Principal Financial Group Inc. Raises Position in CONMED Corporation (CNMD)

Principal Financial Group Inc. increased its stake in shares of CONMED Corporation (NASDAQ:CNMD) by 4.8% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 203,120 shares of the medical technology company’s stock after acquiring an additional 9,240 shares during the quarter. Principal Financial Group Inc. owned about 0.73% of CONMED Corporation worth $10,347,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of the stock. Rothschild Asset Management Inc. boosted its position in shares of CONMED Corporation by 0.3% during the second quarter. Rothschild Asset Management Inc. now owns 35,232 shares of the medical technology company’s stock worth $1,795,000 after acquiring an additional 107 shares during the last quarter. Texas Permanent School Fund boosted its position in shares of CONMED Corporation by 1.0% during the second quarter. Texas Permanent School Fund now owns 18,111 shares of the medical technology company’s stock worth $923,000 after acquiring an additional 173 shares during the last quarter. Arizona State Retirement System boosted its position in shares of CONMED Corporation by 1.6% during the first quarter. Arizona State Retirement System now owns 12,903 shares of the medical technology company’s stock worth $573,000 after acquiring an additional 200 shares during the last quarter. Municipal Employees Retirement System of Michigan boosted its position in shares of CONMED Corporation by 3.9% during the second quarter. Municipal Employees Retirement System of Michigan now owns 5,850 shares of the medical technology company’s stock worth $298,000 after acquiring an additional 220 shares during the last quarter. Finally, Legal & General Group Plc boosted its position in shares of CONMED Corporation by 0.7% during the first quarter. Legal & General Group Plc now owns 45,381 shares of the medical technology company’s stock worth $2,013,000 after acquiring an additional 322 shares during the last quarter. Hedge funds and other institutional investors own 98.32% of the company’s stock.

A number of equities analysts recently weighed in on CNMD shares. TheStreet upgraded shares of CONMED Corporation from a “c+” rating to a “b-” rating in a research report on Thursday, August 3rd. BidaskClub lowered shares of CONMED Corporation from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, June 20th. Needham & Company LLC upped their target price on shares of CONMED Corporation from $54.00 to $57.00 and gave the stock a “buy” rating in a research report on Thursday, July 27th. KeyCorp restated a “hold” rating on shares of CONMED Corporation in a research report on Friday, August 25th. Finally, Zacks Investment Research lowered shares of CONMED Corporation from a “hold” rating to a “sell” rating in a research report on Tuesday, June 27th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and one has assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $49.33.

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CONMED Corporation (NASDAQ:CNMD) opened at 50.74 on Monday. CONMED Corporation has a 52-week low of $37.60 and a 52-week high of $52.82. The company has a market cap of $1.42 billion, a price-to-earnings ratio of 90.77 and a beta of 0.68. The firm’s 50-day moving average is $49.72 and its 200 day moving average is $48.63.

CONMED Corporation (NASDAQ:CNMD) last released its earnings results on Wednesday, July 26th. The medical technology company reported $0.41 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.41. CONMED Corporation had a net margin of 2.02% and a return on equity of 8.38%. The business had revenue of $197.20 million during the quarter, compared to analyst estimates of $194.50 million. During the same quarter in the prior year, the firm earned $0.47 earnings per share. The company’s revenue for the quarter was up 2.0% compared to the same quarter last year. On average, equities research analysts predict that CONMED Corporation will post $1.87 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 5th. Stockholders of record on Friday, September 15th will be issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.58%. The ex-dividend date of this dividend is Thursday, September 14th. CONMED Corporation’s payout ratio is 142.86%.

In other news, Director Jo Ann Golden sold 3,000 shares of the company’s stock in a transaction on Monday, August 14th. The shares were sold at an average price of $50.00, for a total transaction of $150,000.00. Following the completion of the sale, the director now owns 19,782 shares of the company’s stock, valued at $989,100. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 2.62% of the stock is owned by corporate insiders.

About CONMED Corporation

CONMED Corporation is a medical technology company. The Company is engaged in the development, manufacturing and sale on a global basis of surgical devices and related equipment. The Company provides surgical devices and equipment for minimally invasive procedures. The Company’s products are used by surgeons and physicians in a range of specialties, including orthopedics, general surgery, gynecology, neurosurgery and gastroenterology.

Institutional Ownership by Quarter for CONMED Corporation (NASDAQ:CNMD)

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