Geode Capital Management LLC Grows Stock Position in CONMED Corporation $CNMD

Geode Capital Management LLC lifted its stake in shares of CONMED Corporation (NYSE:CNMD) by 2.8% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 734,529 shares of the company’s stock after buying an additional 19,944 shares during the quarter. Geode Capital Management LLC owned approximately 2.37% of CONMED worth $38,259,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Picton Mahoney Asset Management acquired a new stake in CONMED during the first quarter worth approximately $33,000. CWM LLC grew its holdings in shares of CONMED by 352.0% during the second quarter. CWM LLC now owns 791 shares of the company’s stock worth $41,000 after buying an additional 616 shares during the last quarter. Caitong International Asset Management Co. Ltd acquired a new position in shares of CONMED in the second quarter valued at approximately $48,000. Hilltop National Bank acquired a new position in CONMED in the 2nd quarter valued at $55,000. Finally, GAMMA Investing LLC raised its holdings in CONMED by 17.1% during the second quarter. GAMMA Investing LLC now owns 1,542 shares of the company’s stock worth $80,000 after purchasing an additional 225 shares in the last quarter.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the company. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of CONMED in a report on Wednesday, October 8th. Wells Fargo & Company decreased their target price on shares of CONMED from $57.00 to $47.00 and set an “equal weight” rating on the stock in a research report on Thursday, November 6th. JPMorgan Chase & Co. cut their price target on shares of CONMED from $58.00 to $52.00 and set a “neutral” rating for the company in a report on Thursday, November 6th. Finally, Piper Sandler decreased their price objective on shares of CONMED from $68.00 to $55.00 and set an “overweight” rating on the stock in a report on Thursday, November 6th. One research analyst has rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, CONMED presently has a consensus rating of “Hold” and an average price target of $54.00.

CONMED Stock Up 1.0%

CNMD stock opened at $43.69 on Thursday. The company has a 50 day moving average price of $45.48 and a two-hundred day moving average price of $50.92. The company has a debt-to-equity ratio of 0.88, a quick ratio of 1.00 and a current ratio of 2.23. CONMED Corporation has a one year low of $40.16 and a one year high of $76.43. The stock has a market capitalization of $1.35 billion, a P/E ratio of 12.38, a PEG ratio of 1.59 and a beta of 1.15.

CONMED (NYSE:CNMD) last posted its quarterly earnings data on Wednesday, November 5th. The company reported $1.08 EPS for the quarter, beating analysts’ consensus estimates of $1.05 by $0.03. CONMED had a net margin of 8.31% and a return on equity of 14.43%. The company had revenue of $337.93 million during the quarter, compared to the consensus estimate of $334.76 million. During the same quarter in the prior year, the company posted $1.05 EPS. The company’s quarterly revenue was up 6.7% compared to the same quarter last year. CONMED has set its FY 2025 guidance at 4.480-4.530 EPS. As a group, sell-side analysts expect that CONMED Corporation will post 4.35 EPS for the current year.

Insider Buying and Selling

In other CONMED news, Director Charles Farkas sold 2,000 shares of the stock in a transaction that occurred on Friday, September 12th. The shares were sold at an average price of $53.52, for a total transaction of $107,040.00. Following the transaction, the director owned 14,859 shares of the company’s stock, valued at $795,253.68. This trade represents a 11.86% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 3.10% of the company’s stock.

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.