. Insiders own 2.62% of the company’s stock.
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CONMED 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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