Intech Investment Management LLC Raises Stock Holdings in CONMED Corporation $CNMD

Intech Investment Management LLC boosted its stake in CONMED Corporation (NYSE:CNMD) by 79.7% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 41,683 shares of the company’s stock after buying an additional 18,487 shares during the period. Intech Investment Management LLC owned approximately 0.13% of CONMED worth $1,692,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Penn Capital Management Company LLC purchased a new stake in CONMED in the 4th quarter valued at about $2,091,000. Cooke & Bieler LP raised its holdings in CONMED by 23.2% in the 4th quarter. Cooke & Bieler LP now owns 867,817 shares of the company’s stock valued at $35,233,000 after buying an additional 163,494 shares during the period. Legal & General Group Plc raised its holdings in CONMED by 37.8% in the 4th quarter. Legal & General Group Plc now owns 147,422 shares of the company’s stock valued at $5,985,000 after buying an additional 40,419 shares during the period. Cullen Frost Bankers Inc. purchased a new stake in CONMED in the 4th quarter valued at about $54,000. Finally, Handelsbanken Fonder AB raised its holdings in CONMED by 47.9% in the 4th quarter. Handelsbanken Fonder AB now owns 14,823 shares of the company’s stock valued at $602,000 after buying an additional 4,800 shares during the period.

Analyst Ratings Changes

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

CONMED Price Performance

CNMD stock opened at $35.14 on Friday. The company has a current ratio of 2.29, a quick ratio of 1.04 and a debt-to-equity ratio of 0.85. The company has a market capitalization of $1.06 billion, a PE ratio of 19.85, a P/E/G ratio of 1.48 and a beta of 0.92. CONMED Corporation has a 12-month low of $32.13 and a 12-month high of $60.35. The business’s fifty day moving average price is $36.48 and its 200 day moving average price is $39.56.

CONMED (NYSE:CNMD) last released its 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. CONMED had a return on equity of 13.84% and a net margin of 4.00%.The firm had revenue of $317.05 million during the quarter, compared to analysts’ expectations of $310.64 million. During the same period in the previous year, the firm posted $0.95 EPS. CONMED’s revenue for the quarter was down 1.3% on a year-over-year basis. On average, sell-side analysts anticipate that CONMED Corporation will post 4.38 EPS for the current year.

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.