New York State Common Retirement Fund Boosts Stock Position in CONMED Co. (NYSE:CNMD)

New York State Common Retirement Fund lifted its stake in CONMED Co. (NYSE:CNMD) by 0.8% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 177,140 shares of the company’s stock after purchasing an additional 1,333 shares during the quarter. New York State Common Retirement Fund owned about 0.58% of CONMED worth $19,399,000 at the end of the most recent reporting period.

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

CONMED Stock Performance

Shares of CNMD stock opened at $65.78 on Friday. The firm has a 50 day moving average of $78.06 and a two-hundred day moving average of $93.39. The stock has a market capitalization of $2.03 billion, a PE ratio of 25.20, a P/E/G ratio of 0.57 and a beta of 1.33. The company has a quick ratio of 0.96, a current ratio of 1.98 and a debt-to-equity ratio of 1.17. CONMED Co. has a 52 week low of $61.05 and a 52 week high of $138.47.

CONMED (NYSE:CNMD) last released its earnings results on Wednesday, April 24th. The company reported $0.79 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.74 by $0.05. The firm had revenue of $312.27 million during the quarter, compared to analyst estimates of $307.06 million. CONMED had a return on equity of 13.99% and a net margin of 6.53%. On average, research analysts predict that CONMED Co. will post 4.31 EPS for the current fiscal year.

CONMED Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, April 5th. Investors of record on Friday, March 15th were issued a $0.20 dividend. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $0.80 annualized dividend and a yield of 1.22%. CONMED’s dividend payout ratio (DPR) is 30.65%.

Wall Street Analysts Forecast Growth

CNMD has been the topic of a number of recent analyst reports. Piper Sandler decreased their price objective on CONMED from $100.00 to $95.00 and set an “overweight” rating on the stock in a report on Thursday. JPMorgan Chase & Co. decreased their price target on CONMED from $115.00 to $75.00 and set an “overweight” rating on the stock in a research note on Thursday. Wells Fargo & Company cut their price objective on CONMED from $98.00 to $77.00 and set an “equal weight” rating for the company in a research report on Thursday. Finally, Needham & Company LLC decreased their target price on shares of CONMED from $129.00 to $107.00 and set a “buy” rating on the stock in a research report on Thursday. Two research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, CONMED has an average rating of “Moderate Buy” and an average target price of $107.86.

About CONMED

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.