CONMED Corporation $CNMD Shares Acquired by Invenomic Capital Management LP

Invenomic Capital Management LP lifted its position in shares of CONMED Corporation (NYSE:CNMD) by 75.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 737,546 shares of the company’s stock after purchasing an additional 317,543 shares during the period. CONMED comprises 1.4% of Invenomic Capital Management LP’s portfolio, making the stock its 19th largest position. Invenomic Capital Management LP’s holdings in CONMED were worth $29,944,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. lifted its position in shares of CONMED by 2.0% during the fourth quarter. Vanguard Group Inc. now owns 3,684,439 shares of the company’s stock worth $149,588,000 after purchasing an additional 73,533 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of CONMED by 1.2% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,312,804 shares of the company’s stock worth $53,301,000 after purchasing an additional 16,028 shares in the last quarter. Wasatch Advisors LP acquired a new position in shares of CONMED during the third quarter worth $47,026,000. Cooke & Bieler LP lifted its position in shares of CONMED by 23.2% during the fourth quarter. Cooke & Bieler LP now owns 867,817 shares of the company’s stock worth $35,233,000 after purchasing an additional 163,494 shares in the last quarter. Finally, Deerfield Management Company L.P. lifted its position in shares of CONMED by 8.6% during the third quarter. Deerfield Management Company L.P. now owns 760,196 shares of the company’s stock worth $35,752,000 after purchasing an additional 59,925 shares in the last quarter.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on CNMD shares. Wall Street Zen cut shares of CONMED from a “strong-buy” rating to a “buy” rating in a research report on Saturday, May 2nd. Bank of America reduced their target price on shares of CONMED from $52.00 to $40.00 and set a “neutral” rating on the stock in a research report on Monday, May 18th. Weiss Ratings reissued a “sell (d)” rating on shares of CONMED in a research report on Thursday, June 4th. Wells Fargo & Company reduced their target price on shares of CONMED from $42.00 to $39.00 and set an “equal weight” rating on the stock in a research report on Friday, May 1st. Finally, JPMorgan Chase & Co. reduced their target price on shares of CONMED from $43.00 to $40.00 and set a “neutral” rating on the stock in a research report on Thursday, April 30th. Six analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Reduce” and an average price target of $39.50.

CONMED Trading Down 7.4%

CNMD opened at $32.02 on Thursday. The stock has a market capitalization of $964.15 million, a PE ratio of 18.09, a P/E/G ratio of 1.70 and a beta of 0.92. The firm’s fifty day moving average price is $36.41 and its 200 day moving average price is $39.08. The company has a debt-to-equity ratio of 0.85, a current ratio of 2.29 and a quick ratio of 1.04. CONMED Corporation has a 12-month low of $31.84 and a 12-month high of $56.63.

CONMED (NYSE:CNMD) last posted its quarterly earnings results on Wednesday, April 29th. The company reported $0.89 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.82 by $0.07. The firm had revenue of $317.05 million for the quarter, compared to analysts’ expectations of $310.64 million. CONMED had a net margin of 4.00% and a return on equity of 13.84%. The firm’s quarterly revenue was down 1.3% on a year-over-year basis. During the same period in the prior year, the company posted $0.95 earnings per share. As a group, research analysts expect that CONMED Corporation will post 4.38 EPS for the current fiscal year.

About CONMED

CONMED Corporation (NYSE: CNMD) is a global medical technology company headquartered in Utica, New York. Founded in 1970, CONMED develops, manufactures and markets a broad portfolio of surgical devices and accessories for minimally invasive procedures. The company’s product line supports surgeons and healthcare providers in specialties including orthopedics, general surgery, gastroenterology and gynecology.

CONMED operates two principal segments: Orthopedics, and Visualization & Energy.