Principal Financial Group Inc. Reduces Holdings in CONMED Co. (NYSE:CNMD)

Principal Financial Group Inc. lowered its position in CONMED Co. (NYSE:CNMD) by 2.5% in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 595,668 shares of the company’s stock after selling 15,556 shares during the quarter. Principal Financial Group Inc. owned about 1.93% of CONMED worth $41,290,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in CNMD. 1620 Investment Advisors Inc. purchased a new position in shares of CONMED in the second quarter worth about $39,000. GAMMA Investing LLC purchased a new position in CONMED in the 4th quarter valued at approximately $40,000. Innealta Capital LLC bought a new stake in CONMED during the 2nd quarter valued at $41,000. Principal Securities Inc. bought a new stake in CONMED during the 4th quarter valued at $46,000. Finally, Hilltop National Bank lifted its position in shares of CONMED by 31.0% during the second quarter. Hilltop National Bank now owns 825 shares of the company’s stock worth $57,000 after acquiring an additional 195 shares in the last quarter.

Insider Buying and Selling

In other CONMED news, insider Stanley W. Peters III sold 4,000 shares of the firm’s stock in a transaction that occurred on Friday, June 14th. The shares were sold at an average price of $71.82, for a total transaction of $287,280.00. Following the completion of the transaction, the insider now owns 63 shares of the company’s stock, valued at $4,524.66. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 6.80% of the stock is currently owned by insiders.

CONMED Stock Performance

CONMED stock opened at $73.22 on Friday. CONMED Co. has a fifty-two week low of $61.05 and a fifty-two week high of $117.27. The stock’s 50 day simple moving average is $68.82 and its two-hundred day simple moving average is $73.42. The company has a debt-to-equity ratio of 1.16, a quick ratio of 1.08 and a current ratio of 2.18. The stock has a market cap of $2.26 billion, a price-to-earnings ratio of 28.05, a PEG ratio of 0.67 and a beta of 1.42.

CONMED (NYSE:CNMD) last released its quarterly earnings results on Wednesday, July 31st. The company reported $0.98 earnings per share for the quarter, beating the consensus estimate of $0.92 by $0.06. The company had revenue of $332.10 million for the quarter, compared to analyst estimates of $334.39 million. CONMED had a return on equity of 14.12% and a net margin of 7.73%. The firm’s revenue was up 4.5% on a year-over-year basis. During the same period in the previous year, the company posted $0.83 earnings per share. As a group, analysts expect that CONMED Co. will post 3.99 earnings per share for the current fiscal year.

CONMED Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 4th. Investors of record on Monday, September 16th will be given a dividend of $0.20 per share. The ex-dividend date is Monday, September 16th. This represents a $0.80 dividend on an annualized basis and a yield of 1.09%. CONMED’s dividend payout ratio (DPR) is currently 30.65%.

Analyst Ratings Changes

A number of analysts recently issued reports on CNMD shares. StockNews.com upgraded CONMED from a “hold” rating to a “buy” rating in a research note on Friday. Stifel Nicolaus decreased their price target on CONMED from $88.00 to $76.00 and set a “buy” rating on the stock in a research report on Thursday, August 1st. Needham & Company LLC cut their price objective on shares of CONMED from $106.00 to $97.00 and set a “buy” rating for the company in a research report on Thursday, August 1st. Wells Fargo & Company decreased their target price on shares of CONMED from $77.00 to $71.00 and set an “equal weight” rating on the stock in a report on Thursday, August 1st. Finally, Piper Sandler cut their price target on shares of CONMED from $95.00 to $80.00 and set an “overweight” rating for the company in a report on Thursday, August 1st. One research analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $79.80.

CONMED 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.