Principal Financial Group Inc. Has $7.45 Million Stock Position in CONMED Corporation $CNMD

Key Points

• Principal Financial Group increased its CONMED stake by 14% in the first quarter, acquiring 25,879 additional shares and ending with a position worth approximately $7.45 million, or 0.70% of the company.
• CONMED exceeded quarterly expectations, reporting $0.89 in earnings per share versus the $0.82 consensus and revenue of $317.05 million, though revenue declined 1.3% year over year.
• Analyst sentiment remains cautious: the stock has a consensus “Reduce” rating and an average price target of $38.80, below its reported opening price of $42.73.

Principal Financial Group Inc. increased its position in CONMED Corporation (NYSE:CNMD - Free Report) by 14.0% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 210,657 shares of the company's stock after purchasing an additional 25,879 shares during the quarter. Principal Financial Group Inc. owned approximately 0.70% of CONMED worth $7,449,000 at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. AQR Capital Management LLC increased its position in CONMED by 19.9% in the 1st quarter. AQR Capital Management LLC now owns 14,199 shares of the company's stock valued at $857,000 after acquiring an additional 2,357 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of CONMED by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 18,354 shares of the company's stock valued at $1,108,000 after purchasing an additional 800 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in CONMED by 5.8% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 82,686 shares of the company's stock valued at $4,993,000 after buying an additional 4,565 shares during the period. Intech Investment Management LLC boosted its stake in CONMED by 34.6% during the 1st quarter. Intech Investment Management LLC now owns 22,505 shares of the company's stock worth $1,359,000 after acquiring an additional 5,780 shares during the last quarter. Finally, Creative Planning bought a new position in shares of CONMED during the second quarter worth $310,000.

CONMED Price Performance

Shares of CNMD opened at $42.73 on Monday. The business has a 50-day simple moving average of $36.47 and a two-hundred day simple moving average of $38.39. CONMED Corporation has a 12-month low of $31.44 and a 12-month high of $56.63. The company has a quick ratio of 1.04, a current ratio of 2.29 and a debt-to-equity ratio of 0.85. The stock has a market cap of $1.29 billion, a PE ratio of 24.14, a PEG ratio of 3.16 and a beta of 0.93.

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

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on CNMD shares. BMO Capital Markets assumed coverage on shares of CONMED in a research note on Wednesday, July 8th. They issued a "market perform" rating and a $36.00 target price for the company. Zacks Research downgraded shares of CONMED from a "hold" rating to a "strong sell" rating in a report on Monday, July 13th. Wall Street Zen upgraded CONMED from a "hold" rating to a "buy" rating in a research note on Monday, July 20th. Wells Fargo & Company set a $39.00 price objective on shares of CONMED in a research report on Monday, July 13th. Finally, Weiss Ratings reissued a "sell (d)" rating on shares of CONMED in a report on Thursday, June 4th. Five analysts have rated the stock with a Hold rating and three have given a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Reduce" and a consensus price target of $38.80.

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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