Penn Capital Management Company LLC Purchases New Holdings in CONMED Corporation $CNMD

Penn Capital Management Company LLC purchased a new stake in CONMED Corporation (NYSE:CNMD) during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 51,493 shares of the company’s stock, valued at approximately $2,091,000. Penn Capital Management Company LLC owned 0.17% of CONMED as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in CONMED by 2.0% during the 4th 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 during the period. Dimensional Fund Advisors LP increased its position in CONMED by 19.8% during the 3rd quarter. Dimensional Fund Advisors LP now owns 1,296,776 shares of the company’s stock worth $60,984,000 after purchasing an additional 214,126 shares during the period. Wasatch Advisors LP acquired a new position in CONMED during the 3rd quarter worth approximately $47,026,000. Cooke & Bieler LP increased its position in CONMED by 23.2% during the 4th 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 during the period. Finally, Deerfield Management Company L.P. increased its position in CONMED by 8.6% during the 3rd 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 during the period.

CONMED Price Performance

Shares of NYSE:CNMD opened at $36.06 on Wednesday. The business’s 50 day simple moving average is $36.76 and its 200-day simple moving average is $40.00. The firm has a market capitalization of $1.09 billion, a price-to-earnings ratio of 20.37, a price-to-earnings-growth ratio of 1.67 and a beta of 0.94. 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 $33.21 and a 12 month high of $60.35.

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

Analyst Ratings Changes

Several equities analysts have issued reports on CNMD shares. Piper Sandler cut CONMED from an “overweight” rating to a “neutral” rating and dropped their target price for the stock from $55.00 to $39.00 in a research report on Tuesday, March 17th. JPMorgan Chase & Co. dropped their target price on CONMED from $43.00 to $40.00 and set a “neutral” rating on the stock in a research report on Thursday, April 30th. Bank of America decreased their price target on CONMED from $52.00 to $40.00 and set a “neutral” rating on the stock in a research note on Monday, May 18th. Wall Street Zen lowered CONMED from a “strong-buy” rating to a “buy” rating in a research note on Saturday, May 2nd. Finally, Zacks Research raised CONMED from a “strong sell” rating to a “hold” rating in a research note on Tuesday, February 3rd. Six analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, CONMED currently has a consensus rating of “Reduce” and a consensus target price of $43.80.

CONMED Profile

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.