Eagle Asset Management Inc. Boosts Stake in CONMED Co. (NASDAQ:CNMD)

Eagle Asset Management Inc. increased its position in CONMED Co. (NASDAQ:CNMD) by 194.7% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 358,231 shares of the medical technology company’s stock after buying an additional 236,680 shares during the period. Eagle Asset Management Inc. owned 1.27% of CONMED worth $34,443,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of CNMD. Keybank National Association OH purchased a new stake in CONMED during the third quarter valued at approximately $261,000. First Mercantile Trust Co. grew its stake in shares of CONMED by 256.3% during the third quarter. First Mercantile Trust Co. now owns 4,871 shares of the medical technology company’s stock valued at $468,000 after buying an additional 3,504 shares during the last quarter. Russell Investments Group Ltd. grew its stake in shares of CONMED by 65.5% during the third quarter. Russell Investments Group Ltd. now owns 51,417 shares of the medical technology company’s stock valued at $4,944,000 after buying an additional 20,356 shares during the last quarter. Texas Permanent School Fund grew its stake in shares of CONMED by 9.2% during the third quarter. Texas Permanent School Fund now owns 19,257 shares of the medical technology company’s stock valued at $1,852,000 after buying an additional 1,630 shares during the last quarter. Finally, Comerica Bank grew its stake in shares of CONMED by 8.5% during the third quarter. Comerica Bank now owns 26,552 shares of the medical technology company’s stock valued at $2,601,000 after buying an additional 2,085 shares during the last quarter.

A number of research analysts have recently commented on the company. BidaskClub raised CONMED from a “hold” rating to a “buy” rating in a research note on Saturday, November 2nd. Stifel Nicolaus upped their target price on CONMED from $99.00 to $118.00 and gave the company a “buy” rating in a research note on Thursday, October 31st. Barclays upped their target price on CONMED from $96.00 to $105.00 and gave the company an “overweight” rating in a research note on Thursday, August 1st. Needham & Company LLC increased their price objective on CONMED from $111.00 to $115.00 and gave the stock a “buy” rating in a research note on Thursday, October 31st. Finally, Zacks Investment Research raised CONMED from a “hold” rating to a “buy” rating and set a $116.00 price objective on the stock in a research note on Friday, November 1st. One investment analyst has rated the stock with a hold rating and six have given a buy rating to the stock. CONMED presently has a consensus rating of “Buy” and a consensus target price of $112.80.

NASDAQ:CNMD traded up $1.06 during midday trading on Friday, hitting $110.54. The stock had a trading volume of 121,700 shares, compared to its average volume of 257,315. The company has a market capitalization of $3.11 billion, a price-to-earnings ratio of 50.71, a PEG ratio of 2.45 and a beta of 0.51. The company has a quick ratio of 1.40, a current ratio of 2.48 and a debt-to-equity ratio of 1.11. The stock has a 50-day moving average of $99.28 and a 200 day moving average of $90.95. CONMED Co. has a one year low of $56.90 and a one year high of $113.51.

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CONMED (NASDAQ:CNMD) last issued its earnings results on Wednesday, October 30th. The medical technology company reported $0.62 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.56 by $0.06. The company had revenue of $233.60 million during the quarter, compared to analyst estimates of $228.12 million. CONMED had a return on equity of 10.50% and a net margin of 3.15%. The firm’s quarterly revenue was up 15.5% on a year-over-year basis. During the same quarter last year, the business posted $0.46 EPS. On average, sell-side analysts anticipate that CONMED Co. will post 2.64 earnings per share for the current fiscal year.

In related news, EVP Peter K. Shagory sold 1,820 shares of the firm’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $109.34, for a total value of $198,998.80. Following the completion of the transaction, the executive vice president now owns 3,469 shares in the company, valued at approximately $379,300.46. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Stanley W. Peters III sold 500 shares of the firm’s stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $101.76, for a total value of $50,880.00. Following the completion of the transaction, the vice president now owns 130 shares of the company’s stock, valued at approximately $13,228.80. The disclosure for this sale can be found here. Company insiders own 4.38% of the company’s stock.

CONMED Company Profile

CONMED Corporation, a medical technology company, develops, manufactures, and sells surgical devices and related equipment for minimally invasive procedures worldwide. 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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