Legal & General Group Plc Acquires 40,419 Shares of CONMED Corporation $CNMD

Legal & General Group Plc grew its holdings in CONMED Corporation (NYSE:CNMD) by 37.8% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 147,422 shares of the company’s stock after purchasing an additional 40,419 shares during the period. Legal & General Group Plc owned about 0.48% of CONMED worth $5,985,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Kelleher Financial Advisors bought a new stake in shares of CONMED in the 3rd quarter worth $28,000. Quarry LP increased its holdings in shares of CONMED by 244.8% in the 3rd quarter. Quarry LP now owns 869 shares of the company’s stock worth $41,000 after purchasing an additional 617 shares in the last quarter. Huntington National Bank increased its holdings in shares of CONMED by 111.8% in the 3rd quarter. Huntington National Bank now owns 883 shares of the company’s stock worth $42,000 after purchasing an additional 466 shares in the last quarter. State of Wyoming bought a new stake in shares of CONMED in the 3rd quarter worth $52,000. Finally, Cullen Frost Bankers Inc. bought a new stake in shares of CONMED in the 4th quarter worth $54,000.

Wall Street Analyst Weigh In

Several analysts recently commented on the company. JPMorgan Chase & Co. cut their price objective on CONMED from $43.00 to $40.00 and set a “neutral” rating for the company in a report on Thursday, April 30th. Wall Street Zen lowered CONMED from a “strong-buy” rating to a “buy” rating in a report on Saturday, May 2nd. Bank of America cut their price objective on CONMED from $52.00 to $40.00 and set a “neutral” rating for the company in a report on Monday, May 18th. Wells Fargo & Company cut their price objective on CONMED from $42.00 to $39.00 and set an “equal weight” rating for the company in a report on Friday, May 1st. Finally, Piper Sandler lowered CONMED from an “overweight” rating to a “neutral” rating and cut their price objective for the stock from $55.00 to $39.00 in a report on Tuesday, March 17th. Six investment analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Reduce” and a consensus price target of $43.80.

CONMED Price Performance

NYSE CNMD opened at $35.07 on Friday. The company has a market capitalization of $1.06 billion, a PE ratio of 19.81, a price-to-earnings-growth ratio of 1.73 and a beta of 0.92. 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 business’s fifty day moving average is $36.44 and its 200 day moving average is $39.53. CONMED Corporation has a fifty-two week low of $32.13 and a fifty-two week high of $60.35.

CONMED (NYSE:CNMD) last announced its quarterly earnings data on Wednesday, April 29th. The company reported $0.89 EPS for the quarter, beating 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 business 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 earnings per share. The business’s revenue was down 1.3% on a year-over-year basis. Sell-side analysts predict that CONMED Corporation will post 4.38 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.