Vanguard Group Inc. Acquires 73,533 Shares of CONMED Corporation $CNMD

Vanguard Group Inc. lifted its holdings in CONMED Corporation (NYSE:CNMD) by 2.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,684,439 shares of the company’s stock after purchasing an additional 73,533 shares during the quarter. Vanguard Group Inc. owned 11.90% of CONMED worth $149,588,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the company. HB Wealth Management LLC acquired a new position in CONMED during the fourth quarter worth $649,000. Tributary Capital Management LLC lifted its position in shares of CONMED by 29.4% in the fourth quarter. Tributary Capital Management LLC now owns 268,896 shares of the company’s stock valued at $10,917,000 after buying an additional 61,060 shares during the last quarter. CWM LLC lifted its position in shares of CONMED by 114.7% in the fourth quarter. CWM LLC now owns 1,578 shares of the company’s stock valued at $64,000 after buying an additional 843 shares during the last quarter. Harbor Capital Advisors Inc. boosted its stake in shares of CONMED by 11.2% during the 4th quarter. Harbor Capital Advisors Inc. now owns 20,153 shares of the company’s stock worth $818,000 after acquiring an additional 2,024 shares during the period. Finally, Allspring Global Investments Holdings LLC boosted its stake in shares of CONMED by 47.8% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 416,432 shares of the company’s stock worth $16,874,000 after acquiring an additional 134,616 shares during the period.

CONMED Stock Performance

Shares of CNMD stock opened at $35.29 on Tuesday. The company has a market capitalization of $1.06 billion, a price-to-earnings ratio of 19.94, a PEG ratio of 1.65 and a beta of 0.94. The company has a debt-to-equity ratio of 0.85, a quick ratio of 1.04 and a current ratio of 2.29. The company has a 50-day simple moving average of $37.74 and a 200 day simple moving average of $40.76. CONMED Corporation has a 52 week low of $33.21 and a 52 week high of $61.08.

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

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on CNMD shares. Weiss Ratings restated a “sell (d+)” rating on shares of CONMED in a research note on Wednesday, January 21st. 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. Piper Sandler lowered shares of CONMED from an “overweight” rating to a “neutral” rating and dropped their price objective for the company from $55.00 to $39.00 in a research report on Tuesday, March 17th. Zacks Research upgraded shares of CONMED from a “strong sell” rating to a “hold” rating in a research note on Tuesday, February 3rd. Finally, Wells Fargo & Company reduced their target price on shares of CONMED from $42.00 to $39.00 and set an “equal weight” rating for the company in a report on Friday, May 1st. Six analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Reduce” and a consensus price target of $46.20.

CONMED 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.