NFJ Investment Group LLC Sells 2,947 Shares of CONMED Co. (NYSE:CNMD)

NFJ Investment Group LLC cut its holdings in shares of CONMED Co. (NYSE:CNMD) by 3.7% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 77,358 shares of the company’s stock after selling 2,947 shares during the period. NFJ Investment Group LLC owned approximately 0.25% of CONMED worth $5,564,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Arizona State Retirement System boosted its holdings in shares of CONMED by 2.0% in the second quarter. Arizona State Retirement System now owns 8,619 shares of the company’s stock valued at $597,000 after buying an additional 168 shares during the period. Diversified Trust Co boosted its stake in CONMED by 2.4% in the 2nd quarter. Diversified Trust Co now owns 11,250 shares of the company’s stock worth $780,000 after purchasing an additional 259 shares during the period. HighTower Advisors LLC increased its holdings in CONMED by 4.1% during the 3rd quarter. HighTower Advisors LLC now owns 7,056 shares of the company’s stock worth $512,000 after purchasing an additional 275 shares in the last quarter. QRG Capital Management Inc. raised its stake in shares of CONMED by 5.0% in the 3rd quarter. QRG Capital Management Inc. now owns 5,827 shares of the company’s stock valued at $419,000 after purchasing an additional 280 shares during the period. Finally, Louisiana State Employees Retirement System lifted its holdings in shares of CONMED by 2.0% in the second quarter. Louisiana State Employees Retirement System now owns 15,500 shares of the company’s stock valued at $1,074,000 after purchasing an additional 300 shares in the last quarter.

CONMED Stock Performance

Shares of NYSE CNMD opened at $74.92 on Wednesday. The company has a debt-to-equity ratio of 1.01, a quick ratio of 1.06 and a current ratio of 2.27. The stock has a 50 day moving average price of $69.45 and a 200 day moving average price of $70.51. The stock has a market capitalization of $2.31 billion, a PE ratio of 17.80, a price-to-earnings-growth ratio of 0.98 and a beta of 1.46. CONMED Co. has a 52 week low of $61.05 and a 52 week high of $117.27.

CONMED (NYSE:CNMD) last posted its quarterly earnings results on Wednesday, October 30th. The company reported $1.05 earnings per share (EPS) for the quarter, topping 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 for the quarter, compared to analyst estimates of $318.46 million. Analysts predict that CONMED Co. will post 4.03 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on CNMD shares. Needham & Company LLC reiterated a “buy” rating and set a $97.00 price objective on shares of CONMED in a report on Thursday, October 31st. StockNews.com cut shares of CONMED from a “buy” rating to a “hold” rating in a research note on Friday, November 8th. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $79.80.

CONMED Company 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.