Corebridge Financial Inc. Lowers Holdings in CONMED Co. (NYSE:CNMD)

Corebridge Financial Inc. lowered its stake in shares of CONMED Co. (NYSE:CNMD) by 7.2% in the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 16,428 shares of the company’s stock after selling 1,279 shares during the period. Corebridge Financial Inc. owned about 0.05% of CONMED worth $1,124,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. GAMMA Investing LLC raised its position in CONMED by 93.6% during the fourth quarter. GAMMA Investing LLC now owns 726 shares of the company’s stock valued at $50,000 after acquiring an additional 351 shares in the last quarter. Pacer Advisors Inc. lifted its stake in shares of CONMED by 41.4% in the 4th quarter. Pacer Advisors Inc. now owns 1,656 shares of the company’s stock valued at $113,000 after purchasing an additional 485 shares during the period. Smartleaf Asset Management LLC boosted its holdings in CONMED by 19.6% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,962 shares of the company’s stock worth $136,000 after buying an additional 322 shares in the last quarter. CIBC Asset Management Inc acquired a new stake in CONMED during the fourth quarter valued at $210,000. Finally, Blue Trust Inc. grew its position in CONMED by 4.6% during the fourth quarter. Blue Trust Inc. now owns 3,266 shares of the company’s stock valued at $235,000 after buying an additional 145 shares during the period.

CONMED Price Performance

Shares of CONMED stock opened at $56.23 on Friday. The company has a debt-to-equity ratio of 0.94, a current ratio of 2.30 and a quick ratio of 1.06. The business has a 50 day simple moving average of $62.73 and a two-hundred day simple moving average of $67.51. The stock has a market capitalization of $1.74 billion, a P/E ratio of 13.26, a PEG ratio of 1.83 and a beta of 1.28. CONMED Co. has a 12 month low of $54.97 and a 12 month high of $80.65.

CONMED (NYSE:CNMD) last announced its quarterly earnings data on Wednesday, February 5th. The company reported $1.34 earnings per share for the quarter, beating analysts’ consensus estimates of $1.20 by $0.14. CONMED had a return on equity of 14.31% and a net margin of 10.13%. As a group, analysts predict that CONMED Co. will post 4.35 EPS for the current fiscal year.

CONMED Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, April 4th. Shareholders of record on Friday, March 14th were paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 1.42%. The ex-dividend date of this dividend was Friday, March 14th. CONMED’s dividend payout ratio (DPR) is 18.87%.

Analyst Ratings Changes

CNMD has been the topic of several recent analyst reports. JPMorgan Chase & Co. lowered shares of CONMED from an “overweight” rating to a “neutral” rating and lowered their target price for the stock from $85.00 to $70.00 in a research note on Thursday, February 6th. Needham & Company LLC lowered their price target on CONMED from $97.00 to $91.00 and set a “buy” rating on the stock in a research report on Thursday, February 6th. Stifel Nicolaus boosted their price objective on CONMED from $72.00 to $75.00 and gave the company a “buy” rating in a research report on Thursday, February 6th. Finally, Wells Fargo & Company reduced their target price on CONMED from $74.00 to $70.00 and set an “equal weight” rating for the company in a research note on Thursday, February 6th. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $77.20.

CONMED Profile

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.