CONMED Corporation (CNMD) Stake Decreased by Goldman Sachs Group Inc.
Goldman Sachs Group Inc. trimmed its position in shares of CONMED Corporation (NASDAQ:CNMD) by 2.9% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 977,564 shares of the medical technology company’s stock after selling 29,596 shares during the quarter. Goldman Sachs Group Inc. owned 3.50% of CONMED Corporation worth $49,797,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. BlackRock Inc. boosted its position in shares of CONMED Corporation by 46,036.5% during the first quarter. BlackRock Inc. now owns 3,153,427 shares of the medical technology company’s stock worth $140,043,000 after purchasing an additional 3,146,592 shares in the last quarter. Vanguard Group Inc. boosted its position in shares of CONMED Corporation by 1.1% during the second quarter. Vanguard Group Inc. now owns 2,294,366 shares of the medical technology company’s stock worth $116,875,000 after purchasing an additional 25,484 shares in the last quarter. Champlain Investment Partners LLC boosted its position in shares of CONMED Corporation by 16.4% during the first quarter. Champlain Investment Partners LLC now owns 1,728,445 shares of the medical technology company’s stock worth $76,760,000 after purchasing an additional 243,610 shares in the last quarter. State Street Corp boosted its position in shares of CONMED Corporation by 7.5% during the first quarter. State Street Corp now owns 678,139 shares of the medical technology company’s stock worth $30,120,000 after purchasing an additional 47,143 shares in the last quarter. Finally, Macquarie Group Ltd. boosted its position in shares of CONMED Corporation by 15.5% during the first quarter. Macquarie Group Ltd. now owns 674,656 shares of the medical technology company’s stock worth $29,961,000 after purchasing an additional 90,685 shares in the last quarter. 98.32% of the stock is currently owned by institutional investors.
In related news, Director Jo Ann Golden sold 3,000 shares of the stock in a transaction on Monday, August 14th. The shares were sold at an average price of $50.00, for a total transaction of $150,000.00. Following the transaction, the director now directly owns 19,782 shares of the company’s stock, valued at $989,100. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 2.62% of the stock is owned by corporate insiders.
CONMED Corporation (NASDAQ CNMD) opened at 54.24 on Friday. The company has a market capitalization of $1.51 billion, a PE ratio of 97.03 and a beta of 0.68. The stock’s 50 day moving average is $50.73 and its 200-day moving average is $49.55. CONMED Corporation has a 12 month low of $37.60 and a 12 month high of $54.47.
CONMED Corporation (NASDAQ:CNMD) last issued its earnings results on Wednesday, July 26th. The medical technology company reported $0.41 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate 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 net margin of 2.02% and a return on equity of 8.38%. CONMED Corporation’s revenue was up 2.0% on a year-over-year basis. During the same period in the prior year, the firm earned $0.47 earnings per share. On average, analysts expect that CONMED Corporation will post $1.87 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Thursday, October 5th. Investors of record on Friday, September 15th were paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 1.47%. The ex-dividend date was Thursday, September 14th. CONMED Corporation’s dividend payout ratio is presently 142.86%.
A number of brokerages have recently weighed in on CNMD. BidaskClub raised shares of CONMED Corporation from a “strong sell” rating to a “sell” rating in a research report on Monday, August 14th. TheStreet raised shares of CONMED Corporation from a “c+” rating to a “b-” rating in a research report on Thursday, August 3rd. Needham & Company LLC lifted their price target on shares of CONMED Corporation from $54.00 to $57.00 and gave the stock a “buy” rating in a research report on Thursday, July 27th. Zacks Investment Research cut shares of CONMED Corporation from a “hold” rating to a “sell” rating in a research report on Friday, July 28th. Finally, KeyCorp reissued a “hold” rating on shares of CONMED Corporation in a research report on Friday, August 25th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the stock. CONMED Corporation currently has a consensus rating of “Hold” and a consensus price target of $49.33.
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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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