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

Allspring Global Investments Holdings LLC trimmed its stake in CONMED Co. (NYSE:CNMD) by 48.5% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,949 shares of the company’s stock after selling 2,774 shares during the period. Allspring Global Investments Holdings LLC’s holdings in CONMED were worth $323,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of CNMD. Earnest Partners LLC lifted its position in CONMED by 2.0% during the 3rd quarter. Earnest Partners LLC now owns 2,265,092 shares of the company’s stock valued at $228,435,000 after acquiring an additional 44,076 shares during the period. Northern Trust Corp lifted its position in CONMED by 0.3% during the 3rd quarter. Northern Trust Corp now owns 339,332 shares of the company’s stock valued at $34,222,000 after acquiring an additional 1,115 shares during the period. Charles Schwab Investment Management Inc. lifted its position in CONMED by 3.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 305,136 shares of the company’s stock valued at $30,773,000 after acquiring an additional 9,664 shares during the period. Congress Asset Management Co. MA lifted its position in 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 period. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. lifted its position in 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 period.

Analyst Upgrades and Downgrades

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

CONMED Price Performance

Shares of CNMD opened at $65.80 on Friday. The company has a market cap of $2.03 billion, a price-to-earnings ratio of 25.21, a price-to-earnings-growth ratio of 0.63 and a beta of 1.33. CONMED Co. has a twelve month low of $61.05 and a twelve month high of $138.47. The company has a quick ratio of 0.96, a current ratio of 1.98 and a debt-to-equity ratio of 1.17. The company has a 50 day moving average of $78.06 and a two-hundred day moving average of $93.44.

CONMED (NYSE:CNMD) last announced its earnings results on Wednesday, April 24th. The company reported $0.79 earnings per share for the quarter, beating the consensus estimate of $0.74 by $0.05. CONMED had a net margin of 6.53% and a return on equity of 13.99%. The company had revenue of $312.27 million during the quarter, compared to the consensus estimate of $307.06 million. As a group, analysts predict that CONMED Co. will post 4.34 earnings per share for the current fiscal year.

CONMED Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, April 5th. Investors of record on Friday, March 15th were given a dividend of $0.20 per share. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $0.80 dividend on an annualized basis and a yield of 1.22%. CONMED’s dividend payout ratio is presently 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.