CONMED Co. (CNMD) Holdings Reduced by Dimensional Fund Advisors LP
Dimensional Fund Advisors LP cut its holdings in shares of CONMED Co. (NASDAQ:CNMD) by 6.8% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,755,465 shares of the medical technology company’s stock after selling 128,752 shares during the quarter. Dimensional Fund Advisors LP owned approximately 6.24% of CONMED worth $139,068,000 as of its most recent SEC filing.
A number of other large investors have also bought and sold shares of CNMD. FMR LLC purchased a new position in shares of CONMED during the second quarter valued at about $20,992,000. BlackRock Inc. grew its position in shares of CONMED by 7.3% during the third quarter. BlackRock Inc. now owns 4,033,768 shares of the medical technology company’s stock valued at $319,555,000 after purchasing an additional 274,394 shares in the last quarter. Citadel Advisors LLC grew its position in shares of CONMED by 4,203.7% during the second quarter. Citadel Advisors LLC now owns 147,015 shares of the medical technology company’s stock valued at $10,761,000 after purchasing an additional 143,599 shares in the last quarter. American Century Companies Inc. purchased a new position in shares of CONMED during the second quarter valued at about $5,230,000. Finally, Granahan Investment Management Inc. MA grew its position in shares of CONMED by 35.2% during the second quarter. Granahan Investment Management Inc. MA now owns 266,262 shares of the medical technology company’s stock valued at $19,490,000 after purchasing an additional 69,339 shares in the last quarter. 95.85% of the stock is currently owned by institutional investors and hedge funds.
A number of research analysts have recently weighed in on the company. Zacks Investment Research upgraded CONMED from a “sell” rating to a “hold” rating in a research report on Wednesday, October 3rd. Leerink Swann raised their price objective on CONMED from $76.00 to $81.00 and gave the company a “market perform” rating in a research report on Thursday, August 30th. BidaskClub lowered CONMED from a “hold” rating to a “sell” rating in a research report on Friday, November 2nd. Finally, Barclays set a $78.00 price objective on CONMED and gave the company an “equal weight” rating in a research report on Tuesday, October 16th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $81.50.
CNMD opened at $66.99 on Thursday. The stock has a market capitalization of $1.88 billion, a P/E ratio of 35.44, a P/E/G ratio of 2.69 and a beta of 0.64. CONMED Co. has a 12 month low of $49.22 and a 12 month high of $83.49. The company has a quick ratio of 1.27, a current ratio of 2.20 and a debt-to-equity ratio of 0.68.
CONMED (NASDAQ:CNMD) last released its quarterly earnings results on Thursday, November 1st. The medical technology company reported $0.46 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.45 by $0.01. The company had revenue of $202.30 million during the quarter, compared to analyst estimates of $198.51 million. CONMED had a return on equity of 9.51% and a net margin of 8.56%. The firm’s revenue was up 6.4% on a year-over-year basis. During the same quarter last year, the business posted $0.42 earnings per share. Analysts anticipate that CONMED Co. will post 2.17 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Monday, January 7th. Investors of record on Friday, December 14th will be given a $0.20 dividend. The ex-dividend date is Thursday, December 13th. This represents a $0.80 annualized dividend and a yield of 1.19%. CONMED’s dividend payout ratio is currently 42.33%.
CONMED Company Profile
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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