Cramer Rosenthal Mcglynn LLC Increases Stake in CONMED Corporation (CNMD)
Cramer Rosenthal Mcglynn LLC lifted its position in CONMED Corporation (NASDAQ:CNMD) by 7.6% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,067,844 shares of the medical technology company’s stock after buying an additional 75,055 shares during the quarter. Cramer Rosenthal Mcglynn LLC owned about 3.82% of CONMED Corporation worth $54,396,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. BlackRock Inc. increased its holdings in CONMED Corporation by 46,036.5% in the first quarter. BlackRock Inc. now owns 3,153,427 shares of the medical technology company’s stock worth $140,043,000 after buying an additional 3,146,592 shares during the last quarter. Municipal Employees Retirement System of Michigan lifted its stake in CONMED Corporation by 3.9% in the second 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 during the last quarter. Virginia Retirement Systems ET AL lifted its stake in CONMED Corporation by 10.8% in the second quarter. Virginia Retirement Systems ET AL now owns 27,800 shares of the medical technology company’s stock valued at $1,416,000 after acquiring an additional 2,700 shares during the last quarter. Schwab Charles Investment Management Inc. lifted its stake in CONMED Corporation by 9.9% in the first quarter. Schwab Charles Investment Management Inc. now owns 163,186 shares of the medical technology company’s stock valued at $7,248,000 after acquiring an additional 14,720 shares during the last quarter. Finally, Heartland Advisors Inc. lifted its stake in CONMED Corporation by 315.7% in the second quarter. Heartland Advisors Inc. now owns 165,992 shares of the medical technology company’s stock valued at $8,456,000 after acquiring an additional 126,062 shares during the last quarter. 98.32% of the stock is owned by institutional investors and hedge funds.
CONMED Corporation (NASDAQ:CNMD) traded down 1.797% on Tuesday, reaching $52.735. 26,116 shares of the company were exchanged. The firm has a market capitalization of $1.47 billion, a PE ratio of 94.338 and a beta of 0.68. The stock has a 50 day moving average of $50.25 and a 200 day moving average of $49.32. CONMED Corporation has a 12-month low of $37.60 and a 12-month high of $54.12.
CONMED Corporation (NASDAQ:CNMD) last released its earnings results on Wednesday, July 26th. The medical technology company reported $0.41 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.41. CONMED Corporation had a return on equity of 8.38% and a net margin of 2.02%. The business had revenue of $197.20 million for the quarter, compared to the consensus estimate of $194.50 million. During the same quarter in the previous year, the business earned $0.47 earnings per share. CONMED Corporation’s quarterly revenue was up 2.0% on a year-over-year basis. Equities analysts anticipate that CONMED Corporation will post $1.87 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 5th. Stockholders of record on Friday, September 15th will be paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.49%. The ex-dividend date is Thursday, September 14th. CONMED Corporation’s dividend payout ratio is currently 142.86%.
Several analysts have commented on the stock. 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 increased their target price 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 lowered CONMED Corporation from a “hold” rating to a “sell” rating in a report on Friday, July 28th. Finally, KeyCorp restated a “hold” rating on shares of CONMED Corporation in a 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 presently has an average rating of “Hold” and a consensus price target of $49.33.
In other news, Director Jo Ann Golden sold 3,000 shares of the stock in a transaction that occurred on Monday, August 14th. The stock was sold at an average price of $50.00, for a total value of $150,000.00. Following the completion of the sale, the director now owns 19,782 shares of the company’s stock, valued at approximately $989,100. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 2.62% of the company’s stock.
CONMED Corporation 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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