Allspring Global Investments Holdings LLC Raises Holdings in CONMED Co. (NYSE:CNMD)

Allspring Global Investments Holdings LLC lifted its stake in CONMED Co. (NYSE:CNMD) by 75.3% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 154,446 shares of the company’s stock after purchasing an additional 66,347 shares during the quarter. Allspring Global Investments Holdings LLC owned about 0.50% of CONMED worth $11,108,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Arizona State Retirement System raised its holdings in shares of CONMED by 2.0% in the second quarter. Arizona State Retirement System now owns 8,619 shares of the company’s stock worth $597,000 after buying an additional 168 shares during the last quarter. Hilltop National Bank raised its stake in CONMED by 31.0% in the 2nd quarter. Hilltop National Bank now owns 825 shares of the company’s stock worth $57,000 after acquiring an additional 195 shares during the last quarter. Diversified Trust Co lifted its position in CONMED by 2.4% during the 2nd quarter. Diversified Trust Co now owns 11,250 shares of the company’s stock worth $780,000 after acquiring an additional 259 shares during the period. Louisiana State Employees Retirement System grew its stake in CONMED by 2.0% during the 2nd quarter. Louisiana State Employees Retirement System now owns 15,500 shares of the company’s stock valued at $1,074,000 after purchasing an additional 300 shares during the last quarter. Finally, CWM LLC increased its holdings in shares of CONMED by 36.1% in the third quarter. CWM LLC now owns 1,251 shares of the company’s stock valued at $90,000 after purchasing an additional 332 shares during the period.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on CNMD shares. Piper Sandler dropped their target price on CONMED from $95.00 to $80.00 and set an “overweight” rating on the stock in a research report on Thursday, August 1st. Wells Fargo & Company cut their price objective on shares of CONMED from $77.00 to $71.00 and set an “equal weight” rating on the stock in a research note on Thursday, August 1st. Needham & Company LLC restated a “buy” rating and set a $97.00 target price on shares of CONMED in a research report on Friday, October 4th. Stifel Nicolaus cut their price target on CONMED from $88.00 to $76.00 and set a “buy” rating on the stock in a research report on Thursday, August 1st. Finally, StockNews.com upgraded CONMED from a “hold” rating to a “buy” rating in a research note on Wednesday, October 9th. One analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, CONMED currently has a consensus rating of “Moderate Buy” and a consensus target price of $79.80.

CONMED Price Performance

NYSE:CNMD opened at $62.12 on Friday. The stock has a market capitalization of $1.91 billion, a PE ratio of 23.80, a price-to-earnings-growth ratio of 0.82 and a beta of 1.46. CONMED Co. has a 52 week low of $61.05 and a 52 week high of $117.27. The company has a quick ratio of 1.13, a current ratio of 2.34 and a debt-to-equity ratio of 1.09. The stock’s 50-day moving average price is $69.76 and its 200-day moving average price is $70.49.

CONMED (NYSE:CNMD) last posted its quarterly earnings data on Wednesday, July 31st. The company reported $0.98 EPS for the quarter, beating analysts’ consensus estimates of $0.92 by $0.06. CONMED had a return on equity of 13.89% and a net margin of 7.73%. The business had revenue of $332.10 million during the quarter, compared to analysts’ expectations of $334.39 million. During the same period in the previous year, the business earned $0.83 earnings per share. The business’s revenue was up 4.5% compared to the same quarter last year. As a group, equities analysts expect that CONMED Co. will post 3.99 EPS for the current fiscal year.

CONMED Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 4th. Shareholders of record on Monday, September 16th were issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 1.29%. The ex-dividend date of this dividend was Monday, September 16th. CONMED’s payout ratio is 30.65%.

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.