Pinebridge Investments L.P. Buys 6,313 Shares of CONMED Corporation (CNMD)
Pinebridge Investments L.P. grew its stake in CONMED Corporation (NASDAQ:CNMD) by 30.1% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 27,316 shares of the medical technology company’s stock after acquiring an additional 6,313 shares during the quarter. Pinebridge Investments L.P. owned about 0.10% of CONMED worth $1,433,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds also recently modified their holdings of CNMD. Teachers Advisors LLC increased its stake in shares of CONMED by 3.8% in the 1st quarter. Teachers Advisors LLC now owns 46,825 shares of the medical technology company’s stock worth $2,079,000 after acquiring an additional 1,702 shares during the last quarter. Renaissance Technologies LLC acquired a new stake in shares of CONMED in the 1st quarter worth $1,887,000. Aperio Group LLC increased its stake in shares of CONMED by 10.7% in the 2nd quarter. Aperio Group LLC now owns 5,034 shares of the medical technology company’s stock worth $256,000 after acquiring an additional 487 shares during the last quarter. Strs Ohio acquired a new stake in shares of CONMED in the 2nd quarter worth $967,000. Finally, Municipal Employees Retirement System of Michigan increased its stake in shares of CONMED by 3.9% in the 2nd quarter. Municipal Employees Retirement System of Michigan now owns 5,850 shares of the medical technology company’s stock worth $298,000 after acquiring an additional 220 shares during the last quarter. 99.04% of the stock is owned by institutional investors and hedge funds.
Shares of CONMED Corporation (NASDAQ CNMD) opened at $52.26 on Friday. The company has a current ratio of 2.56, a quick ratio of 1.49 and a debt-to-equity ratio of 0.84. The stock has a market capitalization of $1,447.81, a PE ratio of 29.62, a P/E/G ratio of 3.28 and a beta of 0.66. CONMED Corporation has a 52-week low of $39.74 and a 52-week high of $54.77.
CONMED (NASDAQ:CNMD) last issued its quarterly earnings data on Thursday, November 2nd. The medical technology company reported $0.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.41 by $0.01. The firm had revenue of $190.10 million during the quarter, compared to the consensus estimate of $187.13 million. CONMED had a return on equity of 8.40% and a net margin of 1.99%. The company’s quarterly revenue was up 2.9% on a year-over-year basis. During the same period last year, the company earned $0.41 EPS. analysts predict that CONMED Corporation will post 1.86 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 5th. Investors of record on Friday, December 15th will be given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.53%. The ex-dividend date is Thursday, December 14th. CONMED’s payout ratio is 142.86%.
A number of analysts have issued reports on the company. KeyCorp reaffirmed a “hold” rating on shares of CONMED in a research note on Friday, November 3rd. Piper Jaffray Companies reaffirmed a “hold” rating and issued a $46.00 target price on shares of CONMED in a research note on Friday, November 3rd. Zacks Investment Research downgraded CONMED from a “hold” rating to a “sell” rating in a research note on Monday, November 6th. Needham & Company LLC reaffirmed a “buy” rating and issued a $58.00 target price on shares of CONMED in a research note on Friday, November 17th. Finally, BidaskClub raised CONMED from a “strong sell” rating to a “sell” rating in a research note on Monday, August 14th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $50.67.
In related news, EVP Luke A. Pomilio sold 10,020 shares of the firm’s stock in a transaction dated Friday, November 3rd. The stock was sold at an average price of $53.57, for a total transaction of $536,771.40. Following the completion of the sale, the executive vice president now directly owns 44,472 shares of the company’s stock, valued at approximately $2,382,365.04. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Luke A. Pomilio sold 12,429 shares of the firm’s stock in a transaction dated Tuesday, November 7th. The stock was sold at an average price of $50.63, for a total value of $629,280.27. Following the sale, the chief financial officer now directly owns 45,486 shares of the company’s stock, valued at $2,302,956.18. The disclosure for this sale can be found here. Insiders have sold a total of 51,812 shares of company stock valued at $2,654,756 over the last three months. Corporate insiders own 2.62% of the company’s stock.
CONMED 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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