Invenomic Capital Management LP Takes $19.75 Million Position in CONMED Corporation $CNMD

Invenomic Capital Management LP acquired a new position in shares of CONMED Corporation (NYSE:CNMD) in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 420,003 shares of the company’s stock, valued at approximately $19,753,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Kelleher Financial Advisors acquired a new stake in CONMED during the 3rd quarter valued at $28,000. Huntington National Bank raised its holdings in shares of CONMED by 111.8% in the third quarter. Huntington National Bank now owns 883 shares of the company’s stock worth $42,000 after acquiring an additional 466 shares during the last quarter. State of Wyoming purchased a new stake in shares of CONMED in the third quarter valued at $52,000. GAMMA Investing LLC increased its position in CONMED by 14.8% during the 3rd quarter. GAMMA Investing LLC now owns 1,770 shares of the company’s stock worth $83,000 after purchasing an additional 228 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC acquired a new position in CONMED in the 3rd quarter valued at about $167,000.

CONMED Price Performance

Shares of CONMED stock opened at $37.30 on Monday. The business’s fifty day moving average price is $41.81 and its 200 day moving average price is $44.18. CONMED Corporation has a twelve month low of $35.37 and a twelve month high of $62.41. The company has a current ratio of 2.14, a quick ratio of 1.01 and a debt-to-equity ratio of 0.81. The stock has a market capitalization of $1.15 billion, a P/E ratio of 24.70, a PEG ratio of 1.64 and a beta of 0.91.

CONMED (NYSE:CNMD) last announced its quarterly earnings results on Wednesday, January 28th. The company reported $1.43 EPS for the quarter, topping the consensus estimate of $1.32 by $0.11. The company had revenue of $373.20 million during the quarter, compared to analyst estimates of $366.88 million. CONMED had a return on equity of 14.23% and a net margin of 3.42%.The firm’s revenue was up 7.9% on a year-over-year basis. During the same period in the prior year, the firm posted $1.34 earnings per share. As a group, research analysts anticipate that CONMED Corporation will post 4.35 earnings per share for the current year.

Analysts Set New Price Targets

A number of analysts recently issued reports on the stock. Zacks Research upgraded shares of CONMED from a “strong sell” rating to a “hold” rating in a research report on Tuesday, February 3rd. Wells Fargo & Company boosted their price target on CONMED from $41.00 to $42.00 and gave the company an “equal weight” rating in a report on Thursday, January 29th. Weiss Ratings reissued a “sell (d+)” rating on shares of CONMED in a research note on Wednesday, January 21st. Bank of America lowered their price objective on CONMED from $65.00 to $52.00 and set a “neutral” rating for the company in a research report on Monday, December 8th. Finally, Wall Street Zen upgraded CONMED from a “buy” rating to a “strong-buy” rating in a research note on Saturday, March 7th. One research analyst has rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $52.83.

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.