CONMED Corporation $CNMD Shares Purchased by Intech Investment Management LLC

Intech Investment Management LLC increased its stake in shares of CONMED Corporation (NYSE:CNMD) by 79.7% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 41,683 shares of the company’s stock after purchasing an additional 18,487 shares during the quarter. Intech Investment Management LLC’s holdings in CONMED were worth $1,692,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Kelleher Financial Advisors acquired a new position in CONMED during the 3rd quarter worth $28,000. Quarry LP grew its stake in CONMED by 244.8% during the 3rd quarter. Quarry LP now owns 869 shares of the company’s stock worth $41,000 after purchasing an additional 617 shares in the last quarter. Huntington National Bank grew its stake in CONMED by 111.8% during the 3rd quarter. Huntington National Bank now owns 883 shares of the company’s stock worth $42,000 after purchasing an additional 466 shares in the last quarter. State of Wyoming acquired a new position in CONMED during the 3rd quarter worth $52,000. Finally, Cullen Frost Bankers Inc. acquired a new position in shares of CONMED during the 4th quarter worth about $54,000.

CONMED Trading Up 6.3%

NYSE:CNMD opened at $35.14 on Friday. The stock has a 50-day simple moving average of $36.48 and a 200-day simple moving average of $39.56. The stock has a market cap of $1.06 billion, a P/E ratio of 19.85, a P/E/G ratio of 1.48 and a beta of 0.92. CONMED Corporation has a 1 year low of $32.13 and a 1 year high of $60.35. The company has a debt-to-equity ratio of 0.85, a quick ratio of 1.04 and a current ratio of 2.29.

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

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the company. Wells Fargo & Company lowered their price objective on CONMED from $42.00 to $39.00 and set an “equal weight” rating for the company in a research report on Friday, May 1st. Wall Street Zen cut CONMED from a “strong-buy” rating to a “buy” rating in a research report on Saturday, May 2nd. JPMorgan Chase & Co. lowered their price objective on CONMED from $43.00 to $40.00 and set a “neutral” rating for the company in a research report on Thursday, April 30th. Bank of America lowered their price objective on CONMED from $52.00 to $40.00 and set a “neutral” rating for the company in a research report on Monday, May 18th. Finally, Piper Sandler cut CONMED from an “overweight” rating to a “neutral” rating and lowered their price objective for the stock from $55.00 to $39.00 in a research report on Tuesday, March 17th. Six investment analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, CONMED presently has an average rating of “Reduce” and an average target price of $43.80.

CONMED Company 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.