Invenomic Capital Management LP Raises Position in CONMED Corporation $CNMD

Invenomic Capital Management LP grew its position in CONMED Corporation (NYSE:CNMD) by 75.6% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 737,546 shares of the company’s stock after acquiring an additional 317,543 shares during the period. CONMED comprises 1.4% of Invenomic Capital Management LP’s portfolio, making the stock its 19th largest holding. Invenomic Capital Management LP owned 2.38% of CONMED worth $29,944,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in CNMD. Wasatch Advisors LP acquired a new stake in shares of CONMED in the third quarter valued at about $47,026,000. Marshall Wace LLP acquired a new stake in shares of CONMED in the fourth quarter valued at about $9,029,000. Dimensional Fund Advisors LP lifted its stake in shares of CONMED by 19.8% in the third quarter. Dimensional Fund Advisors LP now owns 1,296,776 shares of the company’s stock valued at $60,984,000 after purchasing an additional 214,126 shares during the period. Millennium Management LLC acquired a new stake in shares of CONMED in the third quarter valued at about $9,239,000. Finally, Cooke & Bieler LP lifted its stake in shares of CONMED by 23.2% in the fourth quarter. Cooke & Bieler LP now owns 867,817 shares of the company’s stock valued at $35,233,000 after purchasing an additional 163,494 shares during the period.

Analyst Upgrades and Downgrades

Several brokerages recently commented on CNMD. Wells Fargo & Company reduced their price objective on shares of CONMED from $42.00 to $39.00 and set an “equal weight” rating for the company in a research note on Friday, May 1st. Wall Street Zen cut shares of CONMED from a “strong-buy” rating to a “buy” rating in a research report on Saturday, May 2nd. JPMorgan Chase & Co. cut their target price on shares of CONMED from $43.00 to $40.00 and set a “neutral” rating for the company in a research report on Thursday, April 30th. Piper Sandler cut shares of 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 report on Tuesday, March 17th. Finally, Weiss Ratings restated a “sell (d)” rating on shares of CONMED in a research report on Thursday, June 4th. Six research analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, CONMED has an average rating of “Reduce” and a consensus target price of $39.50.

CONMED Price Performance

CONMED stock opened at $32.02 on Thursday. CONMED Corporation has a 1 year low of $31.84 and a 1 year high of $56.63. The firm has a 50 day moving average price of $36.41 and a 200 day moving average price of $39.08. The company has a market cap of $964.15 million, a price-to-earnings ratio of 18.09, a PEG ratio of 1.70 and a beta of 0.92. 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 earnings results on Wednesday, April 29th. The company reported $0.89 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.82 by $0.07. CONMED had a net margin of 4.00% and a return on equity of 13.84%. The firm had revenue of $317.05 million during the quarter, compared to the consensus estimate of $310.64 million. During the same period in the previous year, the firm earned $0.95 earnings per share. CONMED’s revenue was down 1.3% compared to the same quarter last year. Sell-side analysts predict that CONMED Corporation will post 4.38 earnings per share for the current 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.