JPMorgan Chase & Co. Has $1.50 Million Position in CONMED Corporation (CNMD)
JPMorgan Chase & Co. increased its stake in shares of CONMED Corporation (NASDAQ:CNMD) by 169.0% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 29,361 shares of the medical technology company’s stock after purchasing an additional 18,445 shares during the quarter. JPMorgan Chase & Co. owned 0.11% of CONMED Corporation worth $1,496,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in CNMD. BlackRock Inc. boosted its position in shares of CONMED Corporation by 46,036.5% during the 1st quarter. BlackRock Inc. now owns 3,153,427 shares of the medical technology company’s stock worth $140,043,000 after acquiring an additional 3,146,592 shares in the last quarter. Vanguard Group Inc. boosted its position in shares of CONMED Corporation by 3.9% during the 1st quarter. Vanguard Group Inc. now owns 2,268,882 shares of the medical technology company’s stock worth $100,761,000 after acquiring an additional 84,785 shares in the last quarter. State Street Corp boosted its position in shares of CONMED Corporation by 7.5% during the 1st quarter. State Street Corp now owns 678,139 shares of the medical technology company’s stock worth $30,120,000 after acquiring an additional 47,143 shares in the last quarter. Macquarie Group Ltd. boosted its position in shares of CONMED Corporation by 15.5% during the 1st quarter. Macquarie Group Ltd. now owns 674,656 shares of the medical technology company’s stock worth $29,961,000 after acquiring an additional 90,685 shares in the last quarter. Finally, Fisher Asset Management LLC boosted its position in shares of CONMED Corporation by 1.8% during the 2nd quarter. Fisher Asset Management LLC now owns 599,363 shares of the medical technology company’s stock worth $30,532,000 after acquiring an additional 10,312 shares in the last quarter. 98.32% of the stock is owned by hedge funds and other institutional investors.
In related news, Director Jo Ann Golden sold 3,000 shares of CONMED Corporation stock in a transaction dated 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 transaction, the director now directly owns 19,782 shares in the company, valued at $989,100. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.62% of the stock is currently owned by company insiders.
Shares of CONMED Corporation (CNMD) opened at 52.49 on Tuesday. The stock has a market capitalization of $1.47 billion, a P/E ratio of 93.90 and a beta of 0.68. CONMED Corporation has a 12-month low of $37.60 and a 12-month high of $54.47. The stock has a 50 day moving average price of $51.31 and a 200 day moving average price of $49.99.
CONMED Corporation (NASDAQ:CNMD) last posted its quarterly earnings results on Wednesday, July 26th. The medical technology company reported $0.41 EPS for the quarter, hitting the Zacks’ consensus estimate of $0.41. The business had revenue of $197.20 million during the quarter, compared to the consensus estimate of $194.50 million. CONMED Corporation had a return on equity of 8.38% and a net margin of 2.02%. The company’s revenue for the quarter was up 2.0% compared to the same quarter last year. During the same period last year, the firm earned $0.47 earnings per share. On average, equities analysts anticipate that CONMED Corporation will post $1.87 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Thursday, October 5th. Investors of record on Friday, September 15th were paid a $0.20 dividend. The ex-dividend date was Thursday, September 14th. This represents a $0.80 dividend on an annualized basis and a yield of 1.52%. CONMED Corporation’s dividend payout ratio (DPR) is 142.86%.
CNMD has been the subject of several analyst reports. BidaskClub cut CONMED Corporation from a “buy” rating to a “hold” rating in a research report on Thursday, June 29th. Needham & Company LLC reaffirmed a “buy” rating and set a $57.00 price objective on shares of CONMED Corporation in a research report on Friday, September 1st. KeyCorp reaffirmed a “hold” rating on shares of CONMED Corporation in a research report on Friday, August 25th. Zacks Investment Research cut CONMED Corporation from a “hold” rating to a “sell” rating in a research report on Friday, July 28th. Finally, TheStreet raised CONMED Corporation from a “c+” rating to a “b-” rating in a research report on Thursday, August 3rd. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $49.33.
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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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