Jennison Associates LLC Has $37.79 Million Stock Holdings in CONMED Co. (NYSE:CNMD)

Jennison Associates LLC trimmed its stake in shares of CONMED Co. (NYSE:CNMD) by 5.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 345,115 shares of the company’s stock after selling 19,579 shares during the quarter. Jennison Associates LLC owned about 1.12% of CONMED worth $37,794,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of CNMD. Earnest Partners LLC increased its stake in shares of CONMED by 2.0% during the third quarter. Earnest Partners LLC now owns 2,265,092 shares of the company’s stock worth $228,435,000 after purchasing an additional 44,076 shares during the period. Northern Trust Corp increased its position in CONMED by 0.3% during the 3rd quarter. Northern Trust Corp now owns 339,332 shares of the company’s stock worth $34,222,000 after buying an additional 1,115 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in shares of CONMED by 3.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 305,136 shares of the company’s stock worth $30,773,000 after buying an additional 9,664 shares in the last quarter. Congress Asset Management Co. MA boosted its position in shares of CONMED by 32.3% in the third quarter. Congress Asset Management Co. MA now owns 278,187 shares of the company’s stock valued at $28,055,000 after acquiring an additional 67,866 shares during the period. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. boosted its position in shares of CONMED by 10.4% in the third quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 249,371 shares of the company’s stock valued at $25,149,000 after acquiring an additional 23,540 shares during the period.

Analyst Ratings Changes

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

CONMED Stock Down 2.0 %

NYSE CNMD opened at $69.88 on Thursday. The business has a fifty day moving average price of $78.80 and a two-hundred day moving average price of $93.89. The stock has a market capitalization of $2.15 billion, a PE ratio of 34.25, a PEG ratio of 0.65 and a beta of 1.33. CONMED Co. has a fifty-two week low of $69.78 and a fifty-two week high of $138.47. The company has a debt-to-equity ratio of 1.17, a current ratio of 1.98 and a quick ratio of 0.96.

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

CONMED Announces Dividend

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

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.