Principal Financial Group Inc. Sells 12,629 Shares of CONMED Corporation $CNMD

Principal Financial Group Inc. lowered its position in CONMED Corporation (NYSE:CNMD) by 6.8% in the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 174,063 shares of the company’s stock after selling 12,629 shares during the quarter. Principal Financial Group Inc.’s holdings in CONMED were worth $8,186,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Tributary Capital Management LLC bought a new position in CONMED during the third quarter worth about $19,549,000. SG Americas Securities LLC grew its stake in CONMED by 3,041.3% in the 3rd quarter. SG Americas Securities LLC now owns 63,894 shares of the company’s stock valued at $3,005,000 after buying an additional 61,860 shares in the last quarter. First Trust Advisors LP grew its stake in CONMED by 79.1% in the 2nd quarter. First Trust Advisors LP now owns 60,936 shares of the company’s stock valued at $3,174,000 after buying an additional 26,920 shares in the last quarter. Segall Bryant & Hamill LLC bought a new stake in CONMED during the 2nd quarter valued at $1,397,000. Finally, Arrowstreet Capital Limited Partnership purchased a new stake in shares of CONMED during the second quarter worth $1,280,000.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on CNMD shares. JPMorgan Chase & Co. decreased their price objective on CONMED from $58.00 to $52.00 and set a “neutral” rating on the stock in a research note on Thursday, November 6th. Needham & Company LLC reaffirmed a “hold” rating on shares of CONMED in a report on Thursday, January 29th. Bank of America lowered their price target on shares of CONMED from $65.00 to $52.00 and set a “neutral” rating on the stock in a report on Monday, December 8th. Zacks Research raised shares of CONMED from a “strong sell” rating to a “hold” rating in a research note on Tuesday, February 3rd. Finally, Piper Sandler lowered their target price on shares of CONMED from $68.00 to $55.00 and set an “overweight” rating on the stock in a research note on Thursday, November 6th. One analyst has rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, CONMED has a consensus rating of “Hold” and an average target price of $52.83.

CONMED Stock Up 0.2%

CNMD stock opened at $41.75 on Friday. CONMED Corporation has a 1-year low of $35.37 and a 1-year high of $65.50. The stock has a market cap of $1.29 billion, a price-to-earnings ratio of 27.65, a price-to-earnings-growth ratio of 1.83 and a beta of 0.97. The company has a current ratio of 2.10, a quick ratio of 0.95 and a debt-to-equity ratio of 0.85. The company’s 50 day moving average is $40.85 and its 200 day moving average is $45.78.

CONMED (NYSE:CNMD) last issued its quarterly earnings results on Wednesday, January 28th. The company reported $1.43 EPS for the quarter, topping analysts’ consensus estimates of $1.32 by $0.11. CONMED had a net margin of 3.42% and a return on equity of 14.36%. The firm had revenue of $373.20 million for the quarter, compared to analyst estimates of $366.88 million. During the same quarter in the prior year, the firm earned $1.34 EPS. The business’s revenue for the quarter was up 7.9% compared to the same quarter last year. Sell-side analysts predict that CONMED Corporation will post 4.35 EPS for the current fiscal year.

CONMED Company Profile

CONMED Corporation (NYSE: CNMD) is a global medical technology company headquartered in Utica, New York. Founded in 1970, CONMED develops, manufactures and markets a broad portfolio of surgical devices and accessories for minimally invasive procedures. The company’s product line supports surgeons and healthcare providers in specialties including orthopedics, general surgery, gastroenterology and gynecology.

CONMED operates two principal segments: Orthopedics, and Visualization & Energy.