Texas Permanent School Fund Corp Raises Holdings in CONMED Co. (NYSE:CNMD)

Texas Permanent School Fund Corp boosted its stake in shares of CONMED Co. (NYSE:CNMD) by 8.4% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 28,751 shares of the company’s stock after acquiring an additional 2,226 shares during the quarter. Texas Permanent School Fund Corp owned 0.09% of CONMED worth $1,993,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the stock. Champlain Investment Partners LLC grew its stake in shares of CONMED by 36.1% during the 1st quarter. Champlain Investment Partners LLC now owns 1,303,060 shares of the company’s stock worth $104,349,000 after purchasing an additional 345,735 shares during the period. Clearbridge Investments LLC purchased a new position in CONMED in the first quarter valued at $27,343,000. Capital Research Global Investors increased its holdings in CONMED by 11.8% in the fourth quarter. Capital Research Global Investors now owns 2,757,108 shares of the company’s stock valued at $301,931,000 after buying an additional 289,996 shares in the last quarter. Cooke & Bieler LP boosted its stake in shares of CONMED by 49.8% during the 2nd quarter. Cooke & Bieler LP now owns 628,621 shares of the company’s stock worth $43,576,000 after acquiring an additional 209,064 shares in the last quarter. Finally, M&G Plc acquired a new stake in shares of CONMED during the 2nd quarter valued at about $9,117,000.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on CNMD. StockNews.com raised CONMED from a “hold” rating to a “buy” rating in a report on Thursday, September 5th. Piper Sandler reduced their target price on CONMED from $95.00 to $80.00 and set an “overweight” rating for the company in a research note on Thursday, August 1st. Stifel Nicolaus dropped their price target on shares of CONMED from $88.00 to $76.00 and set a “buy” rating on the stock in a research note on Thursday, August 1st. Wells Fargo & Company reduced their price objective on shares of CONMED from $77.00 to $71.00 and set an “equal weight” rating for the company in a research report on Thursday, August 1st. Finally, Needham & Company LLC dropped their target price on shares of CONMED from $106.00 to $97.00 and set a “buy” rating on the stock in a research report on Thursday, August 1st. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, CONMED currently has a consensus rating of “Moderate Buy” and a consensus target price of $79.80.

CONMED Trading Down 0.2 %

Shares of CNMD stock opened at $74.80 on Wednesday. CONMED Co. has a fifty-two week low of $61.05 and a fifty-two week high of $117.27. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.13 and a current ratio of 2.34. The stock’s fifty day moving average is $70.12 and its two-hundred day moving average is $72.77. The firm has a market capitalization of $2.30 billion, a P/E ratio of 28.66, a PEG ratio of 0.95 and a beta of 1.46.

CONMED (NYSE:CNMD) last posted its quarterly earnings results on Wednesday, July 31st. The company reported $0.98 earnings per share for the quarter, topping analysts’ consensus estimates of $0.92 by $0.06. The firm had revenue of $332.10 million for the quarter, compared to analyst estimates of $334.39 million. CONMED had a net margin of 7.73% and a return on equity of 13.89%. CONMED’s quarterly revenue was up 4.5% on a year-over-year basis. During the same period in the previous year, the business posted $0.83 earnings per share. Research analysts expect that CONMED Co. will post 3.99 earnings per share for the current fiscal year.

CONMED Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, October 4th. Investors of record on Monday, September 16th will be issued a $0.20 dividend. The ex-dividend date is Monday, September 16th. This represents a $0.80 annualized dividend and a dividend yield of 1.07%. CONMED’s dividend payout ratio is presently 30.65%.

About CONMED

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.