Tudor Investment Corp ET AL Boosts Stock Position in CONMED Corporation $CNMD

Tudor Investment Corp ET AL raised its stake in shares of CONMED Corporation (NYSE:CNMD) by 200.9% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 124,944 shares of the company’s stock after acquiring an additional 83,418 shares during the period. Tudor Investment Corp ET AL owned approximately 0.40% of CONMED worth $5,876,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Kelleher Financial Advisors purchased a new stake in CONMED during the 3rd quarter valued at approximately $28,000. Quarry LP raised its stake in CONMED by 244.8% during the 3rd quarter. Quarry LP now owns 869 shares of the company’s stock valued at $41,000 after acquiring an additional 617 shares during the last quarter. Huntington National Bank raised its stake in CONMED by 111.8% during the 3rd quarter. Huntington National Bank now owns 883 shares of the company’s stock valued at $42,000 after acquiring an additional 466 shares during the last quarter. State of Wyoming purchased a new stake in CONMED during the 3rd quarter valued at approximately $52,000. Finally, GAMMA Investing LLC raised its stake in CONMED by 14.8% during the 3rd quarter. GAMMA Investing LLC now owns 1,770 shares of the company’s stock valued at $83,000 after acquiring an additional 228 shares during the last quarter.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on CNMD. Wells Fargo & Company raised CONMED to a “hold” rating in a research note on Wednesday, March 18th. Zacks Research raised CONMED from a “strong sell” rating to a “hold” rating in a research note on Tuesday, February 3rd. Wall Street Zen downgraded CONMED from a “strong-buy” rating to a “buy” rating in a research note on Monday. Piper Sandler downgraded CONMED from an “overweight” rating to a “neutral” rating and cut their target price for the stock from $55.00 to $39.00 in a research note on Tuesday, March 17th. Finally, Needham & Company LLC reissued a “hold” rating on shares of CONMED in a research note on Thursday, January 29th. Seven investment analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, CONMED presently has a consensus rating of “Reduce” and an average price target of $50.17.

CONMED Stock Performance

CNMD opened at $36.65 on Thursday. The stock has a market cap of $1.13 billion, a P/E ratio of 24.27, a P/E/G ratio of 1.53 and a beta of 0.99. The company has a debt-to-equity ratio of 0.81, a current ratio of 2.14 and a quick ratio of 1.01. The stock’s 50 day simple moving average is $39.65 and its 200 day simple moving average is $42.07. CONMED Corporation has a 1-year low of $33.21 and a 1-year high of $61.08.

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

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.