CONMED Co. (NYSE:CNMD) Shares Sold by abrdn plc

abrdn plc lessened its position in shares of CONMED Co. (NYSE:CNMD) by 9.5% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 212,854 shares of the company’s stock after selling 22,338 shares during the quarter. abrdn plc’s holdings in CONMED were worth $23,310,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Earnest Partners LLC raised its stake in shares of CONMED by 2.0% during the 3rd quarter. Earnest Partners LLC now owns 2,265,092 shares of the company’s stock worth $228,435,000 after buying an additional 44,076 shares during the last quarter. Northern Trust Corp raised its stake in CONMED by 0.3% in the 3rd quarter. Northern Trust Corp now owns 339,332 shares of the company’s stock valued at $34,222,000 after purchasing an additional 1,115 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in CONMED by 3.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 305,136 shares of the company’s stock valued at $30,773,000 after purchasing an additional 9,664 shares during the last quarter. Congress Asset Management Co. MA increased its stake in shares of CONMED by 32.3% during the 3rd quarter. Congress Asset Management Co. MA now owns 278,187 shares of the company’s stock valued at $28,055,000 after acquiring an additional 67,866 shares during the last quarter. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. increased its stake in shares of CONMED by 10.4% during the 3rd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 249,371 shares of the company’s stock valued at $25,149,000 after acquiring an additional 23,540 shares during the last quarter.

CONMED Price Performance

Shares of CNMD opened at $71.31 on Wednesday. The company has a debt-to-equity ratio of 1.17, a quick ratio of 0.96 and a current ratio of 1.98. CONMED Co. has a one year low of $70.57 and a one year high of $138.47. The firm has a market capitalization of $2.20 billion, a price-to-earnings ratio of 34.96, a price-to-earnings-growth ratio of 0.66 and a beta of 1.33. The stock’s fifty day moving average is $79.06 and its 200-day moving average is $94.06.

CONMED (NYSE:CNMD) last released its quarterly earnings results on Wednesday, January 31st. The company reported $1.06 earnings per share for the quarter, missing analysts’ consensus estimates of $1.11 by ($0.05). CONMED had a net margin of 5.18% and a return on equity of 13.69%. The company had revenue of $327.05 million during the quarter, compared to analyst estimates of $332.94 million. Equities analysts anticipate that CONMED Co. will post 4.34 EPS for the current year.

CONMED Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, April 5th. Investors of record on Friday, March 15th were paid a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 1.12%. The ex-dividend date of this dividend was Thursday, March 14th. CONMED’s dividend payout ratio is currently 39.22%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on CNMD. Needham & Company LLC boosted their target price on CONMED from $119.00 to $129.00 and gave the stock a “buy” rating in a report on Thursday, February 1st. Piper Sandler decreased their price target on CONMED from $130.00 to $100.00 and set an “overweight” rating for the company in a report on Thursday, February 1st. Wells Fargo & Company decreased their price target on CONMED from $107.00 to $98.00 and set an “equal weight” rating for the company in a report on Thursday, February 1st. Finally, JPMorgan Chase & Co. decreased their price target on CONMED from $135.00 to $115.00 and set an “overweight” rating for the company in a report on Thursday, February 1st. Two equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $120.43.

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.