Pinebridge Investments L.P. trimmed its position in shares of CONMED Co. (NASDAQ:CNMD) by 26.1% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 25,406 shares of the medical technology company’s stock after selling 8,993 shares during the quarter. Pinebridge Investments L.P. owned approximately 0.09% of CONMED worth $1,860,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in CNMD. BlackRock Inc. raised its holdings in CONMED by 8.4% in the first quarter. BlackRock Inc. now owns 3,558,330 shares of the medical technology company’s stock worth $225,348,000 after purchasing an additional 276,513 shares during the period. Bank of New York Mellon Corp raised its holdings in CONMED by 1.0% in the second quarter. Bank of New York Mellon Corp now owns 404,036 shares of the medical technology company’s stock worth $29,574,000 after purchasing an additional 3,964 shares during the period. Hood River Capital Management LLC acquired a new stake in CONMED in the second quarter worth $25,372,000. Epoch Investment Partners Inc. raised its holdings in CONMED by 6.9% in the first quarter. Epoch Investment Partners Inc. now owns 252,845 shares of the medical technology company’s stock worth $16,013,000 after purchasing an additional 16,359 shares during the period. Finally, Principal Financial Group Inc. raised its holdings in CONMED by 3.0% in the first quarter. Principal Financial Group Inc. now owns 203,810 shares of the medical technology company’s stock worth $12,908,000 after purchasing an additional 5,891 shares during the period. 96.10% of the stock is currently owned by institutional investors and hedge funds.

Several research firms have weighed in on CNMD. Leerink Swann increased their target price on shares of CONMED from $76.00 to $81.00 and gave the stock a “market perform” rating in a report on Thursday. BidaskClub lowered shares of CONMED from a “strong-buy” rating to a “buy” rating in a report on Saturday, August 11th. Zacks Investment Research lowered shares of CONMED from a “hold” rating to a “sell” rating in a report on Monday, August 6th. Finally, Needham & Company LLC increased their target price on shares of CONMED from $73.00 to $83.00 and gave the stock a “buy” rating in a report on Thursday, August 2nd. One research analyst has rated the stock with a sell rating, three have given a hold rating and three have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $73.50.

CONMED stock opened at $79.88 on Friday. The firm has a market capitalization of $2.19 billion, a P/E ratio of 42.26, a price-to-earnings-growth ratio of 3.13 and a beta of 0.55. CONMED Co. has a 1-year low of $48.03 and a 1-year high of $83.49. The company has a quick ratio of 1.15, a current ratio of 1.97 and a debt-to-equity ratio of 0.67.

CONMED (NASDAQ:CNMD) last announced its earnings results on Wednesday, August 1st. The medical technology company reported $0.46 EPS for the quarter, topping the consensus estimate of $0.45 by $0.01. The business had revenue of $212.80 million during the quarter, compared to the consensus estimate of $207.12 million. CONMED had a net margin of 8.85% and a return on equity of 9.51%. CONMED’s revenue was up 7.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.41 EPS. research analysts anticipate that CONMED Co. will post 2.17 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Monday, October 8th. Stockholders of record on Friday, September 14th will be given a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 1.00%. The ex-dividend date of this dividend is Thursday, September 13th. CONMED’s payout ratio is presently 42.33%.

In related news, VP Terence M. Berge sold 673 shares of CONMED stock in a transaction that occurred on Wednesday, June 13th. The shares were sold at an average price of $73.00, for a total transaction of $49,129.00. Following the sale, the vice president now directly owns 19,908 shares of the company’s stock, valued at approximately $1,453,284. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Daniel Jonas sold 4,000 shares of CONMED stock in a transaction that occurred on Thursday, August 2nd. The shares were sold at an average price of $79.73, for a total transaction of $318,920.00. Following the sale, the executive vice president now directly owns 20,347 shares in the company, valued at $1,622,266.31. The disclosure for this sale can be found here. 3.13% of the stock is currently owned by insiders.

CONMED Profile

CONMED Corporation, a medical technology company, develops, manufactures, and sells surgical devices and related equipment for minimally invasive procedures in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. 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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