Mountain Pacific Investment Advisers Inc. ID Boosts Stake in CONMED Co. (NYSE:CNMD)

Mountain Pacific Investment Advisers Inc. ID grew its position in CONMED Co. (NYSE:CNMD) by 33.3% during the 4th quarter, HoldingsChannel.com reports. The firm owned 192,426 shares of the company’s stock after acquiring an additional 48,050 shares during the quarter. CONMED makes up approximately 1.3% of Mountain Pacific Investment Advisers Inc. ID’s investment portfolio, making the stock its 28th biggest position. Mountain Pacific Investment Advisers Inc. ID’s holdings in CONMED were worth $21,073,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Bahl & Gaynor Inc. lifted its position in shares of CONMED by 1.4% during the fourth quarter. Bahl & Gaynor Inc. now owns 15,434 shares of the company’s stock worth $1,690,000 after purchasing an additional 207 shares in the last quarter. State of New Jersey Common Pension Fund D boosted its holdings in CONMED by 5.8% in the fourth quarter. State of New Jersey Common Pension Fund D now owns 23,320 shares of the company’s stock worth $2,554,000 after purchasing an additional 1,283 shares during the period. Yousif Capital Management LLC increased its stake in CONMED by 1.5% during the fourth quarter. Yousif Capital Management LLC now owns 15,613 shares of the company’s stock valued at $1,710,000 after purchasing an additional 228 shares during the last quarter. GAMMA Investing LLC acquired a new stake in shares of CONMED during the fourth quarter worth $40,000. Finally, New York State Common Retirement Fund raised its holdings in shares of CONMED by 0.8% during the fourth quarter. New York State Common Retirement Fund now owns 177,140 shares of the company’s stock worth $19,399,000 after purchasing an additional 1,333 shares during the period.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on CNMD shares. Wells Fargo & Company dropped their price target on CONMED from $98.00 to $77.00 and set an “equal weight” rating on the stock in a research report on Thursday. Needham & Company LLC dropped their target price on CONMED from $129.00 to $107.00 and set a “buy” rating on the stock in a research report on Thursday. JPMorgan Chase & Co. reduced their price target on shares of CONMED from $115.00 to $75.00 and set an “overweight” rating for the company in a report on Thursday. Finally, Piper Sandler dropped their price objective on shares of CONMED from $100.00 to $95.00 and set an “overweight” rating on the stock in a report on Thursday. Two analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, CONMED currently has a consensus rating of “Moderate Buy” and a consensus target price of $107.86.

CONMED Stock Performance

CNMD stock opened at $65.80 on Friday. The firm has a 50 day simple moving average of $78.06 and a 200 day simple moving average of $93.44. CONMED Co. has a 52 week low of $61.05 and a 52 week high of $138.47. The stock has a market cap of $2.03 billion, a P/E ratio of 25.21, a P/E/G ratio of 0.63 and a beta of 1.33. 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 (NYSE:CNMD) last issued its earnings results on Wednesday, April 24th. The company reported $0.79 EPS for the quarter, beating analysts’ consensus estimates of $0.74 by $0.05. The firm had revenue of $312.27 million for the quarter, compared to the consensus estimate of $307.06 million. CONMED had a return on equity of 13.99% and a net margin of 6.53%. Research analysts anticipate that CONMED Co. will post 4.34 earnings per share for the current fiscal year.

CONMED Dividend Announcement

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