Louisiana State Employees Retirement System Has $544,000 Position in Conmed Corp. (CNMD)
Louisiana State Employees Retirement System maintained its stake in shares of Conmed Corp. (NASDAQ:CNMD) during the second quarter, Holdings Channel reports. The firm owned 11,400 shares of the medical technology company’s stock at the end of the second quarter. Louisiana State Employees Retirement System’s holdings in Conmed Corp. were worth $544,000 as of its most recent SEC filing.
Other large investors have also recently modified their holdings of the company. Bayesian Capital Management LP purchased a new stake in shares of Conmed Corp. during the first quarter worth approximately $252,000. Aperio Group LLC bought a new stake in Conmed Corp. during the first quarter valued at about $255,000. Menta Capital LLC bought a new stake in Conmed Corp. during the first quarter valued at about $279,000. Bank of Montreal Can bought a new stake in Conmed Corp. during the second quarter valued at about $304,000. Finally, Capstone Asset Management Co. boosted its stake in Conmed Corp. by 6.3% in the second quarter. Capstone Asset Management Co. now owns 8,496 shares of the medical technology company’s stock valued at $406,000 after buying an additional 500 shares in the last quarter. Institutional investors and hedge funds own 98.80% of the company’s stock.
Conmed Corp. (NASDAQ:CNMD) traded up 2.75% during midday trading on Tuesday, reaching $40.35. 83,383 shares of the company traded hands. The company has a market cap of $1.12 billion, a price-to-earnings ratio of 65.19 and a beta of 0.90. Conmed Corp. has a 12-month low of $35.51 and a 12-month high of $50.16. The company has a 50-day moving average price of $40.10 and a 200-day moving average price of $42.18.
Conmed Corp. (NASDAQ:CNMD) last released its quarterly earnings results on Wednesday, July 27th. The medical technology company reported $0.47 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.46 by $0.01. The business earned $193.40 million during the quarter, compared to the consensus estimate of $191.48 million. Conmed Corp. had a return on equity of 8.11% and a net margin of 2.36%. The firm’s quarterly revenue was up 6.8% on a year-over-year basis. During the same period in the previous year, the company posted $0.36 EPS. On average, analysts predict that Conmed Corp. will post $1.87 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Wednesday, October 5th. Investors of record on Thursday, September 15th were paid a $0.20 dividend. The ex-dividend date was Tuesday, September 13th. This represents a $0.80 annualized dividend and a yield of 1.98%. Conmed Corp.’s dividend payout ratio (DPR) is presently 129.03%.
A number of research analysts have weighed in on the stock. Zacks Investment Research cut shares of Conmed Corp. from a “buy” rating to a “hold” rating in a research report on Tuesday, July 12th. Leerink Swann lowered shares of Conmed Corp. from an “outperform” rating to a “market perform” rating and dropped their price objective for the company from $56.00 to $47.00 in a research note on Thursday, July 28th. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $47.50.
About Conmed Corp.
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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