Louisiana State Employees Retirement System Purchases New Stake in CONMED Co. (NYSE:CNMD)

Louisiana State Employees Retirement System purchased a new stake in CONMED Co. (NYSE:CNMD) in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 15,400 shares of the company’s stock, valued at approximately $1,686,000. Louisiana State Employees Retirement System owned approximately 0.05% of CONMED as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Norges Bank bought a new position in CONMED in the fourth quarter valued at about $15,964,000. Vanguard Group Inc. grew its position in CONMED by 4.0% in the third quarter. Vanguard Group Inc. now owns 3,338,586 shares of the company’s stock valued at $267,654,000 after acquiring an additional 127,857 shares during the last quarter. BNP Paribas Arbitrage SNC grew its position in CONMED by 1,225.0% in the third quarter. BNP Paribas Arbitrage SNC now owns 113,205 shares of the company’s stock valued at $9,076,000 after acquiring an additional 104,661 shares during the last quarter. Eagle Asset Management Inc. grew its holdings in shares of CONMED by 67.3% during the third quarter. Eagle Asset Management Inc. now owns 198,982 shares of the company’s stock worth $20,067,000 after purchasing an additional 80,036 shares during the last quarter. Finally, Sectoral Asset Management Inc. grew its holdings in shares of CONMED by 150.5% during the third quarter. Sectoral Asset Management Inc. now owns 114,000 shares of the company’s stock worth $11,497,000 after purchasing an additional 68,500 shares during the last quarter.

CONMED Stock Performance

Shares of CNMD stock opened at $72.65 on Friday. The business’s 50 day simple moving average is $79.63 and its 200 day simple moving average is $94.47. CONMED Co. has a one year low of $70.57 and a one year high of $138.47. The stock has a market capitalization of $2.24 billion, a PE ratio of 35.61, a PEG ratio of 0.66 and a beta of 1.33. The company has a debt-to-equity ratio of 1.17, a current ratio of 1.98 and a quick ratio of 0.96.

CONMED (NYSE:CNMD) last announced its earnings results on Wednesday, January 31st. The company reported $1.06 EPS for the quarter, missing the consensus estimate of $1.11 by ($0.05). CONMED had a net margin of 5.18% and a return on equity of 13.69%. The company had revenue of $327.05 million during the quarter, compared to the consensus estimate of $332.94 million. As a group, research analysts forecast that CONMED Co. will post 4.34 earnings per share for the current year.

CONMED Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, April 5th. Shareholders of record on Friday, March 15th were paid a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 1.10%. The ex-dividend date of this dividend was Thursday, March 14th. CONMED’s dividend payout ratio (DPR) is presently 39.22%.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the company. JPMorgan Chase & Co. reduced their price target on CONMED from $135.00 to $115.00 and set an “overweight” rating on the stock in a report on Thursday, February 1st. Wells Fargo & Company reduced their price target on CONMED from $107.00 to $98.00 and set an “equal weight” rating on the stock in a report on Thursday, February 1st. Needham & Company LLC boosted their price target on CONMED from $119.00 to $129.00 and gave the stock a “buy” rating in a report on Thursday, February 1st. Finally, Piper Sandler reduced their price target on CONMED from $130.00 to $100.00 and set an “overweight” rating on the stock in a report on Thursday, February 1st. Two investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $120.43.

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.