Connable Office Inc. Lowers Stake in CONMED Co. (NYSE:CNMD)

Connable Office Inc. lowered its stake in CONMED Co. (NYSE:CNMD) by 5.7% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 4,878 shares of the company’s stock after selling 296 shares during the period. Connable Office Inc.’s holdings in CONMED were worth $351,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. raised its holdings in CONMED by 1.1% during the first quarter. Vanguard Group Inc. now owns 3,456,834 shares of the company’s stock worth $276,823,000 after purchasing an additional 36,823 shares during the last quarter. Earnest Partners LLC boosted its holdings in shares of CONMED by 18.9% in the 2nd quarter. Earnest Partners LLC now owns 2,818,606 shares of the company’s stock valued at $195,386,000 after purchasing an additional 447,498 shares during the last quarter. Champlain Investment Partners LLC grew its position in CONMED by 36.1% during the first quarter. Champlain Investment Partners LLC now owns 1,303,060 shares of the company’s stock valued at $104,349,000 after acquiring an additional 345,735 shares during the period. Deerfield Management Company L.P. Series C grew its holdings in shares of CONMED by 86.7% during the 2nd quarter. Deerfield Management Company L.P. Series C now owns 631,264 shares of the company’s stock worth $43,759,000 after purchasing an additional 293,099 shares during the period. Finally, Cooke & Bieler LP increased its position in shares of CONMED by 49.8% in the second quarter. Cooke & Bieler LP now owns 628,621 shares of the company’s stock worth $43,576,000 after acquiring an additional 209,064 shares in the last quarter.

Wall Street Analysts Forecast Growth

CNMD has been the subject of several recent research reports. Stifel Nicolaus lowered their price objective on shares of CONMED from $88.00 to $76.00 and set a “buy” rating for the company in a research report on Thursday, August 1st. Piper Sandler dropped their price target on shares of CONMED from $95.00 to $80.00 and set an “overweight” rating on the stock in a research note on Thursday, August 1st. StockNews.com cut shares of CONMED from a “buy” rating to a “hold” rating in a research report on Friday, November 8th. Needham & Company LLC reaffirmed a “buy” rating and set a $97.00 target price on shares of CONMED in a research report on Thursday, October 31st. Finally, Wells Fargo & Company dropped their price target on shares of CONMED from $77.00 to $71.00 and set an “equal weight” rating for the company in a research note on Thursday, August 1st. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, CONMED has a consensus rating of “Moderate Buy” and a consensus price target of $79.80.

CONMED Stock Performance

Shares of CNMD stock opened at $71.19 on Friday. CONMED Co. has a 52 week low of $61.05 and a 52 week high of $117.27. The company has a market cap of $2.20 billion, a P/E ratio of 16.91, a PEG ratio of 0.97 and a beta of 1.45. The company has a quick ratio of 1.06, a current ratio of 2.27 and a debt-to-equity ratio of 1.01. The business has a 50 day moving average of $69.76 and a two-hundred day moving average of $70.33.

CONMED (NYSE:CNMD) last posted its earnings results on Wednesday, October 30th. The company reported $1.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.99 by $0.06. CONMED had a net margin of 10.23% and a return on equity of 13.84%. The firm had revenue of $316.70 million during the quarter, compared to analyst estimates of $318.46 million. As a group, analysts anticipate that CONMED Co. will post 4.03 EPS for the current year.

About CONMED

CONMED Corporation, a medical technology company, develops, manufactures, and sells surgical devices and related equipment for surgical procedures worldwide. The company offers orthopedic surgery products, including BioBrace, TruShot with Y-Knot All-In-One Soft Tissue Fixation System, Y-knot All-Suture Anchors, and Agro Knotless Suture Anchors, which provide clinical solutions to orthopedic surgeons for the augmentation and repair of soft tissue injuries, as well as provides supporting products that enable surgeons to perform minimally invasive sports medicine surgeries.