State of Wisconsin Investment Board Sells 10,800 Shares of CONMED Corporation (CNMD)
State of Wisconsin Investment Board cut its stake in CONMED Corporation (NASDAQ:CNMD) by 7.8% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 127,562 shares of the medical technology company’s stock after selling 10,800 shares during the period. State of Wisconsin Investment Board owned approximately 0.46% of CONMED Corporation worth $6,498,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in the company. Ameritas Investment Partners Inc. purchased a new position in shares of CONMED Corporation during the first quarter valued at about $106,000. State of Alaska Department of Revenue raised its position in shares of CONMED Corporation by 1.9% in the first quarter. State of Alaska Department of Revenue now owns 2,730 shares of the medical technology company’s stock valued at $121,000 after buying an additional 50 shares during the last quarter. Karp Capital Management Corp purchased a new position in shares of CONMED Corporation during the first quarter valued at about $202,000. Oppenheimer Asset Management Inc. purchased a new position in shares of CONMED Corporation during the first quarter valued at about $203,000. Finally, Pillar Pacific Capital Management LLC purchased a new position in shares of CONMED Corporation during the second quarter valued at about $229,000. Institutional investors and hedge funds own 98.86% of the company’s stock.
Shares of CONMED Corporation (NASDAQ:CNMD) opened at 48.95 on Wednesday. CONMED Corporation has a 12 month low of $37.60 and a 12 month high of $52.82. The stock has a market capitalization of $1.37 billion, a P/E ratio of 87.57 and a beta of 0.67. The company’s 50 day moving average price is $49.95 and its 200-day moving average price is $47.70.
CONMED Corporation (NASDAQ:CNMD) last posted its quarterly earnings data on Wednesday, July 26th. The medical technology company reported $0.41 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.41. CONMED Corporation had a net margin of 2.02% and a return on equity of 8.38%. The business had revenue of $197.20 million during the quarter, compared to the consensus estimate of $194.50 million. During the same period in the previous year, the firm posted $0.47 earnings per share. The business’s revenue for the quarter was up 2.0% compared to the same quarter last year. Equities analysts predict that CONMED Corporation will post $1.87 earnings per share 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 annualized dividend and a dividend yield of 1.63%. CONMED Corporation’s payout ratio is currently 142.86%.
Several research analysts have issued reports on CNMD shares. TheStreet upgraded CONMED Corporation from a “c+” rating to a “b-” rating in a report on Thursday, August 3rd. BidaskClub lowered CONMED Corporation from a “strong-buy” rating to a “buy” rating in a report on Tuesday, June 20th. Needham & Company LLC increased their price target on CONMED Corporation from $54.00 to $57.00 and gave the stock a “buy” rating in a report on Thursday, July 27th. KeyCorp restated a “hold” rating on shares of CONMED Corporation in a report on Friday, August 25th. Finally, Zacks Investment Research lowered CONMED Corporation from a “hold” rating to a “sell” rating in a report on Tuesday, June 27th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating to the stock. CONMED Corporation has a consensus rating of “Hold” and a consensus price target of $49.33.
In related news, Director Dirk Kuyper sold 1,000 shares of the business’s stock in a transaction on Tuesday, June 13th. The shares were sold at an average price of $52.24, for a total transaction of $52,240.00. Following the completion of the transaction, the director now directly owns 10,739 shares in the company, valued at $561,005.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Jo Ann Golden sold 3,000 shares of the business’s 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 owns 19,782 shares of the company’s stock, valued at $989,100. The disclosure for this sale can be found here. Insiders own 2.62% of the company’s stock.
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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