KLP Kapitalforvaltning AS Invests $432,000 in CONMED Co. (NYSE:CNMD)

KLP Kapitalforvaltning AS purchased a new stake in shares of CONMED Co. (NYSE:CNMD) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 6,300 shares of the company’s stock, valued at approximately $432,000.

Several other hedge funds have also added to or reduced their stakes in CNMD. Intech Investment Management LLC lifted its position in CONMED by 5.0% during the 4th quarter. Intech Investment Management LLC now owns 16,725 shares of the company’s stock valued at $1,145,000 after purchasing an additional 803 shares during the period. Natixis Advisors LLC raised its stake in shares of CONMED by 10.5% during the fourth quarter. Natixis Advisors LLC now owns 122,550 shares of the company’s stock worth $8,387,000 after buying an additional 11,641 shares during the last quarter. Aurora Investment Counsel lifted its holdings in CONMED by 12.0% in the fourth quarter. Aurora Investment Counsel now owns 17,133 shares of the company’s stock valued at $1,173,000 after buying an additional 1,841 shares during the period. Swiss National Bank boosted its stake in CONMED by 0.8% in the fourth quarter. Swiss National Bank now owns 60,600 shares of the company’s stock valued at $4,147,000 after acquiring an additional 500 shares during the last quarter. Finally, Wealthfront Advisers LLC acquired a new stake in CONMED during the 4th quarter worth $5,790,000.

CONMED Stock Down 2.9 %

Shares of CNMD stock opened at $56.23 on Friday. The company has a market capitalization of $1.74 billion, a price-to-earnings ratio of 13.26, a P/E/G ratio of 1.83 and a beta of 1.28. CONMED Co. has a 12-month low of $54.97 and a 12-month high of $80.65. The firm has a fifty day moving average of $62.73 and a 200-day moving average of $67.51. The company has a quick ratio of 1.06, a current ratio of 2.30 and a debt-to-equity ratio of 0.94.

CONMED (NYSE:CNMD) last posted its quarterly earnings data on Wednesday, February 5th. The company reported $1.34 earnings per share for the quarter, topping the consensus estimate of $1.20 by $0.14. CONMED had a return on equity of 14.31% and a net margin of 10.13%. As a group, equities research analysts predict that CONMED Co. will post 4.35 earnings per share for the current fiscal year.

CONMED Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, April 4th. Investors of record on Friday, March 14th were issued a dividend of $0.20 per share. The ex-dividend date was Friday, March 14th. This represents a $0.80 annualized dividend and a yield of 1.42%. CONMED’s payout ratio is presently 18.87%.

Analyst Upgrades and Downgrades

CNMD has been the topic of several recent research reports. Stifel Nicolaus raised their price target on CONMED from $72.00 to $75.00 and gave the stock a “buy” rating in a research report on Thursday, February 6th. Needham & Company LLC reduced their target price on CONMED from $97.00 to $91.00 and set a “buy” rating on the stock in a report on Thursday, February 6th. JPMorgan Chase & Co. cut CONMED from an “overweight” rating to a “neutral” rating and lowered their price target for the company from $85.00 to $70.00 in a research note on Thursday, February 6th. Finally, Wells Fargo & Company reduced their price objective on shares of CONMED from $74.00 to $70.00 and set an “equal weight” rating on the stock in a research note on Thursday, February 6th. Three analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, CONMED has a consensus rating of “Moderate Buy” and an average target price of $77.20.

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.