Bessemer Group Inc. Sells 2,442 Shares of CONMED Corporation $CNMD

Bessemer Group Inc. lessened its holdings in shares of CONMED Corporation (NYSE:CNMD) by 14.6% in the second quarter, HoldingsChannel.com reports. The firm owned 14,276 shares of the company’s stock after selling 2,442 shares during the period. Bessemer Group Inc.’s holdings in CONMED were worth $743,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of CNMD. GAMMA Investing LLC increased its stake in CONMED by 81.4% during the 1st quarter. GAMMA Investing LLC now owns 1,317 shares of the company’s stock valued at $80,000 after purchasing an additional 591 shares in the last quarter. Teacher Retirement System of Texas bought a new stake in CONMED during the 1st quarter valued at $273,000. Principal Financial Group Inc. increased its stake in CONMED by 1.5% during the 1st quarter. Principal Financial Group Inc. now owns 634,677 shares of the company’s stock valued at $38,328,000 after purchasing an additional 9,619 shares in the last quarter. Envestnet Asset Management Inc. increased its stake in CONMED by 6.7% during the 1st quarter. Envestnet Asset Management Inc. now owns 159,750 shares of the company’s stock valued at $9,647,000 after purchasing an additional 10,040 shares in the last quarter. Finally, Cerity Partners LLC purchased a new stake in shares of CONMED in the first quarter worth approximately $633,000.

CONMED Stock Performance

Shares of CNMD opened at $44.04 on Friday. The company has a current ratio of 2.23, a quick ratio of 1.00 and a debt-to-equity ratio of 0.88. The company has a market capitalization of $1.36 billion, a price-to-earnings ratio of 12.48, a PEG ratio of 1.59 and a beta of 1.14. The stock has a 50 day moving average of $49.19 and a 200 day moving average of $52.06. CONMED Corporation has a 12 month low of $42.50 and a 12 month high of $78.00.

CONMED (NYSE:CNMD) last released its earnings results on Wednesday, July 30th. The company reported $1.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.13 by $0.02. CONMED had a return on equity of 14.43% and a net margin of 8.31%.The business had revenue of $342.35 million during the quarter, compared to the consensus estimate of $338.42 million. During the same period last year, the business posted $0.98 earnings per share. The business’s revenue for the quarter was up 3.1% on a year-over-year basis. As a group, sell-side analysts forecast that CONMED Corporation will post 4.35 earnings per share for the current year.

CONMED Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, October 3rd. Shareholders of record on Monday, September 15th were given a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date of this dividend was Monday, September 15th. CONMED’s dividend payout ratio (DPR) is currently 22.66%.

Insider Transactions at CONMED

In other CONMED news, Director Charles Farkas sold 2,000 shares of the firm’s stock in a transaction on Friday, September 12th. The stock was sold at an average price of $53.52, for a total value of $107,040.00. Following the completion of the sale, the director directly owned 14,859 shares of the company’s stock, valued at $795,253.68. This trade represents a 11.86% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. 3.10% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on CNMD. Weiss Ratings reissued a “sell (d+)” rating on shares of CONMED in a research note on Wednesday, October 8th. Piper Sandler lowered their price objective on CONMED from $80.00 to $68.00 and set an “overweight” rating for the company in a research note on Thursday, July 31st. One equities research analyst has rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, CONMED presently has an average rating of “Hold” and an average target price of $59.80.

CONMED Company Profile

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.