Principal Financial Group Inc. Purchases 25,879 Shares of CONMED Corporation $CNMD

Principal Financial Group Inc. grew its position in shares of CONMED Corporation (NYSE:CNMD) by 14.0% in the 1st quarter, HoldingsChannel.com reports. The fund owned 210,657 shares of the company’s stock after buying an additional 25,879 shares during the quarter. Principal Financial Group Inc.’s holdings in CONMED were worth $7,449,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. increased its holdings in CONMED by 2.0% during the 4th quarter. Vanguard Group Inc. now owns 3,684,439 shares of the company’s stock valued at $149,588,000 after purchasing an additional 73,533 shares during the period. Dimensional Fund Advisors LP lifted its holdings in CONMED by 1.2% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,312,804 shares of the company’s stock worth $53,301,000 after buying an additional 16,028 shares during the period. Wasatch Advisors LP bought a new stake in shares of CONMED in the 3rd quarter worth approximately $47,026,000. Cooke & Bieler LP grew its position in shares of CONMED by 23.2% in the 4th quarter. Cooke & Bieler LP now owns 867,817 shares of the company’s stock worth $35,233,000 after buying an additional 163,494 shares during the last quarter. Finally, Deerfield Management Company L.P. increased its stake in shares of CONMED by 8.6% during the third quarter. Deerfield Management Company L.P. now owns 760,196 shares of the company’s stock valued at $35,752,000 after buying an additional 59,925 shares during the period.

Analyst Upgrades and Downgrades

A number of analysts recently commented on CNMD shares. Bank of America reaffirmed an “underperform” rating and issued a $40.00 price target on shares of CONMED in a research note on Monday, June 29th. Weiss Ratings reissued a “sell (d)” rating on shares of CONMED in a research report on Thursday, June 4th. Zacks Research lowered shares of CONMED from a “hold” rating to a “strong sell” rating in a report on Monday, July 13th. Wells Fargo & Company set a $39.00 price objective on CONMED in a research report on Monday, July 13th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of CONMED in a research note on Monday, July 13th. Five equities research analysts have rated the stock with a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Reduce” and a consensus price target of $38.80.

CONMED Price Performance

Shares of NYSE CNMD opened at $42.73 on Monday. The company has a 50 day simple moving average of $36.47 and a two-hundred day simple moving average of $38.39. CONMED Corporation has a fifty-two week low of $31.44 and a fifty-two week high of $56.63. The company has a market capitalization of $1.29 billion, a price-to-earnings ratio of 24.14, a P/E/G ratio of 3.16 and a beta of 0.93. The company has a debt-to-equity ratio of 0.85, a quick ratio of 1.04 and a current ratio of 2.29.

CONMED (NYSE:CNMD) last issued its quarterly earnings results on Wednesday, April 29th. The company reported $0.89 EPS for the quarter, topping analysts’ consensus estimates of $0.82 by $0.07. The firm had revenue of $317.05 million for the quarter, compared to analysts’ expectations of $310.64 million. CONMED had a return on equity of 13.84% and a net margin of 4.00%.The business’s revenue for the quarter was down 1.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.95 EPS. Analysts expect that CONMED Corporation will post 4.38 EPS for the current fiscal year.

About CONMED

CONMED Corporation (NYSE: CNMD) is a global medical technology company headquartered in Utica, New York. Founded in 1970, CONMED develops, manufactures and markets a broad portfolio of surgical devices and accessories for minimally invasive procedures. The company’s product line supports surgeons and healthcare providers in specialties including orthopedics, general surgery, gastroenterology and gynecology.

CONMED operates two principal segments: Orthopedics, and Visualization & Energy.