Maryland State Retirement & Pension System Has $544,000 Holdings in CONMED Corporation (NYSE:CNMD)

Maryland State Retirement & Pension System lessened its holdings in CONMED Corporation (NYSE:CNMD) by 13.4% during the first quarter, HoldingsChannel.com reports. The fund owned 9,010 shares of the company’s stock after selling 1,391 shares during the period. Maryland State Retirement & Pension System’s holdings in CONMED were worth $544,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Picton Mahoney Asset Management bought a new position in CONMED in the first quarter valued at about $33,000. Aquatic Capital Management LLC bought a new position in CONMED in the fourth quarter valued at about $82,000. GAMMA Investing LLC grew its position in CONMED by 81.4% in the first quarter. GAMMA Investing LLC now owns 1,317 shares of the company’s stock valued at $80,000 after acquiring an additional 591 shares during the last quarter. Summit Investment Advisors Inc. grew its position in CONMED by 6.8% in the fourth quarter. Summit Investment Advisors Inc. now owns 3,228 shares of the company’s stock valued at $221,000 after acquiring an additional 205 shares during the last quarter. Finally, Quantinno Capital Management LP bought a new position in CONMED in the fourth quarter valued at about $222,000.

CONMED Stock Performance

NYSE:CNMD opened at $52.63 on Friday. The stock has a market cap of $1.63 billion, a P/E ratio of 14.91, a price-to-earnings-growth ratio of 1.88 and a beta of 1.17. 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 stock’s 50-day moving average is $52.43 and its 200-day moving average is $56.57. CONMED Corporation has a 1-year low of $46.00 and a 1-year high of $78.19.

CONMED (NYSE:CNMD) last announced its earnings results on Wednesday, July 30th. The company reported $1.15 EPS for the quarter, beating the consensus estimate 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 for the quarter, compared to analysts’ expectations of $338.42 million. During the same period in the prior year, the business posted $0.98 earnings per share. The firm’s revenue was up 3.1% on a year-over-year basis. Equities research analysts anticipate that CONMED Corporation will post 4.35 earnings per share for the current year.

CONMED Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 3rd. Shareholders of record on Monday, September 15th will be paid a $0.20 dividend. The ex-dividend date of this dividend is Monday, September 15th. This represents a $0.80 annualized dividend and a yield of 1.5%. CONMED’s payout ratio is 22.66%.

Analyst Ratings Changes

A number of research analysts have issued reports on CNMD shares. Wells Fargo & Company decreased their target price 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. JPMorgan Chase & Co. decreased their target price on CONMED from $70.00 to $58.00 and set a “neutral” 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 target price on the stock. in a research report on Thursday, June 12th. Wall Street Zen cut CONMED from a “buy” rating to a “hold” rating in a report on Tuesday, May 6th. Finally, Stifel Nicolaus cut CONMED from a “buy” rating to a “hold” rating and reduced their price target for the stock from $75.00 to $55.00 in a report on Monday, April 28th. Five analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus 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.