CONMED Co. (NYSE:CNMD) Position Boosted by Public Employees Retirement System of Ohio

Public Employees Retirement System of Ohio increased its holdings in CONMED Co. (NYSE:CNMD) by 6.6% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 50,760 shares of the company’s stock after purchasing an additional 3,155 shares during the quarter. Public Employees Retirement System of Ohio’s holdings in CONMED were worth $3,651,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in CNMD. 1620 Investment Advisors Inc. acquired a new position in CONMED in the second quarter worth approximately $39,000. Innealta Capital LLC bought a new stake in shares of CONMED during the 2nd quarter worth $41,000. CWM LLC grew its holdings in shares of CONMED by 224.7% in the 2nd quarter. CWM LLC now owns 919 shares of the company’s stock worth $64,000 after acquiring an additional 636 shares during the last quarter. nVerses Capital LLC raised its position in shares of CONMED by 566.7% during the third quarter. nVerses Capital LLC now owns 2,000 shares of the company’s stock worth $144,000 after purchasing an additional 1,700 shares during the period. Finally, Federated Hermes Inc. purchased a new stake in shares of CONMED during the second quarter valued at $167,000.

CONMED Stock Down 0.2 %

CONMED stock opened at $72.55 on Monday. The company has a market capitalization of $2.24 billion, a P/E ratio of 17.23, a P/E/G ratio of 0.94 and a beta of 1.46. CONMED Co. has a 1-year low of $61.05 and a 1-year high of $117.27. The firm’s fifty day simple moving average is $69.90 and its 200-day simple moving average is $70.45. The company has a current ratio of 2.27, a quick ratio of 1.06 and a debt-to-equity ratio of 1.01.

CONMED (NYSE:CNMD) last announced its quarterly earnings results on Wednesday, October 30th. The company reported $1.05 earnings per share for the quarter, topping analysts’ consensus estimates of $0.99 by $0.06. The company had revenue of $316.70 million during the quarter, compared to analysts’ expectations of $318.46 million. CONMED had a return on equity of 13.84% and a net margin of 10.23%. Sell-side analysts forecast that CONMED Co. will post 4.03 earnings per share for the current fiscal year.

CONMED Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, January 3rd. Stockholders of record on Friday, December 20th will be given a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.10%. The ex-dividend date of this dividend is Friday, December 20th. CONMED’s dividend payout ratio is 19.00%.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on CNMD shares. Needham & Company LLC reissued a “buy” rating and issued a $97.00 price target on shares of CONMED in a research note on Thursday, October 31st. StockNews.com downgraded shares of CONMED from a “buy” rating to a “hold” rating in a research report on Friday, November 8th. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target 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.