Rhumbline Advisers Raises Holdings in CONMED Co. (CNMD)
Rhumbline Advisers boosted its holdings in shares of CONMED Co. (NASDAQ:CNMD) by 9.4% during the 4th quarter, Holdings Channel reports. The firm owned 71,858 shares of the medical technology company’s stock after purchasing an additional 6,193 shares during the period. Rhumbline Advisers’ holdings in CONMED were worth $3,663,000 as of its most recent filing with the SEC.
Other institutional investors have also modified their holdings of the company. Public Employees Retirement System of Ohio grew its position in CONMED by 3.3% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 2,022 shares of the medical technology company’s stock worth $103,000 after purchasing an additional 64 shares during the last quarter. Quantbot Technologies LP purchased a new position in CONMED during the 3rd quarter worth $133,000. Crossmark Global Holdings Inc. purchased a new position in CONMED during the 3rd quarter worth $281,000. OxFORD Asset Management LLP purchased a new position in CONMED during the 3rd quarter worth $294,000. Finally, Teacher Retirement System of Texas purchased a new position in CONMED during the 4th quarter worth $442,000. 99.57% of the stock is currently owned by institutional investors.
Shares of CONMED Co. (CNMD) opened at $64.31 on Wednesday. The firm has a market cap of $1,775.88, a PE ratio of 33.41, a PEG ratio of 2.58 and a beta of 0.67. The company has a quick ratio of 1.44, a current ratio of 2.38 and a debt-to-equity ratio of 0.75. CONMED Co. has a fifty-two week low of $40.54 and a fifty-two week high of $64.99.
The company also recently announced a quarterly dividend, which will be paid on Thursday, April 5th. Stockholders of record on Thursday, March 15th will be issued a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 1.24%. The ex-dividend date of this dividend is Wednesday, March 14th. CONMED’s payout ratio is 40.61%.
In related news, CFO Luke A. Pomilio sold 1,962 shares of the firm’s stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $60.25, for a total value of $118,210.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Jo Ann Golden sold 3,000 shares of the firm’s stock in a transaction dated 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 ninety days, insiders sold 46,473 shares of company stock worth $2,874,693. Insiders own 2.62% of the company’s stock.
Several brokerages have recently weighed in on CNMD. ValuEngine raised shares of CONMED from a “hold” rating to a “buy” rating in a report on Thursday, March 1st. Zacks Investment Research raised shares of CONMED from a “hold” rating to a “buy” rating and set a $71.00 target price on the stock in a report on Friday, February 2nd. BidaskClub raised shares of CONMED from a “sell” rating to a “hold” rating in a report on Friday, February 2nd. Finally, Needham & Company LLC lifted their target price on shares of CONMED from $58.00 to $71.00 and gave the company a “buy” rating in a report on Thursday, February 1st. Four investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. CONMED currently has an average rating of “Hold” and a consensus price target of $59.00.
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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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