First Mercantile Trust Co. Sells 290 Shares of CONMED Co. (CNMD)

First Mercantile Trust Co. lessened its stake in CONMED Co. (NASDAQ:CNMD) by 16.6% during the 1st quarter, HoldingsChannel.com reports. The fund owned 1,455 shares of the medical technology company’s stock after selling 290 shares during the period. First Mercantile Trust Co.’s holdings in CONMED were worth $121,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently modified their holdings of the company. Morgan Stanley boosted its position in shares of CONMED by 47.6% during the third quarter. Morgan Stanley now owns 259,823 shares of the medical technology company’s stock valued at $20,582,000 after buying an additional 83,830 shares during the last quarter. Meeder Asset Management Inc. boosted its position in shares of CONMED by 38.4% during the fourth quarter. Meeder Asset Management Inc. now owns 4,491 shares of the medical technology company’s stock valued at $288,000 after buying an additional 1,245 shares during the last quarter. Bank of Montreal Can boosted its position in shares of CONMED by 16.8% during the fourth quarter. Bank of Montreal Can now owns 74,306 shares of the medical technology company’s stock valued at $4,770,000 after buying an additional 10,684 shares during the last quarter. Strs Ohio boosted its position in shares of CONMED by 25.2% during the fourth quarter. Strs Ohio now owns 74,500 shares of the medical technology company’s stock valued at $4,782,000 after buying an additional 15,000 shares during the last quarter. Finally, First Quadrant L P CA purchased a new stake in shares of CONMED during the fourth quarter valued at $78,000. Hedge funds and other institutional investors own 96.52% of the company’s stock.

Several research firms recently commented on CNMD. BidaskClub raised CONMED from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, May 7th. Zacks Investment Research raised CONMED from a “hold” rating to a “buy” rating and set a $79.00 price objective on the stock in a research report on Friday, January 25th. Barclays increased their price objective on CONMED from $85.00 to $92.00 and gave the company an “overweight” rating in a research report on Monday, April 15th. Needham & Company LLC reaffirmed a “buy” rating and set a $94.00 price objective (up from $87.00) on shares of CONMED in a research report on Tuesday, April 16th. Finally, Stifel Nicolaus began coverage on CONMED in a research report on Wednesday, April 17th. They set a “buy” rating and a $95.00 price objective on the stock. One investment analyst has rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. CONMED presently has an average rating of “Buy” and an average price target of $91.00.

Shares of NASDAQ:CNMD opened at $80.65 on Wednesday. The stock has a market capitalization of $2.28 billion, a price-to-earnings ratio of 37.00, a PEG ratio of 2.41 and a beta of 0.64. The company has a debt-to-equity ratio of 1.16, a quick ratio of 1.45 and a current ratio of 2.58. CONMED Co. has a 52-week low of $56.90 and a 52-week high of $85.91.

CONMED (NASDAQ:CNMD) last announced its earnings results on Wednesday, April 24th. The medical technology company reported $0.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.54 by $0.03. The business had revenue of $218.38 million for the quarter, compared to analysts’ expectations of $213.95 million. CONMED had a return on equity of 9.67% and a net margin of 3.56%. The business’s revenue for the quarter was up 8.1% on a year-over-year basis. During the same period last year, the firm posted $0.53 earnings per share. As a group, equities analysts anticipate that CONMED Co. will post 2.5 EPS for the current year.

In other CONMED news, Director Dirk Kuyper sold 2,000 shares of the firm’s stock in a transaction dated Monday, April 8th. The stock was sold at an average price of $83.39, for a total value of $166,780.00. Following the transaction, the director now directly owns 13,906 shares of the company’s stock, valued at $1,159,621.34. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Peter K. Shagory sold 3,000 shares of the firm’s stock in a transaction dated Friday, March 8th. The stock was sold at an average price of $77.77, for a total value of $233,310.00. Following the completion of the transaction, the executive vice president now directly owns 4,649 shares in the company, valued at $361,552.73. The disclosure for this sale can be found here. Insiders sold 10,511 shares of company stock worth $846,032 over the last three months. Insiders own 4.38% of the company’s stock.

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CONMED 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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