Arizona State Retirement System Acquires 168 Shares of CONMED Co. (NYSE:CNMD)

Arizona State Retirement System boosted its holdings in CONMED Co. (NYSE:CNMD) by 2.0% in the 2nd quarter, HoldingsChannel reports. The firm owned 8,619 shares of the company’s stock after purchasing an additional 168 shares during the quarter. Arizona State Retirement System’s holdings in CONMED were worth $597,000 at the end of the most recent reporting period.

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

CONMED Price Performance

Shares of CNMD stock opened at $75.40 on Monday. The company has a market capitalization of $2.32 billion, a P/E ratio of 28.89, a P/E/G ratio of 0.95 and a beta of 1.46. The company’s 50-day simple moving average is $69.95 and its two-hundred day simple moving average is $72.81. CONMED Co. has a one year low of $61.05 and a one year high of $117.27. The company has a debt-to-equity ratio of 1.09, a current ratio of 2.34 and a quick ratio of 1.13.

CONMED (NYSE:CNMD) last announced its quarterly earnings data on Wednesday, July 31st. The company reported $0.98 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.92 by $0.06. The company had revenue of $332.10 million for the quarter, compared to analysts’ expectations of $334.39 million. CONMED had a return on equity of 13.89% and a net margin of 7.73%. CONMED’s revenue was up 4.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.83 earnings per share. As a group, equities analysts anticipate that CONMED Co. will post 3.99 EPS for the current year.

CONMED Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 4th. Investors of record on Monday, September 16th will be paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 1.06%. The ex-dividend date is Monday, September 16th. CONMED’s dividend payout ratio (DPR) is presently 30.65%.

Analysts Set New Price Targets

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

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.