Putnam Investments LLC Purchases New Stake in CONMED Co. (CNMD)
Putnam Investments LLC purchased a new stake in shares of CONMED Co. (NASDAQ:CNMD) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 20,697 shares of the medical technology company’s stock, valued at approximately $1,515,000. Putnam Investments LLC owned approximately 0.07% of CONMED as of its most recent SEC filing.
Other institutional investors and hedge funds have also recently made changes to their positions in the company. Robeco Institutional Asset Management B.V. purchased a new stake in CONMED in the second quarter worth approximately $154,000. Itau Unibanco Holding S.A. purchased a new stake in CONMED in the second quarter worth approximately $165,000. Hartford Investment Management Co. purchased a new stake in CONMED in the second quarter worth approximately $203,000. Pillar Pacific Capital Management LLC purchased a new stake in CONMED in the second quarter worth approximately $220,000. Finally, Meeder Asset Management Inc. boosted its holdings in CONMED by 423.9% in the second quarter. Meeder Asset Management Inc. now owns 3,112 shares of the medical technology company’s stock worth $228,000 after purchasing an additional 2,518 shares during the last quarter. 96.09% of the stock is owned by institutional investors.
Several equities research analysts recently issued reports on the stock. BidaskClub upgraded shares of CONMED from a “buy” rating to a “strong-buy” rating in a report on Friday, September 7th. Leerink Swann raised their target price on shares of CONMED from $76.00 to $81.00 and gave the stock a “market perform” rating in a report on Thursday, August 30th. Zacks Investment Research upgraded shares of CONMED from a “sell” rating to a “hold” rating in a report on Monday, September 17th. Finally, Needham & Company LLC raised their target price on shares of CONMED from $73.00 to $83.00 and gave the stock a “buy” rating in a report on Thursday, August 2nd. Four equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $73.50.
Shares of CNMD stock opened at $79.56 on Friday. CONMED Co. has a 12-month low of $49.09 and a 12-month high of $83.49. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.15 and a current ratio of 1.97. The company has a market capitalization of $2.25 billion, a P/E ratio of 42.10, a P/E/G ratio of 3.21 and a beta of 0.53.
CONMED (NASDAQ:CNMD) last issued its earnings results on Wednesday, August 1st. The medical technology company reported $0.46 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.45 by $0.01. CONMED had a net margin of 8.85% and a return on equity of 9.51%. The company had revenue of $212.80 million for the quarter, compared to analysts’ expectations of $207.12 million. During the same quarter last year, the company posted $0.41 earnings per share. The firm’s quarterly revenue was up 7.9% on a year-over-year basis. equities analysts predict that CONMED Co. will post 2.17 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, October 8th. Stockholders of record on Friday, September 14th will be paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 1.01%. The ex-dividend date of this dividend is Thursday, September 13th. CONMED’s dividend payout ratio is presently 42.33%.
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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