Conmed Corp. (CNMD) Stake Cut by BlackRock Advisors LLC
BlackRock Advisors LLC decreased its stake in Conmed Corp. (NASDAQ:CNMD) by 4.0% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 285,690 shares of the medical technology company’s stock after selling 11,876 shares during the period. BlackRock Advisors LLC owned approximately 1.03% of Conmed Corp. worth $13,636,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Virginia Retirement Systems ET AL acquired a new stake in shares of Conmed Corp. during the second quarter valued at approximately $1,413,000. PineBridge Investments L.P. boosted its stake in shares of Conmed Corp. by 3.9% in the second quarter. PineBridge Investments L.P. now owns 3,273 shares of the medical technology company’s stock valued at $157,000 after buying an additional 124 shares during the last quarter. Westpac Banking Corp boosted its stake in shares of Conmed Corp. by 49.3% in the second quarter. Westpac Banking Corp now owns 10,524 shares of the medical technology company’s stock valued at $502,000 after buying an additional 3,474 shares during the last quarter. Principal Financial Group Inc. boosted its stake in shares of Conmed Corp. by 2.8% in the second quarter. Principal Financial Group Inc. now owns 181,610 shares of the medical technology company’s stock valued at $8,668,000 after buying an additional 4,892 shares during the last quarter. Finally, Prudential Financial Inc. boosted its stake in shares of Conmed Corp. by 1.8% in the second quarter. Prudential Financial Inc. now owns 63,197 shares of the medical technology company’s stock valued at $3,016,000 after buying an additional 1,140 shares during the last quarter. Hedge funds and other institutional investors own 98.80% of the company’s stock.
Conmed Corp. (NASDAQ:CNMD) opened at 39.69 on Tuesday. The company has a 50-day moving average price of $40.13 and a 200 day moving average price of $42.24. Conmed Corp. has a 12-month low of $35.51 and a 12-month high of $51.90. The company has a market cap of $1.10 billion, a PE ratio of 64.12 and a beta of 0.90.
Conmed Corp. (NASDAQ:CNMD) last announced its quarterly earnings data on Wednesday, July 27th. The medical technology company reported $0.47 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.46 by $0.01. The firm earned $193.40 million during the quarter, compared to analysts’ expectations of $191.48 million. Conmed Corp. had a return on equity of 8.11% and a net margin of 2.36%. The company’s quarterly revenue was up 6.8% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.36 EPS. On average, analysts forecast that Conmed Corp. will post $1.87 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 5th. Stockholders of record on Thursday, September 15th will be issued a dividend of $0.20 per share. The ex-dividend date of this dividend is Tuesday, September 13th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.02%. Conmed Corp.’s dividend payout ratio (DPR) is currently 129.03%.
Several brokerages have recently commented on CNMD. Zacks Investment Research upgraded Conmed Corp. from a “hold” rating to a “buy” rating and set a $47.00 target price on the stock in a report on Monday, June 6th. Leerink Swann cut Conmed Corp. from an “outperform” rating to a “market perform” rating and decreased their target price for the stock from $56.00 to $47.00 in a report on Thursday, July 28th. Three analysts have rated the stock with a hold rating and three have given a buy rating to the company. The company has a consensus rating of “Buy” and an average target price of $49.00.
Conmed Corp. 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. Its products are used by surgeons and physicians in a range of specialties, including orthopedics, general surgery, gynecology, neurosurgery and gastroenterology.
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