Mason Street Advisors LLC Takes Position in Conmed Corp. (CNMD)
Mason Street Advisors LLC bought a new position in Conmed Corp. (NASDAQ:CNMD) during the second quarter, Holdings Channel reports. The institutional investor bought 5,045 shares of the medical technology company’s stock, valued at approximately $241,000.
A number of other large investors have also modified their holdings of CNMD. Scopia Capital Management LP purchased a new stake in shares of Conmed Corp. during the first quarter worth approximately $99,828,000. Dimensional Fund Advisors LP boosted its stake in shares of Conmed Corp. by 1.7% in the second quarter. Dimensional Fund Advisors LP now owns 2,350,620 shares of the medical technology company’s stock worth $112,193,000 after buying an additional 38,595 shares during the period. BlackRock Fund Advisors boosted its stake in shares of Conmed Corp. by 2.5% in the second quarter. BlackRock Fund Advisors now owns 1,684,436 shares of the medical technology company’s stock worth $80,398,000 after buying an additional 41,335 shares during the period. Champlain Investment Partners LLC boosted its stake in shares of Conmed Corp. by 61.1% in the second quarter. Champlain Investment Partners LLC now owns 1,465,640 shares of the medical technology company’s stock worth $69,955,000 after buying an additional 556,060 shares during the period. Finally, Goldman Sachs Group Inc. boosted its stake in shares of Conmed Corp. by 103.8% in the first quarter. Goldman Sachs Group Inc. now owns 990,609 shares of the medical technology company’s stock worth $41,546,000 after buying an additional 504,423 shares during the period. Institutional investors and hedge funds own 98.80% of the company’s stock.
Conmed Corp. (NASDAQ:CNMD) last announced its quarterly earnings data on Wednesday, July 27th. The medical technology company reported $0.47 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.46 by $0.01. Conmed Corp. had a return on equity of 8.11% and a net margin of 2.36%. The company had revenue of $193.40 million for the quarter, compared to analysts’ expectations of $191.48 million. During the same quarter in the prior year, the business posted $0.36 EPS. The business’s revenue was up 6.8% compared to the same quarter last year.
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, October 5th. Stockholders of record on Thursday, September 15th were paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.95%. The ex-dividend date of this dividend was Tuesday, September 13th. Conmed Corp.’s dividend payout ratio is currently 129.03%.
A number of equities research analysts have commented on CNMD shares. Zacks Investment Research cut Conmed Corp. from a “buy” rating to a “hold” rating in a research note on Monday, June 13th. Leerink Swann cut Conmed Corp. from an “outperform” rating to a “market perform” rating and reduced their price objective for the company from $56.00 to $47.00 in a research note on Thursday, July 28th. Three investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target 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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