Pinebridge Investments L.P. lifted its stake in CONMED Co. (NASDAQ:CNMD) by 72.7% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 47,164 shares of the medical technology company’s stock after purchasing an additional 19,848 shares during the period. Pinebridge Investments L.P.’s holdings in CONMED were worth $2,404,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Vanguard Group Inc. lifted its stake in shares of CONMED by 1.1% in the second quarter. Vanguard Group Inc. now owns 2,294,366 shares of the medical technology company’s stock valued at $116,875,000 after purchasing an additional 25,484 shares during the period. Victory Capital Management Inc. lifted its stake in shares of CONMED by 2.1% in the fourth quarter. Victory Capital Management Inc. now owns 2,225,574 shares of the medical technology company’s stock valued at $113,438,000 after purchasing an additional 44,988 shares during the period. Macquarie Group Ltd. lifted its stake in shares of CONMED by 13.9% in the third quarter. Macquarie Group Ltd. now owns 731,957 shares of the medical technology company’s stock valued at $38,406,000 after purchasing an additional 89,078 shares during the period. State Street Corp lifted its stake in shares of CONMED by 3.4% in the second quarter. State Street Corp now owns 701,058 shares of the medical technology company’s stock valued at $35,715,000 after purchasing an additional 22,919 shares during the period. Finally, Fisher Asset Management LLC lifted its stake in shares of CONMED by 3.2% in the third quarter. Fisher Asset Management LLC now owns 618,378 shares of the medical technology company’s stock valued at $32,446,000 after purchasing an additional 19,015 shares during the period. Hedge funds and other institutional investors own 98.57% of the company’s stock.
CONMED Co. (NASDAQ CNMD) opened at $61.00 on Wednesday. The company has a current ratio of 2.56, a quick ratio of 1.49 and a debt-to-equity ratio of 0.84. The stock has a market cap of $1,711.51, a PE ratio of 32.25, a price-to-earnings-growth ratio of 2.49 and a beta of 0.74. CONMED Co. has a 52-week low of $39.74 and a 52-week high of $64.99.
CONMED (NASDAQ:CNMD) last announced its earnings results on Wednesday, January 31st. The medical technology company reported $0.69 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.65 by $0.04. The company had revenue of $222.60 million during the quarter, compared to analysts’ expectations of $212.17 million. CONMED had a net margin of 6.97% and a return on equity of 9.15%. The firm’s quarterly revenue was up 9.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.54 earnings per share. equities analysts expect that CONMED Co. will post 2.14 EPS for the current year.
CNMD has been the subject of several recent analyst reports. Zacks Investment Research cut shares of CONMED from a “hold” rating to a “sell” rating in a research note on Monday, November 6th. Needham & Company LLC restated a “buy” rating and set a $58.00 target price on shares of CONMED in a research report on Friday, November 17th. BidaskClub cut shares of CONMED from a “sell” rating to a “strong sell” rating in a research report on Wednesday, December 27th. KeyCorp restated a “hold” rating on shares of CONMED in a research report on Friday, November 3rd. Finally, Piper Jaffray Companies restated a “hold” rating and set a $46.00 target price on shares of CONMED in a research report on Friday, November 3rd. Four research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $59.00.
In other news, CFO Luke A. Pomilio sold 1,962 shares of the business’s stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $60.25, for a total value of $118,210.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Jo Ann Golden sold 3,000 shares of the business’s stock in a transaction that occurred on Thursday, February 1st. The shares were sold at an average price of $63.90, for a total transaction of $191,700.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 22,985 shares of company stock valued at $1,452,208. 2.62% of the stock is currently owned by company insiders.
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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