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

Principal Financial Group Inc. grew its stake in CONMED Co. (NYSE:CNMD - Free Report) by 4.2% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 620,715 shares of the company's stock after buying an additional 25,047 shares during the quarter. Principal Financial Group Inc. owned approximately 2.01% of CONMED worth $44,631,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Innealta Capital LLC purchased a new stake in CONMED in the 2nd quarter worth approximately $41,000. CWM LLC boosted its position in shares of CONMED by 36.1% in the third quarter. CWM LLC now owns 1,251 shares of the company's stock worth $90,000 after purchasing an additional 332 shares during the period. nVerses Capital LLC raised its position in shares of CONMED by 566.7% during the 3rd quarter. nVerses Capital LLC now owns 2,000 shares of the company's stock valued at $144,000 after purchasing an additional 1,700 shares during the period. Federated Hermes Inc. bought a new stake in shares of CONMED during the 2nd quarter valued at $167,000. Finally, ZWJ Investment Counsel Inc. purchased a new position in shares of CONMED during the 3rd quarter valued at $206,000.

CONMED Price Performance

CNMD stock traded up $0.55 during mid-day trading on Monday, hitting $69.18. The company had a trading volume of 405,691 shares, compared to its average volume of 481,711. The company has a 50-day moving average price of $70.57 and a 200 day moving average price of $70.21. CONMED Co. has a 12-month low of $61.05 and a 12-month high of $114.80. The company has a market capitalization of $2.14 billion, a price-to-earnings ratio of 16.43, a P/E/G ratio of 0.94 and a beta of 1.46. 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 earnings results 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 return on equity of 13.84% and a net margin of 10.23%. The company had revenue of $316.70 million for the quarter, compared to the consensus estimate of $318.46 million. On average, research analysts anticipate that CONMED Co. will post 4.03 earnings per share for the current year.

CONMED Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, January 3rd. Stockholders of record on Friday, December 20th will be given a dividend of $0.20 per share. The ex-dividend date is Friday, December 20th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.16%. CONMED's dividend payout ratio is currently 19.00%.

Analyst Upgrades and Downgrades

CNMD has been the topic of a number of recent analyst reports. StockNews.com cut CONMED from a "buy" rating to a "hold" rating in a report on Friday, November 8th. Needham & Company LLC reiterated a "buy" rating and set a $97.00 target price on shares of CONMED in a research report on Thursday, October 31st. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $79.80.

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.