Lord Abbett & CO. LLC trimmed its holdings in shares of CONMED Co. (NASDAQ:CNMD) by 11.4% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 238,474 shares of the medical technology company’s stock after selling 30,756 shares during the period. Lord Abbett & CO. LLC owned approximately 0.85% of CONMED worth $15,103,000 as of its most recent filing with the SEC.
Other institutional investors have also bought and sold shares of the company. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of CONMED by 72.1% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,926 shares of the medical technology company’s stock worth $122,000 after buying an additional 807 shares in the last quarter. Amalgamated Bank bought a new position in shares of CONMED in the 4th quarter worth $200,000. Jefferies Group LLC bought a new position in shares of CONMED in the 4th quarter worth $200,000. O Shaughnessy Asset Management LLC bought a new position in shares of CONMED in the 1st quarter worth $229,000. Finally, Xact Kapitalforvaltning AB bought a new position in shares of CONMED in the 4th quarter worth $261,000. Hedge funds and other institutional investors own 95.43% of the company’s stock.
Shares of CONMED opened at $74.27 on Wednesday, according to Marketbeat Ratings. CONMED Co. has a 12-month low of $47.41 and a 12-month high of $74.58. The company has a current ratio of 2.15, a quick ratio of 1.23 and a debt-to-equity ratio of 0.69. The firm has a market capitalization of $2.09 billion, a P/E ratio of 39.30, a PEG ratio of 2.98 and a beta of 0.60.
CONMED (NASDAQ:CNMD) last issued its earnings results on Wednesday, April 25th. The medical technology company reported $0.53 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.43 by $0.10. CONMED had a return on equity of 9.46% and a net margin of 8.71%. The company had revenue of $202.10 million for the quarter, compared to analysts’ expectations of $196.51 million. During the same period last year, the business earned $0.38 EPS. CONMED’s quarterly revenue was up 8.3% compared to the same quarter last year. sell-side analysts forecast that CONMED Co. will post 2.17 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, July 5th. Shareholders of record on Friday, June 15th will be paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 1.08%. The ex-dividend date is Thursday, June 14th. CONMED’s dividend payout ratio (DPR) is presently 42.33%.
In other CONMED news, Director Jo Ann Golden sold 5,698 shares of the firm’s stock in a transaction on Friday, April 27th. The stock was sold at an average price of $65.40, for a total transaction of $372,649.20. Following the transaction, the director now directly owns 19,480 shares in the company, valued at approximately $1,273,992. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Daniel Jonas sold 2,000 shares of the firm’s stock in a transaction on Friday, April 27th. The shares were sold at an average price of $65.58, for a total value of $131,160.00. Following the transaction, the executive vice president now owns 23,245 shares in the company, valued at $1,524,407.10. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 18,780 shares of company stock worth $1,243,985. Company insiders own 3.13% of the company’s stock.
A number of equities analysts recently issued reports on the company. BidaskClub upgraded CONMED from a “buy” rating to a “strong-buy” rating in a report on Friday, May 4th. Zacks Investment Research upgraded CONMED from a “sell” rating to a “hold” rating in a report on Friday, April 27th. Needham & Company LLC increased their target price on CONMED from $71.00 to $73.00 and gave the stock a “buy” rating in a report on Thursday, April 26th. Finally, ValuEngine upgraded CONMED from a “hold” rating to a “buy” rating in a report on Thursday, March 1st. Three equities research analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus price target of $62.67.
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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