Allspring Global Investments Holdings LLC Increases Holdings in CONMED Corporation $CNMD

Key Points

• Allspring Global Investments increased its CONMED stake by 39.9% in the first quarter, buying 166,301 more shares and bringing its total holding to 582,733 shares worth about $20.7 million.
• Several analysts remain cautious on CONMED, with recent actions including a downgrade from Zacks Research to “strong sell” and an overall consensus rating of “Reduce” with a $38.80 target price.
• CONMED reported quarterly EPS of $0.89, topping estimates, and revenue of $317.05 million, also ahead of forecasts, though sales were still down 1.3% from a year earlier.

Allspring Global Investments Holdings LLC grew its position in shares of CONMED Corporation (NYSE:CNMD - Free Report) by 39.9% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 582,733 shares of the company's stock after buying an additional 166,301 shares during the quarter. Allspring Global Investments Holdings LLC owned 1.94% of CONMED worth $20,705,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. Kestra Advisory Services LLC purchased a new stake in shares of CONMED during the 4th quarter valued at about $26,000. Kelleher Financial Advisors bought a new position in shares of CONMED in the 3rd quarter worth approximately $28,000. Aster Capital Management DIFC Ltd boosted its holdings in shares of CONMED by 409.2% in the fourth quarter. Aster Capital Management DIFC Ltd now owns 723 shares of the company's stock worth $29,000 after buying an additional 581 shares during the last quarter. Quarry LP boosted its holdings in shares of CONMED by 244.8% in the third quarter. Quarry LP now owns 869 shares of the company's stock worth $41,000 after buying an additional 617 shares during the last quarter. Finally, Rockefeller Capital Management L.P. grew its position in CONMED by 48.6% during the fourth quarter. Rockefeller Capital Management L.P. now owns 1,043 shares of the company's stock valued at $42,000 after buying an additional 341 shares during the period.

Analyst Ratings Changes

Several research firms have weighed in on CNMD. Zacks Research downgraded shares of CONMED from a "hold" rating to a "strong sell" rating in a research report on Monday, July 13th. Bank of America restated an "underperform" rating and issued a $40.00 price objective on shares of CONMED in a research note on Monday, June 29th. Weiss Ratings reaffirmed a "sell (d)" rating on shares of CONMED in a report on Thursday, June 4th. Wells Fargo & Company set a $39.00 target price on CONMED in a research report on Monday, July 13th. Finally, BMO Capital Markets initiated coverage on CONMED in a report on Wednesday, July 8th. They set a "market perform" rating and a $36.00 price target for the company. Five analysts have rated the stock with a Hold rating and three have issued a Sell rating to the company's stock. According to MarketBeat.com, CONMED currently has an average rating of "Reduce" and a consensus target price of $38.80.

CONMED Price Performance

CNMD stock opened at $43.51 on Tuesday. The company has a debt-to-equity ratio of 0.85, a quick ratio of 1.04 and a current ratio of 2.29. The company's fifty day moving average price is $35.98 and its 200-day moving average price is $38.36. CONMED Corporation has a one year low of $31.44 and a one year high of $56.63. The company has a market capitalization of $1.31 billion, a PE ratio of 24.58, a price-to-earnings-growth ratio of 3.19 and a beta of 0.93.

CONMED (NYSE:CNMD - Get Free Report) last announced its quarterly earnings results on Wednesday, April 29th. The company reported $0.89 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.82 by $0.07. The company had revenue of $317.05 million for the quarter, compared to the consensus estimate of $310.64 million. CONMED had a net margin of 4.00% and a return on equity of 13.84%. CONMED's revenue for the quarter was down 1.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.95 EPS. On average, equities analysts anticipate that CONMED Corporation will post 4.38 EPS for the current fiscal year.

CONMED 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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