Vanguard Group Inc. Boosts Stake in CONMED Co. (NASDAQ:CNMD)

Vanguard Group Inc. lifted its holdings in CONMED Co. (NASDAQ:CNMD) by 3.6% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,869,620 shares of the medical technology company’s stock after purchasing an additional 100,779 shares during the quarter. Vanguard Group Inc. owned 10.14% of CONMED worth $245,554,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently bought and sold shares of the stock. Champlain Investment Partners LLC increased its position in CONMED by 0.8% in the first quarter. Champlain Investment Partners LLC now owns 1,433,335 shares of the medical technology company’s stock worth $119,225,000 after buying an additional 11,155 shares in the last quarter. Northern Trust Corp increased its position in CONMED by 1.6% in the second quarter. Northern Trust Corp now owns 612,644 shares of the medical technology company’s stock worth $52,425,000 after buying an additional 9,671 shares in the last quarter. Principal Financial Group Inc. increased its position in CONMED by 142.5% in the first quarter. Principal Financial Group Inc. now owns 548,342 shares of the medical technology company’s stock worth $45,611,000 after buying an additional 322,249 shares in the last quarter. Marshall Wace LLP increased its position in CONMED by 148.9% in the first quarter. Marshall Wace LLP now owns 398,722 shares of the medical technology company’s stock worth $33,166,000 after buying an additional 238,500 shares in the last quarter. Finally, Westwood Holdings Group Inc. increased its position in CONMED by 0.8% in the first quarter. Westwood Holdings Group Inc. now owns 394,979 shares of the medical technology company’s stock worth $32,854,000 after buying an additional 3,192 shares in the last quarter. Institutional investors own 96.75% of the company’s stock.

A number of analysts have commented on CNMD shares. Stifel Nicolaus upped their price target on CONMED from $97.00 to $99.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. BidaskClub cut CONMED from a “hold” rating to a “sell” rating in a research report on Thursday. ValuEngine cut CONMED from a “buy” rating to a “hold” rating in a research report on Wednesday. Piper Jaffray Companies raised CONMED from a “neutral” rating to an “overweight” rating and upped their price objective for the stock from $88.00 to $110.00 in a research note on Thursday, August 22nd. Finally, Barclays upped their price objective on CONMED from $96.00 to $105.00 and gave the stock an “overweight” rating in a research note on Thursday, August 1st. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and five have given a buy rating to the company’s stock. CONMED currently has a consensus rating of “Buy” and an average price target of $101.20.

Shares of NASDAQ CNMD traded up $0.22 during mid-day trading on Thursday, reaching $93.53. The company’s stock had a trading volume of 6,539 shares, compared to its average volume of 206,569. The firm has a market capitalization of $2.72 billion, a PE ratio of 42.78, a P/E/G ratio of 2.25 and a beta of 0.51. The company has a debt-to-equity ratio of 1.14, a current ratio of 2.55 and a quick ratio of 1.44. The stock has a fifty day moving average of $98.70 and a two-hundred day moving average of $87.54. CONMED Co. has a 52 week low of $56.90 and a 52 week high of $103.90.

CONMED (NASDAQ:CNMD) last released its quarterly earnings data on Wednesday, July 31st. The medical technology company reported $0.56 earnings per share for the quarter, topping analysts’ consensus estimates of $0.53 by $0.03. The firm had revenue of $238.26 million during the quarter, compared to analyst estimates of $233.06 million. CONMED had a return on equity of 9.95% and a net margin of 3.13%. The business’s quarterly revenue was up 12.0% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.46 earnings per share. Analysts anticipate that CONMED Co. will post 2.55 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 7th. Stockholders of record on Friday, September 13th will be paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.86%. The ex-dividend date of this dividend is Thursday, September 12th. CONMED’s dividend payout ratio (DPR) is 36.70%.

In other news, Director Dirk Kuyper sold 11,614 shares of the company’s stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $91.10, for a total value of $1,058,035.40. Following the completion of the transaction, the director now owns 10,396 shares of the company’s stock, valued at $947,075.60. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, VP Johonna Marie Pelletier sold 453 shares of the company’s stock in a transaction dated Thursday, August 8th. The stock was sold at an average price of $94.93, for a total value of $43,003.29. Following the completion of the transaction, the vice president now directly owns 3,965 shares of the company’s stock, valued at approximately $376,397.45. The disclosure for this sale can be found here. In the last ninety days, insiders sold 17,476 shares of company stock valued at $1,610,458. Corporate insiders own 4.38% of the company’s stock.

CONMED Company Profile

CONMED Corporation, a medical technology company, develops, manufactures, and sells surgical devices and related equipment for minimally invasive procedures worldwide. 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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Institutional Ownership by Quarter for CONMED (NASDAQ:CNMD)

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