State of New Jersey Common Pension Fund D Grows Position in CONMED Co. (NYSE:CNMD)

State of New Jersey Common Pension Fund D raised its position in CONMED Co. (NYSE:CNMD) by 5.8% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 23,320 shares of the company’s stock after purchasing an additional 1,283 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in CONMED were worth $2,554,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Arizona State Retirement System lifted its position in shares of CONMED by 1.4% during the third quarter. Arizona State Retirement System now owns 8,705 shares of the company’s stock worth $878,000 after purchasing an additional 121 shares during the last quarter. Raymond James Financial Services Advisors Inc. lifted its holdings in CONMED by 4.7% during the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 3,095 shares of the company’s stock valued at $312,000 after buying an additional 140 shares in the last quarter. Yousif Capital Management LLC boosted its position in CONMED by 1.5% in the 4th quarter. Yousif Capital Management LLC now owns 15,613 shares of the company’s stock valued at $1,710,000 after buying an additional 228 shares during the period. Handelsbanken Fonder AB boosted its position in CONMED by 5.6% in the 4th quarter. Handelsbanken Fonder AB now owns 5,623 shares of the company’s stock valued at $616,000 after buying an additional 300 shares during the period. Finally, Vanguard Personalized Indexing Management LLC grew its stake in CONMED by 15.5% in the 3rd quarter. Vanguard Personalized Indexing Management LLC now owns 2,295 shares of the company’s stock worth $231,000 after acquiring an additional 308 shares in the last quarter.

Analysts Set New Price Targets

CNMD has been the subject of a number of research reports. Piper Sandler dropped their price objective on CONMED from $100.00 to $95.00 and set an “overweight” rating on the stock in a research note on Thursday, April 25th. JPMorgan Chase & Co. decreased their price objective on CONMED from $115.00 to $75.00 and set an “overweight” rating for the company in a report on Thursday, April 25th. Needham & Company LLC cut their target price on shares of CONMED from $129.00 to $107.00 and set a “buy” rating on the stock in a research report on Thursday, April 25th. Finally, Wells Fargo & Company dropped their price objective on shares of CONMED from $98.00 to $77.00 and set an “equal weight” rating on the stock in a research note on Thursday, April 25th. Two research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $107.86.

CONMED Stock Up 0.6 %

Shares of CNMD stock opened at $68.36 on Thursday. The stock’s fifty day moving average price is $77.52 and its 200 day moving average price is $93.01. CONMED Co. has a 1-year low of $61.05 and a 1-year high of $138.47. The company has a market cap of $2.11 billion, a price-to-earnings ratio of 26.19, a price-to-earnings-growth ratio of 0.64 and a beta of 1.33. The company has a debt-to-equity ratio of 1.16, a current ratio of 2.18 and a quick ratio of 1.08.

CONMED (NYSE:CNMD) last issued its quarterly earnings results on Wednesday, April 24th. The company reported $0.79 earnings per share for the quarter, topping analysts’ consensus estimates of $0.74 by $0.05. CONMED had a return on equity of 13.78% and a net margin of 6.53%. The business had revenue of $312.27 million for the quarter, compared to analyst estimates of $307.06 million. On average, research analysts expect that CONMED Co. will post 4.3 earnings per share for the current fiscal year.

CONMED Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, April 5th. Shareholders of record on Friday, March 15th were issued a $0.20 dividend. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.17%. CONMED’s dividend payout ratio is currently 30.65%.

About CONMED

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.