Principal Financial Group Inc. Buys 25,047 Shares of CONMED Co. (NYSE:CNMD)

Principal Financial Group Inc. increased its holdings in shares of CONMED Co. (NYSE:CNMD - Free Report) by 4.2% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 620,715 shares of the company's stock after purchasing an additional 25,047 shares during the quarter. Principal Financial Group Inc. owned approximately 2.01% of CONMED worth $44,631,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Arizona State Retirement System boosted its position in shares of CONMED by 2.0% in the 2nd quarter. Arizona State Retirement System now owns 8,619 shares of the company's stock worth $597,000 after purchasing an additional 168 shares in the last quarter. Hilltop National Bank increased its stake in shares of CONMED by 31.0% in the 2nd quarter. Hilltop National Bank now owns 825 shares of the company's stock worth $57,000 after acquiring an additional 195 shares during the last quarter. Diversified Trust Co increased its stake in CONMED by 2.4% during the second quarter. Diversified Trust Co now owns 11,250 shares of the company's stock worth $780,000 after acquiring an additional 259 shares during the last quarter. QRG Capital Management Inc. grew its holdings in shares of CONMED by 5.0% during the 3rd quarter. QRG Capital Management Inc. now owns 5,827 shares of the company's stock worth $419,000 after purchasing an additional 280 shares during the period. Finally, Louisiana State Employees Retirement System boosted its holdings in CONMED by 2.0% during the 2nd quarter. Louisiana State Employees Retirement System now owns 15,500 shares of the company's stock valued at $1,074,000 after acquiring an additional 300 shares during the period.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the company. Wells Fargo & Company cut their price target on CONMED from $77.00 to $71.00 and set an "equal weight" rating on the stock in a research report on Thursday, August 1st. Piper Sandler reduced their price objective on CONMED from $95.00 to $80.00 and set an "overweight" rating on the stock in a research report on Thursday, August 1st. StockNews.com lowered CONMED from a "buy" rating to a "hold" rating in a research note on Friday. Stifel Nicolaus lowered their target price on CONMED from $88.00 to $76.00 and set a "buy" rating for the company in a research note on Thursday, August 1st. Finally, Needham & Company LLC reaffirmed a "buy" rating and set a $97.00 target price on shares of CONMED in a report on Thursday, October 31st. Two research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $79.80.

CONMED Trading Up 1.9 %

NYSE:CNMD traded up $1.43 during trading hours on Monday, hitting $74.86. 349,887 shares of the stock were exchanged, compared to its average volume of 489,814. The company's 50 day moving average is $69.66 and its two-hundred day moving average is $70.22. The company has a market capitalization of $2.31 billion, a P/E ratio of 17.78, a price-to-earnings-growth ratio of 0.95 and a beta of 1.45. CONMED Co. has a twelve month low of $61.05 and a twelve month high of $117.27. The company has a quick ratio of 1.06, a current ratio of 2.27 and a debt-to-equity ratio of 1.01.

CONMED (NYSE:CNMD - Get Free Report) last posted its quarterly earnings data on Wednesday, October 30th. The company reported $1.05 EPS for the quarter, topping analysts' consensus estimates of $0.99 by $0.06. CONMED had a net margin of 10.23% and a return on equity of 13.84%. The company had revenue of $316.70 million during the quarter, compared to the consensus estimate of $318.46 million. On average, sell-side analysts anticipate that CONMED Co. will post 4.03 earnings per share for the current fiscal year.

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.