Principal Financial Group Inc. Has $44.63 Million Holdings in CONMED Co. (NYSE:CNMD)

Principal Financial Group Inc. lifted its stake in CONMED Co. (NYSE:CNMD) by 4.2% during the 3rd quarter, HoldingsChannel reports. The fund owned 620,715 shares of the company’s stock after buying an additional 25,047 shares during the period. Principal Financial Group Inc.’s holdings in CONMED were worth $44,631,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Louisiana State Employees Retirement System grew its position in CONMED by 2.0% in the 2nd quarter. Louisiana State Employees Retirement System now owns 15,500 shares of the company’s stock worth $1,074,000 after purchasing an additional 300 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its stake in CONMED by 17,519.8% during the second quarter. Allspring Global Investments Holdings LLC now owns 88,099 shares of the company’s stock worth $6,107,000 after buying an additional 87,599 shares in the last quarter. Legato Capital Management LLC acquired a new position in shares of CONMED in the 2nd quarter valued at $684,000. Innealta Capital LLC acquired a new position in shares of CONMED in the 2nd quarter valued at $41,000. Finally, Peregrine Capital Management LLC lifted its holdings in shares of CONMED by 1.3% during the 2nd quarter. Peregrine Capital Management LLC now owns 97,637 shares of the company’s stock worth $6,768,000 after acquiring an additional 1,244 shares during the period.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on CNMD shares. StockNews.com lowered shares of CONMED from a “buy” rating to a “hold” rating in a research report on Friday, November 8th. Needham & Company LLC reiterated a “buy” rating and issued a $97.00 price objective on shares of CONMED in a research note on Thursday, October 31st. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, CONMED currently has an average rating of “Moderate Buy” and a consensus price target of $79.80.

CONMED Stock Performance

NYSE CNMD opened at $68.63 on Monday. CONMED Co. has a 1-year low of $61.05 and a 1-year high of $114.80. The company has a 50 day moving average of $70.57 and a 200-day moving average of $70.26. The company has a current ratio of 2.27, a quick ratio of 1.06 and a debt-to-equity ratio of 1.01. The firm has a market cap of $2.12 billion, a price-to-earnings ratio of 16.30, a PEG ratio of 0.94 and a beta of 1.46.

CONMED (NYSE:CNMD) last issued its quarterly earnings data on Wednesday, October 30th. The company reported $1.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.99 by $0.06. The firm had revenue of $316.70 million during the quarter, compared to the consensus estimate of $318.46 million. CONMED had a return on equity of 13.84% and a net margin of 10.23%. On average, equities analysts forecast that CONMED Co. will post 4.03 earnings per share for the current fiscal year.

CONMED Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 3rd. Shareholders of record on Friday, December 20th will be given a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 1.17%. The ex-dividend date is Friday, December 20th. CONMED’s payout ratio is presently 19.00%.

CONMED 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.