abrdn plc Sells 22,338 Shares of CONMED Co. (NYSE:CNMD)

abrdn plc lessened its position in CONMED Co. (NYSE:CNMD) by 9.5% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 212,854 shares of the company’s stock after selling 22,338 shares during the period. abrdn plc owned about 0.69% of CONMED worth $23,310,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. Knights of Columbus Asset Advisors LLC raised its holdings in shares of CONMED by 144.0% during the fourth quarter. Knights of Columbus Asset Advisors LLC now owns 45,850 shares of the company’s stock valued at $5,021,000 after purchasing an additional 27,060 shares during the last quarter. Xponance Inc. purchased a new position in shares of CONMED during the fourth quarter valued at approximately $204,000. Strs Ohio raised its holdings in shares of CONMED by 5.2% during the fourth quarter. Strs Ohio now owns 64,791 shares of the company’s stock valued at $7,095,000 after purchasing an additional 3,200 shares during the last quarter. Louisiana State Employees Retirement System purchased a new position in shares of CONMED during the fourth quarter valued at approximately $1,686,000. Finally, Mutual of America Capital Management LLC raised its holdings in shares of CONMED by 9.6% during the fourth quarter. Mutual of America Capital Management LLC now owns 35,817 shares of the company’s stock valued at $3,922,000 after purchasing an additional 3,145 shares during the last quarter.

CONMED Stock Performance

Shares of NYSE CNMD opened at $71.31 on Wednesday. The firm has a fifty day moving average price of $79.06 and a 200-day moving average price of $94.06. The company has a debt-to-equity ratio of 1.17, a current ratio of 1.98 and a quick ratio of 0.96. The stock has a market cap of $2.20 billion, a PE ratio of 34.96, a price-to-earnings-growth ratio of 0.66 and a beta of 1.33. CONMED Co. has a 1 year low of $70.57 and a 1 year high of $138.47.

CONMED (NYSE:CNMD) last announced its quarterly earnings data on Wednesday, January 31st. The company reported $1.06 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.11 by ($0.05). The firm had revenue of $327.05 million during the quarter, compared to analysts’ expectations of $332.94 million. CONMED had a return on equity of 13.69% and a net margin of 5.18%. Equities analysts anticipate that CONMED Co. will post 4.34 earnings per share for the current fiscal year.

CONMED Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, April 5th. Investors of record on Friday, March 15th were given a dividend of $0.20 per share. The ex-dividend date was Thursday, March 14th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.12%. CONMED’s dividend payout ratio is 39.22%.

Analysts Set New Price Targets

CNMD has been the subject of a number of research reports. Needham & Company LLC upped their target price on shares of CONMED from $119.00 to $129.00 and gave the company a “buy” rating in a report on Thursday, February 1st. Wells Fargo & Company reduced their target price on shares of CONMED from $107.00 to $98.00 and set an “equal weight” rating for the company in a report on Thursday, February 1st. JPMorgan Chase & Co. reduced their target price on shares of CONMED from $135.00 to $115.00 and set an “overweight” rating for the company in a report on Thursday, February 1st. Finally, Piper Sandler reduced their target price on shares of CONMED from $130.00 to $100.00 and set an “overweight” rating for the company in a report on Thursday, February 1st. Two research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $120.43.

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.