CONMED Corporation $CNMD Shares Acquired by Public Sector Pension Investment Board

Key Points

• Public Sector Pension Investment Board increased its stake in CONMED Corporation by 27.4% in Q1 2023, holding approximately 97,983 shares valued at $5.92 million.
• CONMED reported earnings of $1.15 per share for the last quarter, exceeding expectations by $0.02, while revenue rose 3.1% year-over-year to $342.35 million.
• The company announced a quarterly dividend of $0.20 to be paid on October 3rd, representing an annualized yield of 1.5% and a payout ratio of 22.66%.

Public Sector Pension Investment Board grew its holdings in CONMED Corporation (NYSE:CNMD - Free Report) by 27.4% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 97,983 shares of the company's stock after purchasing an additional 21,069 shares during the period. Public Sector Pension Investment Board owned about 0.32% of CONMED worth $5,917,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Picton Mahoney Asset Management bought a new position in shares of CONMED during the 1st quarter worth $33,000. Aquatic Capital Management LLC bought a new stake in CONMED during the fourth quarter valued at about $82,000. GAMMA Investing LLC boosted its holdings in CONMED by 81.4% in the first quarter. GAMMA Investing LLC now owns 1,317 shares of the company's stock worth $80,000 after acquiring an additional 591 shares in the last quarter. Summit Investment Advisors Inc. boosted its holdings in CONMED by 6.8% in the fourth quarter. Summit Investment Advisors Inc. now owns 3,228 shares of the company's stock worth $221,000 after acquiring an additional 205 shares in the last quarter. Finally, Quantinno Capital Management LP acquired a new stake in CONMED in the fourth quarter worth about $222,000.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the company. Needham & Company LLC cut CONMED from a "buy" rating to a "hold" rating and set a $61.00 price objective for the company. in a research note on Thursday, June 12th. JPMorgan Chase & Co. reduced their price target on CONMED from $70.00 to $58.00 and set a "neutral" rating for the company in a research report on Thursday, May 1st. Stifel Nicolaus lowered CONMED from a "buy" rating to a "hold" rating and dropped their price objective for the company from $75.00 to $55.00 in a report on Monday, April 28th. Wells Fargo & Company lowered their price target on CONMED from $70.00 to $57.00 and set an "equal weight" rating on the stock in a research note on Thursday, May 1st. Finally, Wall Street Zen lowered CONMED from a "buy" rating to a "hold" rating in a research note on Tuesday, May 6th. One investment analyst has rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, CONMED has an average rating of "Hold" and a consensus price target of $59.80.

CONMED Trading Down 0.8%

Shares of CNMD stock traded down $0.4330 on Thursday, hitting $53.0270. The stock had a trading volume of 405,720 shares, compared to its average volume of 558,961. The company has a debt-to-equity ratio of 0.88, a current ratio of 2.23 and a quick ratio of 1.00. The firm has a market capitalization of $1.64 billion, a P/E ratio of 15.02, a P/E/G ratio of 1.82 and a beta of 1.17. CONMED Corporation has a 1 year low of $46.00 and a 1 year high of $78.19. The company's 50 day moving average price is $52.03 and its 200-day moving average price is $55.97.

CONMED (NYSE:CNMD - Get Free Report) last issued its quarterly earnings results on Wednesday, July 30th. The company reported $1.15 earnings per share for the quarter, topping the consensus estimate of $1.13 by $0.02. CONMED had a return on equity of 14.43% and a net margin of 8.31%.The company had revenue of $342.35 million for the quarter, compared to the consensus estimate of $338.42 million. During the same quarter in the prior year, the business earned $0.98 EPS. CONMED's revenue was up 3.1% on a year-over-year basis. CONMED has set its FY 2025 guidance at 4.400-4.550 EPS. Analysts anticipate that CONMED Corporation will post 4.35 earnings per share for the current year.

CONMED Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 3rd. Shareholders of record on Monday, September 15th will be issued a dividend of $0.20 per share. The ex-dividend date is Monday, September 15th. This represents a $0.80 annualized dividend and a yield of 1.5%. CONMED's dividend payout ratio is 22.66%.

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.