CONMED Co. (NYSE:CNMD) Short Interest Update

CONMED Co. (NYSE:CNMD) was the target of a significant drop in short interest in October. As of October 31st, there was short interest totalling 2,260,000 shares, a drop of 8.1% from the October 15th total of 2,460,000 shares. Based on an average trading volume of 399,200 shares, the days-to-cover ratio is presently 5.7 days.

Hedge Funds Weigh In On CONMED

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. 1620 Investment Advisors Inc. bought a new position in shares of CONMED in the 2nd quarter worth $39,000. Innealta Capital LLC bought a new stake in CONMED during the second quarter worth $41,000. Hilltop National Bank lifted its stake in CONMED by 31.0% in the 2nd quarter. Hilltop National Bank now owns 825 shares of the company’s stock valued at $57,000 after purchasing an additional 195 shares during the last quarter. CWM LLC increased its holdings in shares of CONMED by 224.7% during the 2nd quarter. CWM LLC now owns 919 shares of the company’s stock worth $64,000 after acquiring an additional 636 shares during the last quarter. Finally, nVerses Capital LLC raised its position in shares of CONMED by 566.7% in the third quarter. nVerses Capital LLC now owns 2,000 shares of the company’s stock valued at $144,000 after purchasing an additional 1,700 shares during the period.

CONMED Stock Performance

CNMD stock traded down $1.47 during mid-day trading on Monday, reaching $70.77. The company had a trading volume of 410,711 shares, compared to its average volume of 489,406. The stock’s 50-day simple moving average is $69.72 and its two-hundred day simple moving average is $70.39. CONMED has a one year low of $61.05 and a one year high of $117.27. The stock has a market capitalization of $2.19 billion, a P/E ratio of 16.96, a P/E/G ratio of 0.93 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.

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

Analyst Upgrades and Downgrades

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

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.