abrdn plc Has $11.92 Million Stake in CONMED Co. (NYSE:CNMD)

abrdn plc cut its holdings in shares of CONMED Co. (NYSE:CNMD - Free Report) by 8.2% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 165,778 shares of the company's stock after selling 14,859 shares during the period. abrdn plc owned about 0.54% of CONMED worth $11,923,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in CNMD. Public Employees Retirement System of Ohio increased its stake in shares of CONMED by 29.1% in the first quarter. Public Employees Retirement System of Ohio now owns 47,595 shares of the company's stock valued at $3,811,000 after buying an additional 10,736 shares during the period. UniSuper Management Pty Ltd acquired a new stake in CONMED during the 1st quarter valued at approximately $673,000. Duality Advisers LP raised its holdings in CONMED by 149.5% during the 1st quarter. Duality Advisers LP now owns 18,541 shares of the company's stock worth $1,485,000 after purchasing an additional 11,110 shares during the last quarter. Kempner Capital Management Inc. acquired a new position in shares of CONMED in the 2nd quarter worth approximately $6,480,000. Finally, Thornburg Investment Management Inc. boosted its stake in shares of CONMED by 35.5% in the 1st quarter. Thornburg Investment Management Inc. now owns 111,667 shares of the company's stock valued at $8,936,000 after purchasing an additional 29,281 shares during the last quarter.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on CNMD shares. Piper Sandler lowered their target price on shares of CONMED from $95.00 to $80.00 and set an "overweight" rating for the company in a research note on Thursday, August 1st. Needham & Company LLC reissued a "buy" rating and issued a $97.00 price objective on shares of CONMED in a research report on Thursday. StockNews.com downgraded CONMED from a "buy" rating to a "hold" rating in a research note on Saturday. Wells Fargo & Company decreased their target price on CONMED from $77.00 to $71.00 and set an "equal weight" rating for the company in a research note on Thursday, August 1st. Finally, Stifel Nicolaus dropped their price target on CONMED from $88.00 to $76.00 and set a "buy" rating on the stock in a research note on Thursday, August 1st. Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, CONMED presently has an average rating of "Moderate Buy" and an average price target of $79.80.

CONMED Stock Up 3.2 %

Shares of CNMD traded up $2.16 during trading hours on Friday, hitting $70.40. The stock had a trading volume of 455,749 shares, compared to its average volume of 488,473. The firm has a 50 day simple moving average of $69.52 and a 200-day simple moving average of $70.12. CONMED Co. has a 1-year low of $61.05 and a 1-year high of $117.27. The company has a debt-to-equity ratio of 1.09, a current ratio of 2.34 and a quick ratio of 1.13. The firm has a market capitalization of $2.17 billion, a P/E ratio of 16.72, a price-to-earnings-growth ratio of 0.85 and a beta of 1.45.

CONMED (NYSE:CNMD - Get Free Report) last announced its quarterly earnings data on Wednesday, October 30th. The company reported $1.05 EPS for the quarter, beating analysts' consensus estimates of $0.99 by $0.06. CONMED had a return on equity of 14.15% and a net margin of 10.23%. The firm had revenue of $316.70 million during the quarter, compared to analysts' expectations of $318.46 million. Sell-side analysts predict that CONMED Co. will post 3.99 EPS for the current fiscal year.

CONMED Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, October 4th. Shareholders of record on Monday, September 16th were paid a dividend of $0.20 per share. The ex-dividend date was Monday, September 16th. This represents a $0.80 dividend on an annualized basis and a yield of 1.14%. CONMED's dividend payout ratio (DPR) is presently 19.00%.

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.