CONMED Co. (NYSE:CNMD) Stock Position Lifted by Intech Investment Management LLC

Intech Investment Management LLC boosted its stake in shares of CONMED Co. (NYSE:CNMD) by 177.6% during the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 15,922 shares of the company’s stock after purchasing an additional 10,187 shares during the period. Intech Investment Management LLC’s holdings in CONMED were worth $1,145,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in CNMD. Arizona State Retirement System lifted its stake in CONMED by 2.0% in the second quarter. Arizona State Retirement System now owns 8,619 shares of the company’s stock valued at $597,000 after acquiring an additional 168 shares during the last quarter. Hilltop National Bank lifted its stake in CONMED by 31.0% in the second quarter. Hilltop National Bank now owns 825 shares of the company’s stock valued at $57,000 after acquiring an additional 195 shares during the last quarter. Diversified Trust Co lifted its stake in CONMED by 2.4% in the second quarter. Diversified Trust Co now owns 11,250 shares of the company’s stock valued at $780,000 after acquiring an additional 259 shares during the last quarter. QRG Capital Management Inc. lifted its stake in CONMED by 5.0% in the third quarter. QRG Capital Management Inc. now owns 5,827 shares of the company’s stock valued at $419,000 after acquiring an additional 280 shares during the last quarter. Finally, Louisiana State Employees Retirement System lifted its stake in CONMED by 2.0% in the second quarter. Louisiana State Employees Retirement System now owns 15,500 shares of the company’s stock valued at $1,074,000 after acquiring an additional 300 shares during the last quarter.

Analyst Upgrades and Downgrades

CNMD has been the subject of a number of analyst reports. Piper Sandler reduced their target price on shares of CONMED from $95.00 to $80.00 and set an “overweight” rating for the company in a research note on Thursday, August 1st. Wells Fargo & Company reduced their price objective 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. Needham & Company LLC restated a “buy” rating and issued a $97.00 price objective on shares of CONMED in a research note on Thursday, October 31st. Stifel Nicolaus reduced their price objective on shares of CONMED from $88.00 to $76.00 and set a “buy” rating for the company in a research note on Thursday, August 1st. Finally, StockNews.com cut shares of CONMED from a “buy” rating to a “hold” rating in a research note on Friday, November 8th. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $79.80.

CONMED Price Performance

NYSE:CNMD opened at $73.21 on Thursday. The stock has a market cap of $2.26 billion, a P/E ratio of 17.39, a PEG ratio of 1.00 and a beta of 1.45. CONMED Co. has a one year low of $61.05 and a one year high of $117.27. The company has a fifty day moving average price of $69.56 and a 200 day moving average price of $70.51. The company has a debt-to-equity ratio of 1.01, a current ratio of 2.27 and a quick ratio of 1.06.

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

CONMED Profile

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.