Axa Increases Position in CONMED Corporation (CNMD)
Axa lifted its holdings in CONMED Corporation (NASDAQ:CNMD) by 13.9% in the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 27,940 shares of the medical technology company’s stock after purchasing an additional 3,400 shares during the period. Axa owned approximately 0.10% of CONMED Corporation worth $1,423,000 at the end of the most recent reporting period.
Several other hedge funds have also made changes to their positions in the stock. BlackRock Inc. grew its holdings in shares of CONMED Corporation by 46,036.5% in the first quarter. BlackRock Inc. now owns 3,153,427 shares of the medical technology company’s stock valued at $140,043,000 after purchasing an additional 3,146,592 shares in the last quarter. Vanguard Group Inc. grew its holdings in shares of CONMED Corporation by 3.9% in the first quarter. Vanguard Group Inc. now owns 2,268,882 shares of the medical technology company’s stock valued at $100,761,000 after purchasing an additional 84,785 shares in the last quarter. Champlain Investment Partners LLC grew its holdings in shares of CONMED Corporation by 16.4% in the first quarter. Champlain Investment Partners LLC now owns 1,728,445 shares of the medical technology company’s stock valued at $76,760,000 after purchasing an additional 243,610 shares in the last quarter. State Street Corp grew its holdings in shares of CONMED Corporation by 7.5% in the first quarter. State Street Corp now owns 678,139 shares of the medical technology company’s stock valued at $30,120,000 after purchasing an additional 47,143 shares in the last quarter. Finally, Macquarie Group Ltd. grew its holdings in shares of CONMED Corporation by 15.5% in the first quarter. Macquarie Group Ltd. now owns 674,656 shares of the medical technology company’s stock valued at $29,961,000 after purchasing an additional 90,685 shares in the last quarter. Hedge funds and other institutional investors own 98.32% of the company’s stock.
In other CONMED Corporation news, Director Jo Ann Golden sold 3,000 shares of the stock in a transaction that occurred on Monday, August 14th. The shares were sold at an average price of $50.00, for a total value of $150,000.00. Following the completion of the sale, the director now owns 19,782 shares of the company’s stock, valued at $989,100. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 2.62% of the stock is owned by company insiders.
A number of brokerages recently issued reports on CNMD. Needham & Company LLC reiterated a “buy” rating and issued a $57.00 price target on shares of CONMED Corporation in a research note on Friday, September 1st. KeyCorp reiterated a “hold” rating on shares of CONMED Corporation in a research note on Friday, August 25th. BidaskClub downgraded shares of CONMED Corporation from a “sell” rating to a “strong sell” rating in a research note on Sunday, August 20th. TheStreet upgraded shares of CONMED Corporation from a “c+” rating to a “b-” rating in a research note on Thursday, August 3rd. Finally, Zacks Investment Research downgraded shares of CONMED Corporation from a “hold” rating to a “sell” rating in a research note on Friday, July 28th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $49.33.
CONMED Corporation (NASDAQ CNMD) opened at 50.25 on Friday. CONMED Corporation has a 52 week low of $37.60 and a 52 week high of $52.82. The company has a 50-day moving average of $49.72 and a 200-day moving average of $48.63. The stock has a market cap of $1.40 billion, a P/E ratio of 89.89 and a beta of 0.68.
CONMED Corporation (NASDAQ:CNMD) last issued its quarterly earnings data on Wednesday, July 26th. The medical technology company reported $0.41 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.41. CONMED Corporation had a net margin of 2.02% and a return on equity of 8.38%. The company had revenue of $197.20 million during the quarter, compared to the consensus estimate of $194.50 million. During the same quarter last year, the company earned $0.47 earnings per share. CONMED Corporation’s revenue for the quarter was up 2.0% on a year-over-year basis. On average, analysts predict that CONMED Corporation will post $1.87 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 5th. Shareholders of record on Friday, September 15th will be given a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 1.59%. The ex-dividend date is Thursday, September 14th. CONMED Corporation’s dividend payout ratio (DPR) is 142.86%.
CONMED Corporation 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. 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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