Allspring Global Investments Holdings LLC Grows Stake in CONMED Corporation $CNMD

Key Points

• Allspring Global Investments increased its position in CONMED by 47.8% in Q4, now owning 416,432 shares (about 1.34% of the company) valued at roughly $16.87 million.
• Analyst sentiment is mixed-to-negative with a consensus rating of "Reduce" and a $50.17 consensus price target; notable moves include Bank of America and Piper Sandler cutting targets/ratings while Wall Street Zen upgraded to a "strong-buy."
• CONMED recently beat Q4 estimates with $1.43 EPS vs. $1.32 expected and revenue of $373.2M (up 7.9% YoY); the company has a market cap of about $1.07 billion and a 12‑month trading range of $33.21–$61.08.

Allspring Global Investments Holdings LLC boosted its stake in shares of CONMED Corporation (NYSE:CNMD - Free Report) by 47.8% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 416,432 shares of the company's stock after acquiring an additional 134,616 shares during the quarter. Allspring Global Investments Holdings LLC owned about 1.34% of CONMED worth $16,874,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Kelleher Financial Advisors purchased a new position in shares of CONMED in the 3rd quarter worth approximately $28,000. Quarry LP raised its holdings in CONMED by 244.8% during the 3rd quarter. Quarry LP now owns 869 shares of the company's stock valued at $41,000 after buying an additional 617 shares during the period. Huntington National Bank lifted its position in CONMED by 111.8% in the third quarter. Huntington National Bank now owns 883 shares of the company's stock worth $42,000 after buying an additional 466 shares during the last quarter. State of Wyoming purchased a new position in CONMED during the third quarter worth $52,000. Finally, GAMMA Investing LLC boosted its stake in CONMED by 14.8% during the third 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.

Wall Street Analyst Weigh In

CNMD has been the topic of several recent analyst reports. Bank of America reduced their target price on shares of CONMED from $65.00 to $52.00 and set a "neutral" rating on the stock in a research note on Monday, December 8th. Wells Fargo & Company raised shares of CONMED to a "hold" rating in a research note on Wednesday, March 18th. Wall Street Zen raised shares of CONMED from a "buy" rating to a "strong-buy" rating in a research report on Sunday, March 29th. Piper Sandler downgraded shares of CONMED from an "overweight" rating to a "neutral" rating and decreased their price objective for the stock from $55.00 to $39.00 in a research note on Tuesday, March 17th. Finally, Needham & Company LLC restated a "hold" rating on shares of CONMED in a research report on Thursday, January 29th. Seven investment analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Reduce" and a consensus price target of $50.17.

CONMED Trading Down 0.0%

NYSE CNMD opened at $34.79 on Friday. The stock has a market cap of $1.07 billion, a PE ratio of 23.04, a PEG ratio of 1.53 and a beta of 0.99. CONMED Corporation has a 12 month low of $33.21 and a 12 month high of $61.08. The company's 50-day moving average price is $39.93 and its 200-day moving average price is $42.39. The company has a current ratio of 2.14, a quick ratio of 1.01 and a debt-to-equity ratio of 0.81.

CONMED (NYSE:CNMD - Get Free Report) last released its quarterly earnings data on Wednesday, January 28th. The company reported $1.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.32 by $0.11. The company had revenue of $373.20 million during the quarter, compared to analysts' expectations of $366.88 million. CONMED had a net margin of 3.42% and a return on equity of 14.23%. The firm's quarterly revenue was up 7.9% on a year-over-year basis. During the same period in the previous year, the company earned $1.34 EPS. Equities research analysts forecast that CONMED Corporation will post 4.35 earnings per share for the current year.

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.

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