Needham Investment Management LLC trimmed its holdings in shares of CONMED Co. (NASDAQ:CNMD) by 56.4% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 12,000 shares of the medical technology company’s stock after selling 15,500 shares during the quarter. Needham Investment Management LLC’s holdings in CONMED were worth $612,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds have also made changes to their positions in the stock. Renaissance Technologies LLC grew its stake in CONMED by 68.1% during the 4th quarter. Renaissance Technologies LLC now owns 19,000 shares of the medical technology company’s stock worth $968,000 after buying an additional 7,700 shares during the last quarter. Koch Industries Inc. purchased a new position in CONMED during the 4th quarter worth $275,000. Geode Capital Management LLC grew its stake in CONMED by 1.0% during the 4th quarter. Geode Capital Management LLC now owns 231,425 shares of the medical technology company’s stock valued at $11,795,000 after purchasing an additional 2,206 shares during the last quarter. Amalgamated Bank purchased a new stake in CONMED during the 4th quarter valued at about $200,000. Finally, Hudson Bay Capital Management LP purchased a new stake in CONMED during the 4th quarter valued at about $2,676,000. Hedge funds and other institutional investors own 98.25% of the company’s stock.
In other news, Director Jo Ann Golden sold 3,000 shares of the company’s stock in a transaction dated Thursday, February 1st. The stock was sold at an average price of $63.90, for a total value of $191,700.00. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Luke A. Pomilio sold 19,620 shares of the company’s stock in a transaction dated Thursday, March 1st. The stock was sold at an average price of $60.19, for a total value of $1,180,927.80. Following the completion of the sale, the chief financial officer now owns 600 shares in the company, valued at approximately $36,114. The disclosure for this sale can be found here. Insiders sold 42,605 shares of company stock worth $2,633,136 in the last 90 days. Company insiders own 2.62% of the company’s stock.
Shares of CONMED Co. (CNMD) opened at $61.38 on Wednesday. The company has a debt-to-equity ratio of 0.75, a quick ratio of 1.44 and a current ratio of 2.38. The firm has a market capitalization of $1,709.58, a PE ratio of 31.16, a price-to-earnings-growth ratio of 2.48 and a beta of 0.67. CONMED Co. has a one year low of $39.74 and a one year high of $64.99.
CONMED (NASDAQ:CNMD) last posted its quarterly earnings results on Wednesday, January 31st. The medical technology company reported $0.69 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.65 by $0.04. The business had revenue of $222.60 million for the quarter, compared to the consensus estimate of $212.17 million. CONMED had a return on equity of 8.96% and a net margin of 6.97%. The company’s quarterly revenue was up 9.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.54 EPS. equities research analysts forecast that CONMED Co. will post 2.14 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, April 5th. Stockholders of record on Thursday, March 15th will be paid a $0.20 dividend. The ex-dividend date is Wednesday, March 14th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.30%. CONMED’s payout ratio is 40.61%.
Several analysts have weighed in on CNMD shares. Zacks Investment Research upgraded CONMED from a “sell” rating to a “hold” rating in a research note on Tuesday, November 14th. Needham & Company LLC reiterated a “buy” rating and set a $58.00 price target on shares of CONMED in a research note on Friday, November 17th. Finally, BidaskClub downgraded CONMED from a “hold” rating to a “sell” rating in a research note on Tuesday, December 12th. Four research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $59.00.
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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