Nuveen Asset Management LLC Decreases Position in CONMED Co. (NYSE:CNMD)

Nuveen Asset Management LLC reduced its stake in CONMED Co. (NYSE:CNMD – Get Rating) by 48.0% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 86,525 shares of the company’s stock after selling 79,971 shares during the quarter. Nuveen Asset Management LLC’s holdings in CONMED were worth $6,937,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Dimensional Fund Advisors LP lifted its position in shares of CONMED by 3.4% during the 3rd quarter. Dimensional Fund Advisors LP now owns 640,570 shares of the company’s stock worth $51,356,000 after purchasing an additional 20,956 shares during the last quarter. Jennison Associates LLC lifted its stake in CONMED by 1.0% in the 3rd quarter. Jennison Associates LLC now owns 505,806 shares of the company’s stock valued at $40,550,000 after purchasing an additional 4,953 shares during the last quarter. Fisher Asset Management LLC lifted its stake in CONMED by 1.4% in the 3rd quarter. Fisher Asset Management LLC now owns 301,133 shares of the company’s stock valued at $24,142,000 after purchasing an additional 4,059 shares during the last quarter. Congress Asset Management Co. MA lifted its position in CONMED by 24.9% during the third quarter. Congress Asset Management Co. MA now owns 162,848 shares of the company’s stock worth $13,056,000 after acquiring an additional 32,420 shares during the last quarter. Finally, Credit Suisse AG lifted its position in CONMED by 21.2% during the third quarter. Credit Suisse AG now owns 130,606 shares of the company’s stock worth $10,471,000 after acquiring an additional 22,810 shares during the last quarter.

CONMED Price Performance

NYSE:CNMD opened at $90.36 on Monday. CONMED Co. has a 1-year low of $71.09 and a 1-year high of $155.51. The company has a debt-to-equity ratio of 1.45, a quick ratio of 1.29 and a current ratio of 2.75. The company’s 50 day moving average price is $96.78. The stock has a market cap of $2.76 billion, a price-to-earnings ratio of -31.82, a price-to-earnings-growth ratio of 2.99 and a beta of 1.35.

CONMED (NYSE:CNMD – Get Rating) last announced its quarterly earnings results on Thursday, February 2nd. The company reported $0.42 earnings per share for the quarter, missing analysts’ consensus estimates of $0.93 by ($0.51). The firm had revenue of $250.87 million during the quarter, compared to analysts’ expectations of $302.48 million. CONMED had a negative net margin of 7.71% and a positive return on equity of 11.47%. The company’s quarterly revenue was down 8.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.07 EPS. On average, sell-side analysts anticipate that CONMED Co. will post 3.32 earnings per share for the current fiscal year.

CONMED Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 5th. Investors of record on Wednesday, March 15th will be given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 0.89%. The ex-dividend date is Tuesday, March 14th. CONMED’s payout ratio is -28.17%.

Analyst Ratings Changes

Several equities analysts have recently weighed in on CNMD shares. TheStreet upgraded shares of CONMED from a “d+” rating to a “c-” rating in a report on Friday, December 30th. Piper Sandler raised their price target on shares of CONMED from $108.00 to $118.00 and gave the stock an “overweight” rating in a report on Friday, February 3rd. Finally, Needham & Company LLC lifted their target price on shares of CONMED from $106.00 to $122.00 and gave the stock a “buy” rating in a report on Friday, February 3rd.

About CONMED

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CONMED Corp. operates as a medical technology company, which engages in the development, manufacture and sale of surgical devices and related equipment. It operates through the following geographical segments: United States, Americas excluding the United States, Europe, Middle East, and Africa, and Asia Pacific.