JPMorgan Chase & Co. Has $6.58 Million Stake in CONMED Co. (CNMD)
JPMorgan Chase & Co. cut its holdings in shares of CONMED Co. (NASDAQ:CNMD) by 13.5% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 83,099 shares of the medical technology company’s stock after selling 12,992 shares during the quarter. JPMorgan Chase & Co.’s holdings in CONMED were worth $6,582,000 as of its most recent SEC filing.
Several other hedge funds have also bought and sold shares of the stock. Systematic Financial Management LP acquired a new position in CONMED in the 3rd quarter valued at $1,448,000. Stone Ridge Asset Management LLC grew its holdings in CONMED by 19.8% in the 3rd quarter. Stone Ridge Asset Management LLC now owns 6,650 shares of the medical technology company’s stock valued at $527,000 after buying an additional 1,100 shares in the last quarter. O Shaughnessy Asset Management LLC grew its holdings in CONMED by 95.0% in the 3rd quarter. O Shaughnessy Asset Management LLC now owns 133,544 shares of the medical technology company’s stock valued at $10,553,000 after buying an additional 65,058 shares in the last quarter. Los Angeles Capital Management & Equity Research Inc. grew its holdings in CONMED by 762.0% in the 3rd quarter. Los Angeles Capital Management & Equity Research Inc. now owns 53,700 shares of the medical technology company’s stock valued at $4,254,000 after buying an additional 47,470 shares in the last quarter. Finally, American Century Companies Inc. grew its holdings in CONMED by 79.7% in the 3rd quarter. American Century Companies Inc. now owns 128,414 shares of the medical technology company’s stock valued at $10,173,000 after buying an additional 56,964 shares in the last quarter. 95.83% of the stock is currently owned by institutional investors and hedge funds.
NASDAQ:CNMD opened at $63.74 on Friday. The firm has a market cap of $1.79 billion, a PE ratio of 29.79, a P/E/G ratio of 2.56 and a beta of 0.64. The company has a quick ratio of 1.27, a current ratio of 2.20 and a debt-to-equity ratio of 0.68. CONMED Co. has a fifty-two week low of $49.22 and a fifty-two week high of $83.49.
The business also recently announced a quarterly dividend, which will be paid on Monday, January 7th. Stockholders of record on Friday, December 14th will be given a dividend of $0.20 per share. The ex-dividend date of this dividend is Thursday, December 13th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.26%. CONMED’s payout ratio is 42.33%.
In other CONMED news, EVP Heather L. Cohen acquired 900 shares of the company’s stock in a transaction that occurred on Tuesday, November 6th. The stock was acquired at an average cost of $68.60 per share, for a total transaction of $61,740.00. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 3.13% of the company’s stock.
A number of analysts have recently weighed in on the company. Zacks Investment Research upgraded CONMED from a “sell” rating to a “hold” rating in a research report on Wednesday, October 3rd. BidaskClub upgraded CONMED from a “sell” rating to a “hold” rating in a research report on Thursday. Leerink Swann upped their target price on CONMED from $76.00 to $81.00 and gave the company a “market perform” rating in a research report on Thursday, August 30th. Finally, Barclays set a $78.00 target price on CONMED and gave the company an “equal weight” rating in a research report on Tuesday, October 16th. Four equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $81.50.
CONMED Corporation, a medical technology company, develops, manufactures, and sells surgical devices and related equipment for minimally invasive procedures in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. The company offers orthopedic surgery products, including sports medicine products comprising powered resection instruments, arthroscopes, reconstructive systems, tissue repair sets, and metal and bioabsorbable implants, as well as related disposable products and fluid management systems; powered surgical instruments for use in bone orthopedic, arthroscopic, oral/maxillofacial, podiatric, plastic, ENT, neurological, spinal, and cardiothoracic surgeries; sports biologics and tissue products; and surgical visualization products.
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