CONMED Corporation (NYSE:CNMD) Short Interest Update

CONMED Corporation (NYSE:CNMD) saw a large increase in short interest in February. As of February 27th, there was short interest totaling 2,415,721 shares, an increase of 17.7% from the February 12th total of 2,052,417 shares. Approximately 8.1% of the company’s stock are sold short. Based on an average daily volume of 531,083 shares, the short-interest ratio is presently 4.5 days. Based on an average daily volume of 531,083 shares, the short-interest ratio is presently 4.5 days. Approximately 8.1% of the company’s stock are sold short.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the stock. Wall Street Zen upgraded shares of CONMED from a “buy” rating to a “strong-buy” rating in a research note on Saturday, March 7th. Wells Fargo & Company lifted their target price on shares of CONMED from $41.00 to $42.00 and gave the stock an “equal weight” rating in a report on Thursday, January 29th. Needham & Company LLC reiterated a “hold” rating on shares of CONMED in a report on Thursday, January 29th. Bank of America reduced their price target on shares of CONMED from $65.00 to $52.00 and set a “neutral” rating for the company in a research report on Monday, December 8th. Finally, Weiss Ratings restated a “sell (d+)” rating on shares of CONMED in a report on Wednesday, January 21st. Seven analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Reduce” and a consensus target price of $50.17.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of CNMD. Rockefeller Capital Management L.P. grew its stake in shares of CONMED by 48.6% during the 4th quarter. Rockefeller Capital Management L.P. now owns 1,043 shares of the company’s stock valued at $42,000 after purchasing an additional 341 shares during the period. Villanova Investment Management Co LLC boosted its holdings in shares of CONMED by 20.3% in the fourth quarter. Villanova Investment Management Co LLC now owns 70,655 shares of the company’s stock worth $2,869,000 after buying an additional 11,906 shares during the last quarter. Pacer Advisors Inc. purchased a new position in shares of CONMED in the fourth quarter worth approximately $5,806,000. Invesco Ltd. grew its position in CONMED by 29.9% during the fourth quarter. Invesco Ltd. now owns 184,070 shares of the company’s stock valued at $7,473,000 after buying an additional 42,395 shares during the period. Finally, State of Tennessee Department of Treasury increased its holdings in CONMED by 4.3% during the fourth quarter. State of Tennessee Department of Treasury now owns 21,139 shares of the company’s stock valued at $812,000 after buying an additional 873 shares during the last quarter.

CONMED Stock Performance

Shares of CNMD traded down $0.09 during mid-day trading on Tuesday, hitting $37.32. 529,560 shares of the company traded hands, compared to its average volume of 466,019. The stock has a market cap of $1.15 billion, a price-to-earnings ratio of 24.71, a P/E/G ratio of 1.64 and a beta of 0.91. The stock has a 50-day moving average price of $41.59 and a two-hundred day moving average price of $43.94. CONMED has a 1 year low of $35.37 and a 1 year high of $61.28. The company has a debt-to-equity ratio of 0.81, a quick ratio of 1.01 and a current ratio of 2.14.

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

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.