Victory Capital Management Inc. increased its stake in shares of Conmed Corp. (NASDAQ:CNMD) by 70.7% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,679,961 shares of the medical technology company’s stock after buying an additional 696,008 shares during the period. Victory Capital Management Inc. owned 6.04% of Conmed Corp. worth $67,299,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Fisher Asset Management LLC raised its stake in shares of Conmed Corp. by 14.3% in the second quarter. Fisher Asset Management LLC now owns 441,386 shares of the medical technology company’s stock worth $21,774,000 after buying an additional 55,056 shares during the last quarter. Wellington Management Group LLP acquired a new stake in shares of Conmed Corp. during the first quarter worth about $11,522,000. Capstone Asset Management Co. raised its stake in shares of 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 worth $406,000 after buying an additional 500 shares during the last quarter. Sit Investment Associates Inc. acquired a new stake in shares of Conmed Corp. during the second quarter worth about $1,104,000. Finally, JPMorgan Chase & Co. raised its stake in shares of Conmed Corp. by 5.5% in the second quarter. JPMorgan Chase & Co. now owns 50,366 shares of the medical technology company’s stock worth $2,404,000 after buying an additional 2,613 shares during the last quarter. 98.80% of the stock is currently owned by institutional investors.
Shares of Conmed Corp. (NASDAQ:CNMD) traded down 0.078% during trading on Friday, reaching $45.075. The company’s stock had a trading volume of 60,570 shares. The stock has a market capitalization of $1.25 billion, a price-to-earnings ratio of 80.491 and a beta of 0.81. Conmed Corp. has a 1-year low of $35.51 and a 1-year high of $50.16. The company’s 50-day moving average price is $41.31 and its 200 day moving average price is $42.04.
Conmed Corp. (NASDAQ:CNMD) last announced its quarterly earnings results on Thursday, October 27th. The medical technology company reported $0.41 earnings per share for the quarter, topping analysts’ consensus estimates of $0.40 by $0.01. The company had revenue of $184.79 million for the quarter, compared to analysts’ expectations of $180.13 million. Conmed Corp. had a net margin of 2.11% and a return on equity of 8.26%. The business’s quarterly revenue was up 9.2% compared to the same quarter last year. During the same period last year, the firm posted $0.45 earnings per share. Analysts anticipate that Conmed Corp. will post $1.87 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, January 5th. Stockholders of record on Thursday, December 15th will be given a dividend of $0.20 per share. The ex-dividend date is Tuesday, December 13th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.77%. Conmed Corp.’s dividend payout ratio is 142.86%.
CNMD has been the subject of several research analyst reports. Leerink Swann lowered Conmed Corp. from an “outperform” rating to a “market perform” rating and lowered their price objective for the company from $56.00 to $47.00 in a report on Thursday, July 28th. Zacks Investment Research lowered Conmed Corp. from a “hold” rating to a “sell” rating in a report on Friday, July 29th. Finally, Needham & Company LLC boosted their price objective on Conmed Corp. from $49.00 to $53.00 and gave the company a “buy” rating in a report on Friday, November 18th.
In other news, EVP Daniel Jonas sold 2,555 shares of Conmed Corp. stock in a transaction on Monday, November 7th. The shares were sold at an average price of $40.40, for a total transaction of $103,222.00. Following the transaction, the executive vice president now directly owns 20,120 shares of the company’s stock, valued at $812,848. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 1.91% of the company’s stock.
Conmed Corp. Company Profile