Public Sector Pension Investment Board Has $4.70 Million Position in CONMED Co. (NYSE:CNMD)

Public Sector Pension Investment Board cut its stake in CONMED Co. (NYSE:CNMD) by 3.7% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 65,316 shares of the company’s stock after selling 2,500 shares during the period. Public Sector Pension Investment Board’s holdings in CONMED were worth $4,698,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Earnest Partners LLC raised its stake in CONMED by 18.9% in the second quarter. Earnest Partners LLC now owns 2,818,606 shares of the company’s stock valued at $195,386,000 after purchasing an additional 447,498 shares in the last quarter. Champlain Investment Partners LLC increased its holdings in CONMED by 6.4% in the 3rd quarter. Champlain Investment Partners LLC now owns 1,367,650 shares of the company’s stock valued at $98,361,000 after buying an additional 81,970 shares during the period. Deerfield Management Company L.P. Series C raised its position in shares of CONMED by 86.7% in the 2nd quarter. Deerfield Management Company L.P. Series C now owns 631,264 shares of the company’s stock valued at $43,759,000 after buying an additional 293,099 shares in the last quarter. Cooke & Bieler LP lifted its holdings in shares of CONMED by 49.8% during the 2nd quarter. Cooke & Bieler LP now owns 628,621 shares of the company’s stock worth $43,576,000 after acquiring an additional 209,064 shares during the period. Finally, Principal Financial Group Inc. boosted its position in shares of CONMED by 4.2% during the 3rd quarter. Principal Financial Group Inc. now owns 620,715 shares of the company’s stock worth $44,631,000 after acquiring an additional 25,047 shares in the last quarter.

CONMED Stock Performance

Shares of CNMD stock opened at $74.04 on Monday. The firm has a market capitalization of $2.29 billion, a price-to-earnings ratio of 17.59, a PEG ratio of 0.95 and a beta of 1.45. The company has a current ratio of 2.27, a quick ratio of 1.06 and a debt-to-equity ratio of 1.01. The business’s 50-day moving average price is $69.44 and its 200-day moving average price is $70.54. CONMED Co. has a 12 month low of $61.05 and a 12 month high of $117.27.

CONMED (NYSE:CNMD) last released its quarterly earnings results on Wednesday, October 30th. The company reported $1.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.99 by $0.06. CONMED had a net margin of 10.23% and a return on equity of 13.84%. The firm had revenue of $316.70 million during the quarter, compared to the consensus estimate of $318.46 million. Equities research analysts forecast that CONMED Co. will post 4.03 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on CNMD shares. StockNews.com downgraded CONMED from a “buy” rating to a “hold” rating in a report on Friday, November 8th. Needham & Company LLC reaffirmed a “buy” rating and issued a $97.00 price objective on shares of CONMED in a research note on Thursday, October 31st. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $79.80.

About CONMED

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.