Allspring Global Investments Holdings LLC Acquires 166,301 Shares of CONMED Corporation $CNMD

Allspring Global Investments Holdings LLC boosted its holdings in shares of CONMED Corporation (NYSE:CNMD) by 39.9% during the first quarter, Holdings Channel.com reports. The firm owned 582,733 shares of the company’s stock after acquiring an additional 166,301 shares during the period. Allspring Global Investments Holdings LLC’s holdings in CONMED were worth $20,705,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Kelleher Financial Advisors bought a new stake in shares of CONMED in the 3rd quarter worth about $28,000. Kestra Advisory Services LLC purchased a new position in CONMED during the 4th quarter worth $26,000. Aster Capital Management DIFC Ltd boosted its holdings in CONMED by 409.2% in the fourth quarter. Aster Capital Management DIFC Ltd now owns 723 shares of the company’s stock valued at $29,000 after purchasing an additional 581 shares during the last quarter. Quarry LP boosted its holdings in CONMED by 244.8% during the third quarter. Quarry LP now owns 869 shares of the company’s stock worth $41,000 after buying an additional 617 shares in the last quarter. Finally, Rockefeller Capital Management L.P. increased its position in shares of CONMED by 48.6% in the fourth quarter. Rockefeller Capital Management L.P. now owns 1,043 shares of the company’s stock valued at $42,000 after buying an additional 341 shares in the last quarter.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on CNMD shares. Zacks Research cut shares of CONMED from a “hold” rating to a “strong sell” rating in a research note on Monday, July 13th. BMO Capital Markets initiated coverage on CONMED in a research note on Wednesday, July 8th. They set a “market perform” rating and a $36.00 price target on the stock. JPMorgan Chase & Co. cut their target price on shares of CONMED from $43.00 to $40.00 and set a “neutral” rating on the stock in a research note on Thursday, April 30th. Wells Fargo & Company set a $39.00 target price on shares of CONMED in a report on Monday, July 13th. Finally, Wall Street Zen upgraded shares of CONMED from a “hold” rating to a “buy” rating in a research note on Monday. Five research analysts have rated the stock with a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Reduce” and an average price target of $38.80.

CONMED Trading Up 0.7%

Shares of CNMD opened at $43.51 on Tuesday. The firm’s 50-day moving average is $35.98 and its two-hundred day moving average is $38.36. The firm has a market capitalization of $1.31 billion, a P/E ratio of 24.58, a PEG ratio of 3.19 and a beta of 0.93. CONMED Corporation has a twelve month low of $31.44 and a twelve month high of $56.63. The company has a current ratio of 2.29, a quick ratio of 1.04 and a debt-to-equity ratio of 0.85.

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

CONMED Company Profile

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.