Teacher Retirement System of Texas Takes Position in CONMED Corporation (NYSE:CNMD)

Teacher Retirement System of Texas bought a new position in CONMED Corporation (NYSE:CNMD) in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 4,515 shares of the company’s stock, valued at approximately $273,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in CNMD. Silvercrest Asset Management Group LLC bought a new position in shares of CONMED during the fourth quarter valued at about $68,489,000. Fuller & Thaler Asset Management Inc. bought a new position in shares of CONMED during the fourth quarter valued at about $59,046,000. Neuberger Berman Group LLC bought a new position in shares of CONMED during the fourth quarter valued at about $21,395,000. Raymond James Financial Inc. purchased a new stake in shares of CONMED during the fourth quarter worth about $18,248,000. Finally, Natixis boosted its holdings in shares of CONMED by 1,069.2% during the fourth quarter. Natixis now owns 114,000 shares of the company’s stock worth $7,802,000 after purchasing an additional 104,250 shares during the period.

Insider Buying and Selling

In other CONMED news, Director Charles Farkas sold 4,000 shares of the business’s stock in a transaction on Monday, May 5th. The shares were sold at an average price of $56.94, for a total value of $227,760.00. Following the sale, the director owned 16,346 shares in the company, valued at $930,741.24. The trade was a 19.66% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 3.10% of the stock is currently owned by insiders.

CONMED Trading Down 3.3%

NYSE:CNMD opened at $47.62 on Friday. The company has a 50 day simple moving average of $54.77 and a two-hundred day simple moving average of $58.74. The company has a market cap of $1.47 billion, a PE ratio of 12.53, a price-to-earnings-growth ratio of 1.23 and a beta of 1.20. CONMED Corporation has a 12 month low of $46.00 and a 12 month high of $78.19. The company has a current ratio of 2.26, a quick ratio of 1.00 and a debt-to-equity ratio of 0.91.

CONMED (NYSE:CNMD) last issued its quarterly earnings results on Wednesday, April 30th. The company reported $0.95 earnings per share for the quarter, topping the consensus estimate of $0.81 by $0.14. The business had revenue of $321.26 million for the quarter, compared to analysts’ expectations of $313.38 million. CONMED had a net margin of 9.02% and a return on equity of 14.36%. The company’s revenue was up 2.9% compared to the same quarter last year. During the same quarter last year, the company posted $0.79 EPS. Research analysts forecast that CONMED Corporation will post 4.35 earnings per share for the current year.

CONMED Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, July 3rd. Shareholders of record on Friday, June 13th were paid a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 1.68%. The ex-dividend date of this dividend was Friday, June 13th. CONMED’s payout ratio is currently 21.05%.

Wall Street Analyst Weigh In

CNMD has been the subject of several research analyst reports. Stifel Nicolaus lowered shares of CONMED from a “buy” rating to a “hold” rating and lowered their price objective for the stock from $75.00 to $55.00 in a report on Monday, April 28th. Wall Street Zen cut CONMED from a “buy” rating to a “hold” rating in a research report on Tuesday, May 6th. Wells Fargo & Company cut their price objective on CONMED from $70.00 to $57.00 and set an “equal weight” rating on the stock in a research report on Thursday, May 1st. Needham & Company LLC cut CONMED from a “buy” rating to a “hold” rating and set a $61.00 price objective on the stock. in a research report on Thursday, June 12th. Finally, JPMorgan Chase & Co. cut their price objective on CONMED from $70.00 to $58.00 and set a “neutral” rating on the stock in a research report on Thursday, May 1st. Five research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $62.20.

About CONMED

CONMED Corporation, a medical technology company, develops, manufactures, and sells surgical devices and related equipment for surgical procedures worldwide. The company offers orthopedic surgery products, including BioBrace, TruShot with Y-Knot All-In-One Soft Tissue Fixation System, Y-knot All-Suture Anchors, and Agro Knotless Suture Anchors, which provide clinical solutions to orthopedic surgeons for the augmentation and repair of soft tissue injuries, as well as provides supporting products that enable surgeons to perform minimally invasive sports medicine surgeries.