Citigroup Inc. lessened its position in shares of CONMED Co. (NASDAQ:CNMD) by 9.1% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 23,757 shares of the medical technology company’s stock after selling 2,375 shares during the quarter. Citigroup Inc. owned 0.08% of CONMED worth $1,525,000 at the end of the most recent reporting period.
Other institutional investors have also recently bought and sold shares of the company. Financial Gravity Companies Inc. purchased a new stake in CONMED during the 4th quarter valued at about $45,000. First Quadrant L P CA purchased a new stake in CONMED during the 4th quarter valued at about $78,000. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. grew its stake in CONMED by 35.2% during the 4th quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 1,742 shares of the medical technology company’s stock valued at $106,000 after purchasing an additional 454 shares during the last quarter. Quantamental Technologies LLC purchased a new stake in CONMED during the 4th quarter valued at about $161,000. Finally, Trexquant Investment LP purchased a new stake in CONMED during the 3rd quarter valued at about $229,000. Institutional investors and hedge funds own 94.96% of the company’s stock.
In other news, EVP Peter K. Shagory sold 4,000 shares of the company’s stock in a transaction dated Thursday, January 31st. The stock was sold at an average price of $69.29, for a total value of $277,160.00. Following the sale, the executive vice president now owns 5,155 shares in the company, valued at $357,189.95. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Peter K. Shagory sold 3,000 shares of the company’s stock in a transaction dated Friday, March 8th. The stock was sold at an average price of $77.77, for a total value of $233,310.00. Following the completion of the sale, the executive vice president now owns 4,649 shares in the company, valued at approximately $361,552.73. The disclosure for this sale can be found here. 3.13% of the stock is owned by corporate insiders.
Shares of CNMD opened at $77.82 on Friday. CONMED Co. has a 52 week low of $56.90 and a 52 week high of $83.49. The company has a current ratio of 2.33, a quick ratio of 1.37 and a debt-to-equity ratio of 0.66. The stock has a market capitalization of $2.21 billion, a PE ratio of 35.70, a P/E/G ratio of 2.80 and a beta of 0.66.
CONMED (NASDAQ:CNMD) last issued its earnings results on Tuesday, January 22nd. The medical technology company reported $0.73 EPS for the quarter, hitting analysts’ consensus estimates of $0.73. CONMED had a return on equity of 9.65% and a net margin of 4.75%. The firm had revenue of $242.40 million for the quarter, compared to the consensus estimate of $228.40 million. During the same quarter in the prior year, the business earned $0.69 earnings per share. The company’s revenue was up 8.9% compared to the same quarter last year. On average, research analysts predict that CONMED Co. will post 2.44 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, April 5th. Stockholders of record on Friday, March 15th will be paid a $0.20 dividend. The ex-dividend date is Thursday, March 14th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.03%. CONMED’s payout ratio is 36.70%.
Several analysts have weighed in on the company. Needham & Company LLC reiterated a “buy” rating and set a $79.00 price target (down previously from $86.00) on shares of CONMED in a research note on Wednesday, January 23rd. BidaskClub upgraded CONMED from a “sell” rating to a “hold” rating in a research note on Thursday, December 13th. Barclays assumed coverage on CONMED in a research note on Tuesday, February 19th. They set an “overweight” rating and a $85.00 price target on the stock. Finally, Zacks Investment Research upgraded CONMED from a “hold” rating to a “buy” rating and set a $79.00 price target on the stock in a research note on Friday, January 25th. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $83.00.
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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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