Texas Permanent School Fund Acquires 662 Shares of CONMED Co. (CNMD)
Texas Permanent School Fund raised its holdings in shares of CONMED Co. (NASDAQ:CNMD) by 4.1% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 16,935 shares of the medical technology company’s stock after purchasing an additional 662 shares during the quarter. Texas Permanent School Fund’s holdings in CONMED were worth $1,087,000 as of its most recent SEC filing.
A number of other hedge funds have also made changes to their positions in the business. Massachusetts Financial Services Co. MA lifted its holdings in shares of CONMED by 8.4% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 34,454 shares of the medical technology company’s stock worth $2,212,000 after buying an additional 2,682 shares in the last quarter. BlackRock Inc. lifted its holdings in shares of CONMED by 5.9% in the fourth quarter. BlackRock Inc. now owns 4,271,666 shares of the medical technology company’s stock worth $274,240,000 after buying an additional 237,898 shares in the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. lifted its holdings in shares of CONMED by 35.2% in the fourth quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 1,742 shares of the medical technology company’s stock worth $106,000 after buying an additional 454 shares in the last quarter. 361 Capital LLC purchased a new stake in shares of CONMED in the fourth quarter worth about $2,441,000. Finally, Prudential Financial Inc. lifted its holdings in shares of CONMED by 1.2% in the fourth quarter. Prudential Financial Inc. now owns 220,492 shares of the medical technology company’s stock worth $14,156,000 after buying an additional 2,608 shares in the last quarter. Institutional investors and hedge funds own 94.96% of the company’s stock.
CNMD stock opened at $78.90 on Friday. The company has a current ratio of 2.33, a quick ratio of 1.37 and a debt-to-equity ratio of 0.66. The company has a market capitalization of $2.22 billion, a P/E ratio of 36.19, a P/E/G ratio of 2.80 and a beta of 0.66. CONMED Co. has a 1-year low of $56.90 and a 1-year high of $83.49.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 5th. Investors of record on Friday, March 15th will be given a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 1.01%. The ex-dividend date is Thursday, March 14th. CONMED’s dividend payout ratio (DPR) is 36.70%.
CNMD has been the topic of a number of recent analyst reports. Zacks Investment Research downgraded shares of CONMED from a “hold” rating to a “sell” rating in a report on Monday, January 21st. BidaskClub raised shares of CONMED from a “hold” rating to a “buy” rating in a report on Wednesday, March 6th. Needham & Company LLC increased their price target on shares of CONMED to $87.00 and gave the stock a “buy” rating in a report on Wednesday, February 27th. Finally, Barclays initiated coverage on shares of CONMED in a report on Tuesday, February 19th. They issued an “overweight” rating and a $85.00 price target on the stock. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average target price of $83.00.
In related news, EVP Peter K. Shagory sold 3,000 shares of the company’s stock in a transaction that occurred on Friday, March 8th. The shares were sold at an average price of $77.77, for a total value of $233,310.00. Following the transaction, the executive vice president now directly owns 4,649 shares in the company, valued at $361,552.73. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Peter K. Shagory sold 4,000 shares of the company’s stock in a transaction that occurred on Thursday, January 31st. The stock was sold at an average price of $69.29, for a total transaction of $277,160.00. Following the completion of the transaction, the executive vice president now owns 5,155 shares in the company, valued at $357,189.95. The disclosure for this sale can be found here. 3.13% of the stock is currently owned by corporate insiders.
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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