Jennison Associates LLC Reduces Stock Holdings in CONMED Co. (NYSE:CNMD)

Jennison Associates LLC reduced its stake in shares of CONMED Co. (NYSE:CNMD) by 5.4% during the fourth quarter, Holdings Channel reports. The firm owned 345,115 shares of the company’s stock after selling 19,579 shares during the quarter. Jennison Associates LLC’s holdings in CONMED were worth $37,794,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in CNMD. Eagle Asset Management Inc. grew its holdings in shares of CONMED by 67.3% during the third quarter. Eagle Asset Management Inc. now owns 198,982 shares of the company’s stock valued at $20,067,000 after buying an additional 80,036 shares during the last quarter. Sectoral Asset Management Inc. lifted its position in CONMED by 150.5% in the 3rd quarter. Sectoral Asset Management Inc. now owns 114,000 shares of the company’s stock valued at $11,497,000 after acquiring an additional 68,500 shares in the last quarter. Congress Asset Management Co. MA boosted its stake in CONMED by 32.3% during the 3rd quarter. Congress Asset Management Co. MA now owns 278,187 shares of the company’s stock valued at $28,055,000 after purchasing an additional 67,866 shares during the last quarter. Qube Research & Technologies Ltd bought a new stake in shares of CONMED in the 3rd quarter worth $6,696,000. Finally, Tudor Investment Corp Et Al raised its stake in shares of CONMED by 398.0% in the third quarter. Tudor Investment Corp Et Al now owns 78,426 shares of the company’s stock worth $7,909,000 after purchasing an additional 62,677 shares during the last quarter.

CONMED Price Performance

Shares of NYSE:CNMD opened at $69.88 on Thursday. The company has a quick ratio of 0.96, a current ratio of 1.98 and a debt-to-equity ratio of 1.17. The stock has a market capitalization of $2.15 billion, a PE ratio of 34.25, a price-to-earnings-growth ratio of 0.65 and a beta of 1.33. The firm’s 50 day moving average price is $78.80 and its 200-day moving average price is $93.89. CONMED Co. has a twelve month low of $69.78 and a twelve month high of $138.47.

CONMED (NYSE:CNMD) last released its quarterly earnings results on Wednesday, April 24th. The company reported $0.79 earnings per share for the quarter, topping the consensus estimate of $0.74 by $0.05. CONMED had a net margin of 5.18% and a return on equity of 13.69%. The business had revenue of $312.27 million for the quarter, compared to the consensus estimate of $307.06 million. Equities research analysts expect that CONMED Co. will post 4.34 EPS for the current year.

CONMED Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, April 5th. Shareholders of record on Friday, March 15th were issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 1.14%. The ex-dividend date of this dividend was Thursday, March 14th. CONMED’s dividend payout ratio is presently 39.22%.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on CNMD shares. JPMorgan Chase & Co. dropped their price objective on CONMED from $135.00 to $115.00 and set an “overweight” rating on the stock in a research report on Thursday, February 1st. Piper Sandler dropped their price target on shares of CONMED from $130.00 to $100.00 and set an “overweight” rating on the stock in a report on Thursday, February 1st. Needham & Company LLC boosted their price objective on shares of CONMED from $119.00 to $129.00 and gave the company a “buy” rating in a report on Thursday, February 1st. Finally, Wells Fargo & Company lowered their price objective on shares of CONMED from $107.00 to $98.00 and set an “equal weight” rating on the stock in a research report on Thursday, February 1st. Two investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, CONMED has a consensus rating of “Moderate Buy” and a consensus price target of $120.43.

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.