Capital Research Global Investors Reduces Holdings in CONMED Corporation $CNMD

Capital Research Global Investors reduced its stake in CONMED Corporation (NYSE:CNMD) by 10.4% during the 4th quarter, HoldingsChannel.com reports. The fund owned 925,448 shares of the company’s stock after selling 107,285 shares during the quarter. Capital Research Global Investors’ holdings in CONMED were worth $37,573,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in CNMD. Wasatch Advisors LP acquired a new position in shares of CONMED in the 3rd quarter worth approximately $47,026,000. Invenomic Capital Management LP acquired a new position in shares of CONMED in the 3rd quarter worth approximately $19,753,000. Dimensional Fund Advisors LP lifted its holdings in shares of CONMED by 19.8% in the 3rd quarter. Dimensional Fund Advisors LP now owns 1,296,776 shares of the company’s stock worth $60,984,000 after acquiring an additional 214,126 shares during the last quarter. Millennium Management LLC acquired a new position in shares of CONMED in the 3rd quarter worth approximately $9,239,000. Finally, Cooke & Bieler LP lifted its holdings in shares of CONMED by 23.2% in the 4th quarter. Cooke & Bieler LP now owns 867,817 shares of the company’s stock worth $35,233,000 after acquiring an additional 163,494 shares during the last quarter.

Analyst Ratings Changes

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

CONMED Price Performance

CONMED stock opened at $36.91 on Wednesday. The firm has a market cap of $1.11 billion, a PE ratio of 20.85, a price-to-earnings-growth ratio of 1.70 and a beta of 0.92. CONMED Corporation has a 52-week low of $32.13 and a 52-week high of $60.35. The company has a quick ratio of 1.04, a current ratio of 2.29 and a debt-to-equity ratio of 0.85. The company’s 50 day moving average is $36.44 and its two-hundred day moving average is $39.44.

CONMED (NYSE:CNMD) last released its earnings results on Wednesday, April 29th. The company reported $0.89 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.82 by $0.07. The company had revenue of $317.05 million for the quarter, compared to analyst estimates of $310.64 million. CONMED had a net margin of 4.00% and a return on equity of 13.84%. The firm’s quarterly revenue was down 1.3% on a year-over-year basis. During the same period in the prior year, the business earned $0.95 EPS. On average, research analysts expect that CONMED Corporation will post 4.38 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.