Tudor Investment Corp ET AL Acquires 83,418 Shares of CONMED Corporation $CNMD

Tudor Investment Corp ET AL grew its holdings in shares of CONMED Corporation (NYSE:CNMD) by 200.9% in the 3rd quarter, HoldingsChannel reports. The firm owned 124,944 shares of the company’s stock after acquiring an additional 83,418 shares during the quarter. Tudor Investment Corp ET AL’s holdings in CONMED were worth $5,876,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently made changes to their positions in CNMD. Kelleher Financial Advisors bought a new position in CONMED during the third quarter valued at about $28,000. Quarry LP boosted its stake in CONMED by 244.8% in the third quarter. Quarry LP now owns 869 shares of the company’s stock valued at $41,000 after acquiring an additional 617 shares during the last quarter. Huntington National Bank grew its position in shares of CONMED by 111.8% during the 3rd quarter. Huntington National Bank now owns 883 shares of the company’s stock valued at $42,000 after acquiring an additional 466 shares during the period. State of Wyoming purchased a new stake in shares of CONMED during the 3rd quarter worth approximately $52,000. Finally, GAMMA Investing LLC raised its holdings in shares of CONMED by 14.8% in the 3rd quarter. GAMMA Investing LLC now owns 1,770 shares of the company’s stock worth $83,000 after purchasing an additional 228 shares during the period.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on CNMD. Wall Street Zen downgraded CONMED from a “strong-buy” rating to a “buy” rating in a research report on Saturday. Zacks Research raised CONMED from a “strong sell” rating to a “hold” rating in a report on Tuesday, February 3rd. Wells Fargo & Company raised shares of CONMED to a “hold” rating in a report on Wednesday, March 18th. Piper Sandler lowered shares of CONMED from an “overweight” rating to a “neutral” rating and cut their target price for the stock from $55.00 to $39.00 in a research report on Tuesday, March 17th. Finally, Bank of America reduced their target price on shares of CONMED from $65.00 to $52.00 and set a “neutral” rating for the company in a research note on Monday, December 8th. Seven investment analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Reduce” and an average target price of $50.17.

CONMED Price Performance

NYSE:CNMD opened at $36.51 on Wednesday. CONMED Corporation has a 52-week low of $35.37 and a 52-week high of $61.25. The stock has a fifty day moving average of $40.96 and a 200 day moving average of $43.33. The company has a debt-to-equity ratio of 0.81, a quick ratio of 1.01 and a current ratio of 2.14. The firm has a market capitalization of $1.13 billion, a price-to-earnings ratio of 24.18, a P/E/G ratio of 1.61 and a beta of 0.91.

CONMED (NYSE:CNMD) last announced its earnings results on Wednesday, January 28th. The company reported $1.43 earnings per share for the quarter, topping analysts’ consensus estimates of $1.32 by $0.11. CONMED had a return on equity of 14.23% and a net margin of 3.42%.The business had revenue of $373.20 million for the quarter, compared to analyst estimates of $366.88 million. During the same period in the prior year, the company earned $1.34 EPS. The company’s quarterly revenue was up 7.9% compared to the same quarter last year. On average, research analysts expect that CONMED Corporation will post 4.35 EPS for the current fiscal year.

About CONMED

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.