Nationwide Fund Advisors reduced its stake in shares of Conmed Corp. (NASDAQ:CNMD) by 4.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 75,090 shares of the medical technology company’s stock after selling 3,420 shares during the period. Nationwide Fund Advisors owned approximately 0.27% of Conmed Corp. worth $3,584,000 at the end of the most recent reporting period.
Other hedge funds have also added to or reduced their stakes in the company. 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 period. Alambic Investment Management L.P. purchased a new stake in shares of Conmed Corp. during the second quarter worth about $243,000. Ameriprise Financial Inc. raised its stake in shares of Conmed Corp. by 3.5% in the second quarter. Ameriprise Financial Inc. now owns 126,053 shares of the medical technology company’s stock worth $6,017,000 after buying an additional 4,321 shares during the period. Los Angeles Capital Management & Equity Research Inc. purchased a new stake in shares of Conmed Corp. during the second quarter worth about $507,000. Finally, William Blair Investment Management LLC raised its stake in shares of Conmed Corp. by 2.3% in the second quarter. William Blair Investment Management LLC now owns 448,285 shares of the medical technology company’s stock worth $21,397,000 after buying an additional 10,246 shares during the period. Institutional investors and hedge funds own 98.80% of the company’s stock.
Shares of Conmed Corp. (NASDAQ:CNMD) traded down 1.30% during trading on Thursday, hitting $40.20. 34,914 shares of the stock were exchanged. Conmed Corp. has a 12-month low of $35.51 and a 12-month high of $51.90. The stock has a market cap of $1.12 billion, a price-to-earnings ratio of 64.94 and a beta of 0.90. The stock’s 50 day moving average is $40.17 and its 200-day moving average is $42.23.
Conmed Corp. (NASDAQ:CNMD) last released its earnings results on Wednesday, July 27th. The medical technology company reported $0.47 earnings per share for the quarter, topping the consensus estimate of $0.46 by $0.01. The business had revenue of $193.40 million for the quarter, compared to the consensus estimate of $191.48 million. Conmed Corp. had a net margin of 2.36% and a return on equity of 8.11%. The firm’s quarterly revenue was up 6.8% compared to the same quarter last year. During the same period last year, the firm posted $0.36 earnings per share. Equities research analysts anticipate that Conmed Corp. will post $1.87 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Wednesday, October 5th. Stockholders of record on Thursday, September 15th were given a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 1.96%. The ex-dividend date of this dividend was Tuesday, September 13th. Conmed Corp.’s dividend payout ratio (DPR) is currently 129.03%.
A number of equities analysts have weighed in on CNMD shares. Zacks Investment Research raised shares of Conmed Corp. from a “hold” rating to a “buy” rating and set a $48.00 price target on the stock in a research note on Tuesday, June 14th. Leerink Swann downgraded shares of Conmed Corp. from an “outperform” rating to a “market perform” rating and cut their price target for the stock from $56.00 to $47.00 in a research note on Thursday, July 28th. Three analysts have rated the stock with a hold rating and three have given a buy rating to the company. Conmed Corp. currently has a consensus rating of “Buy” and a consensus price target of $49.00.
Conmed Corp. Company 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. Its products are used by surgeons and physicians in a range of specialties, including orthopedics, general surgery, gynecology, neurosurgery and gastroenterology.