Quadrature Capital Ltd bought a new stake in shares of CONMED Co. (NYSE:CNMD – Get Rating) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 6,882 shares of the company’s stock, valued at approximately $552,000.
A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Harbor Investment Advisory LLC grew its stake in shares of CONMED by 24.6% during the third quarter. Harbor Investment Advisory LLC now owns 729 shares of the company’s stock worth $58,000 after acquiring an additional 144 shares during the last quarter. Citizens Financial Group Inc RI grew its position in CONMED by 6.7% during the 3rd quarter. Citizens Financial Group Inc RI now owns 3,347 shares of the company’s stock worth $269,000 after purchasing an additional 209 shares during the last quarter. Park Avenue Securities LLC increased its stake in CONMED by 8.1% during the 3rd quarter. Park Avenue Securities LLC now owns 2,950 shares of the company’s stock valued at $237,000 after purchasing an additional 222 shares in the last quarter. MetLife Investment Management LLC raised its holdings in shares of CONMED by 2.0% in the third quarter. MetLife Investment Management LLC now owns 15,327 shares of the company’s stock worth $1,229,000 after buying an additional 307 shares during the last quarter. Finally, Yousif Capital Management LLC lifted its stake in shares of CONMED by 1.4% during the third quarter. Yousif Capital Management LLC now owns 24,625 shares of the company’s stock worth $1,974,000 after buying an additional 331 shares during the period.
Analyst Upgrades and Downgrades
A number of brokerages recently issued reports on CNMD. Piper Sandler raised their target price on CONMED from $108.00 to $118.00 and gave the stock an “overweight” rating in a research note on Friday, February 3rd. TheStreet upgraded CONMED from a “d+” rating to a “c-” rating in a research note on Friday, December 30th. Finally, Needham & Company LLC increased their price target on shares of CONMED from $106.00 to $122.00 and gave the stock a “buy” rating in a report on Friday, February 3rd.
CONMED Stock Performance
CONMED (NYSE:CNMD – Get Rating) last posted its earnings results on Thursday, February 2nd. The company reported $0.42 EPS for the quarter, missing the consensus estimate of $0.93 by ($0.51). The company had revenue of $250.87 million for the quarter, compared to analyst estimates of $302.48 million. CONMED had a positive return on equity of 11.47% and a negative net margin of 7.71%. The firm’s revenue was down 8.4% on a year-over-year basis. During the same period last year, the business earned $1.07 earnings per share. As a group, equities research analysts predict that CONMED Co. will post 3.32 earnings per share for the current fiscal year.
CONMED Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Wednesday, April 5th. Investors of record on Wednesday, March 15th will be given a dividend of $0.20 per share. The ex-dividend date is Tuesday, March 14th. This represents a $0.80 annualized dividend and a yield of 0.89%. CONMED’s dividend payout ratio is presently -28.17%.
CONMED Profile
CONMED Corp. operates as a medical technology company, which engages in the development, manufacture and sale of surgical devices and related equipment. It operates through the following geographical segments: United States, Americas excluding the United States, Europe, Middle East, and Africa, and Asia Pacific.
Further Reading
- Get a free copy of the StockNews.com research report on CONMED (CNMD)
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