Legal & General Group Plc Increases Holdings in CONMED Corporation $CNMD

Legal & General Group Plc grew its holdings in CONMED Corporation (NYSE:CNMD) by 37.8% during the 4th quarter, Holdings Channel.com reports. The fund owned 147,422 shares of the company’s stock after acquiring an additional 40,419 shares during the period. Legal & General Group Plc’s holdings in CONMED were worth $5,985,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Vanguard Group Inc. raised its position in CONMED by 2.0% during the fourth quarter. Vanguard Group Inc. now owns 3,684,439 shares of the company’s stock valued at $149,588,000 after purchasing an additional 73,533 shares during the period. Dimensional Fund Advisors LP raised its position in CONMED by 19.8% during the third quarter. Dimensional Fund Advisors LP now owns 1,296,776 shares of the company’s stock valued at $60,984,000 after purchasing an additional 214,126 shares during the period. Wasatch Advisors LP purchased a new stake in CONMED during the third quarter valued at approximately $47,026,000. Deerfield Management Company L.P. raised its position in CONMED by 8.6% during the third quarter. Deerfield Management Company L.P. now owns 760,196 shares of the company’s stock valued at $35,752,000 after purchasing an additional 59,925 shares during the period. Finally, Invenomic Capital Management LP purchased a new stake in CONMED during the third quarter valued at approximately $19,753,000.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on CNMD shares. JPMorgan Chase & Co. decreased their price objective on CONMED from $43.00 to $40.00 and set a “neutral” rating on the stock in a research report on Thursday, April 30th. Wall Street Zen downgraded CONMED from a “strong-buy” rating to a “buy” rating in a research report on Saturday, May 2nd. Wells Fargo & Company decreased their price objective on CONMED from $42.00 to $39.00 and set an “equal weight” rating on the stock in a research report on Friday, May 1st. Piper Sandler downgraded CONMED from an “overweight” rating to a “neutral” rating and decreased their price objective for the company from $55.00 to $39.00 in a research report on Tuesday, March 17th. Finally, Bank of America decreased their price objective on CONMED from $52.00 to $40.00 and set a “neutral” rating on the stock in a research report on Monday, May 18th. Six equities research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Reduce” and a consensus target price of $43.80.

CONMED Trading Down 0.2%

CNMD opened at $35.07 on Friday. The stock has a market cap of $1.06 billion, a price-to-earnings ratio of 19.81, a P/E/G ratio of 1.73 and a beta of 0.92. The stock’s 50 day moving average price is $36.44 and its 200-day moving average price is $39.53. CONMED Corporation has a one year low of $32.13 and a one year high of $60.35. The company has a debt-to-equity ratio of 0.85, a quick ratio of 1.04 and a current ratio of 2.29.

CONMED (NYSE:CNMD) last released its earnings results on Wednesday, April 29th. The company reported $0.89 EPS for the quarter, beating analysts’ consensus estimates of $0.82 by $0.07. The firm had revenue of $317.05 million for the quarter, compared to analysts’ expectations of $310.64 million. CONMED had a return on equity of 13.84% and a net margin of 4.00%.The company’s quarterly revenue was down 1.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.95 earnings per share. On average, equities analysts forecast that CONMED Corporation will post 4.38 EPS for the current year.

About CONMED

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.