Public Sector Pension Investment Board Acquires 15,269 Shares of CONMED Corporation $CNMD

Public Sector Pension Investment Board grew its holdings in shares of CONMED Corporation (NYSE:CNMD) by 14.5% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 120,782 shares of the company’s stock after acquiring an additional 15,269 shares during the quarter. Public Sector Pension Investment Board owned 0.39% of CONMED worth $5,680,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. CWM LLC grew its holdings in CONMED by 352.0% during the 2nd quarter. CWM LLC now owns 791 shares of the company’s stock worth $41,000 after acquiring an additional 616 shares during the last quarter. Caitong International Asset Management Co. Ltd acquired a new position in shares of CONMED during the 2nd quarter valued at $48,000. State of Wyoming bought a new position in shares of CONMED during the 3rd quarter worth about $52,000. GAMMA Investing LLC raised its stake in CONMED by 14.8% during the 3rd quarter. GAMMA Investing LLC now owns 1,770 shares of the company’s stock worth $83,000 after buying an additional 228 shares during the period. Finally, Wealth Enhancement Advisory Services LLC acquired a new position in CONMED during the 3rd quarter worth approximately $167,000.

CONMED Stock Performance

Shares of CNMD opened at $44.21 on Thursday. The stock has a 50 day moving average of $41.05 and a 200 day moving average of $45.57. The company has a market capitalization of $1.37 billion, a price-to-earnings ratio of 29.28, a PEG ratio of 1.87 and a beta of 0.97. CONMED Corporation has a 12 month low of $35.37 and a 12 month high of $64.87. The company has a current ratio of 2.10, a quick ratio of 0.95 and a debt-to-equity ratio of 0.85.

CONMED (NYSE:CNMD) last announced its quarterly earnings data on Wednesday, January 28th. The company reported $1.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.32 by $0.11. The firm had revenue of $373.20 million during the quarter, compared to the consensus estimate of $366.88 million. CONMED had a return on equity of 14.36% and a net margin of 3.42%.The business’s revenue for the quarter was up 7.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.34 EPS. As a group, sell-side analysts forecast that CONMED Corporation will post 4.35 earnings per share for the current year.

Wall Street Analyst Weigh In

CNMD has been the topic of several research reports. Bank of America lowered their price objective 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. Needham & Company LLC restated a “hold” rating on shares of CONMED in a report on Thursday, January 29th. Piper Sandler cut their price target on CONMED from $68.00 to $55.00 and set an “overweight” rating for the company in a research note on Thursday, November 6th. Weiss Ratings reissued a “sell (d+)” rating on shares of CONMED in a report on Wednesday, January 21st. Finally, Wells Fargo & Company raised their target price on CONMED from $41.00 to $42.00 and gave the company an “equal weight” rating in a report on Thursday, January 29th. One equities research analyst has rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, CONMED has an average rating of “Hold” and a consensus price target of $52.83.

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.